25 Pfennig

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.