25 Pfennig

Dillingen an der Donau's municipal authority issued this 25 Pfennig Notgeld in 1920, part of the enormous wave of small-denomination emergency scrip that flooded southern Germany as chronic coin shortages persisted well into the postwar years. V. Keller u. Co A.G. was a local printer — the note was produced and circulated entirely within the same town, an unusual degree of localism even by Notgeld standards.

By 1920 the first Notgeld wave had already crested, and many municipalities were winding down their issues. Dillingen's continued printing that year suggests the coin shortage in this Swabian town outlasted the national average.