25 Pfennig

Waldenburg was the center of the Lower Silesian coal-mining district, and the city's notgeld issues of 1920 came directly out of the chronic small-change shortage that followed the First World War — the Reichsbank simply could not produce enough low-denomination coin to keep local commerce moving. The Schlesische Bergwacht, the printer here, was a local press rather than a specialist banknote firm, which is exactly what you'd expect from a municipal emergency issue of this type and period.

Lower Silesian notgeld in general suffered high attrition in circulation — coal-country workers spent these hard and fast. The Schlesische Bergwacht imprint is the detail worth noting for attribution purposes.