25 Pfennig

Kreis Liebenwerda was a rural district in the Prussian Province of Saxony, and like hundreds of German municipalities it issued its own emergency small-change notes — Kleingeldscheine — during the coin shortage that followed the First World War. The Reichsbank had effectively stopped supplying low-denomination coinage by 1919, forcing local authorities, savings banks, and even individual merchants to fill the gap with improvised paper. District-level issuers like Liebenwerda typically printed in short runs through local printers, which is why many Kreis notes show inconsistent paper quality and hand-stamped authentication marks rather than engraved serial controls.

Collector interest in this material is driven largely by completeness — Liebenwerda issued across multiple denominations in 1920, and the 25 Pfennig is among the harder values to locate in unfolded condition, as pocket-worn examples vastly outnumber intact ones.