25 Pfennig

Adenauer served as Oberbürgermeister of Cologne from 1917 to 1933, and his signature appears across the city's Notgeld issues of the early 1920s — routine administrative duty at the time, though it now makes these small emergency notes oddly collectible given what followed. Cologne was under British occupation from late 1918, and the city faced acute small-change shortages that the Reichsbank was in no position to remedy quickly, forcing municipalities across the Rhineland to print their own fractional currency.

J. P. Bachem was a long-established Catholic publishing house on Ursulaplatz — an unusual printer for fiduciary paper, but local capacity was what it was.