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25 Pfennig
| Issuer | Halberstadt (notgeld), City of |
|---|---|
| Year | 1920 |
| Type | Local banknote |
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|---|---|
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| Protection type | Watermark |
| Protection description | Oval pattern |
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| Comments |
Halberstadt's 1920 notgeld series was printed locally by Louis Koch, an unusual choice — most municipal issuers of the period contracted Leipzig or Berlin printers to cut costs on larger runs. The watermarked paper suggests Koch or the city's procurement office sourced a higher-grade stock than strictly necessary for emergency small change, which was typically printed on whatever was available.
Halberstadt issued notgeld partly because the Reichsbank simply could not distribute sufficient small-denomination coinage during the postwar disruption. The coins were being hoarded obsessively, even copper and zinc pieces worth next to nothing in real terms.