25 Pfennig

Goslar's 1920 Notgeld issue came out of the same municipal emergency that drove hundreds of German towns to print their own fractional currency following the postwar coin shortage. The Reichsbank simply could not keep small denomination metal coinage in circulation — hoarding and melting pulled it out almost immediately — so municipalities stepped in under provisions that, strictly speaking, were never fully authorized at the federal level.

Goslar had particular reason to lean into its local identity: the town's medieval imperial history made its Notgeld a collector target almost from the moment of issue, and the city's finance office knew it. Many of these 25 Pfennig notes were absorbed by Notgeld collectors rather than spent, which complicates any attempt to assess true circulation wear patterns for the series.