25 Pfennig

Schwarzenberg's Bezirksverband — the district administrative body in what is now the Erzgebirge region of Saxony — issued this small-denomination Notgeld in 1920 as part of the widespread municipal emergency currency programme that followed Germany's postwar coin shortages. Small change had effectively vanished from circulation by 1919, hoarded or melted, leaving local authorities to paper over the gap themselves.

The underprint security feature on a note this size is worth noting — at 45 × 36 mm, the print registration tolerances left little room for error, and poorly aligned underprints are not uncommon in surviving Schwarzenberg examples.