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| 正面描述 | Dark-toned notgeld issue with a guilloche-patterned border enclosing repeated numeral '25' corner devices. A central black vignette panel bears the denomination in Gothic blackletter script reading 'Fünfundzwanzig Pfennig', beneath which a circular cartouche contains the town's heraldic ox device. The lower portion bears the place and date of issue to the left and the issuing authority legend with a facsimile signature to the right; a red serial number is printed in the top banner between the words 'Gutschein' and 'über'. |
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| 正面铭文 | Gutschein über Fünfundzwanzig Pfennig Kelbra, den 1. Juli 1920 Der Magistrat |
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Kelbra is a small town in the southern Harz region of Thuringia, and this 25 Pfennig note is a product of the Notgeld wave that swept German municipalities between 1919 and 1922. With the Reichsbank unable to supply adequate small change during the postwar inflationary spiral, thousands of towns and villages issued their own emergency paper — Kelbra among them.
Most Magistrat-issued Notgeld from towns this size was printed in short runs by local or regional print shops, often on thin stock that aged poorly. The issuing authority here, the Magistrat der Stadt Kelbra, held direct municipal responsibility for redemption, which became increasingly nominal as inflation accelerated through 1922.