20 Pfennigs

Halle an der Saale was among hundreds of German municipalities that resorted to printing their own small-denomination Notgeld during the postwar coin shortage — the Reichsbank had effectively stopped producing low-value coinage as metal costs outpaced face value. The Magistrat's 1921 issues fall into the later "Serienscheine" wave, produced more for collector sale than genuine monetary need, a practice that had become commercially cynical by that point in the Notgeld boom.

Local printing in Halle was common for the city's own issues, keeping production costs negligible on notes that were often redeemed within weeks.