25 Pfennig

Torgau's municipal administration issued this note as Kleingeldersatz — small-change substitute — during the coin shortage that followed Germany's post-WWI economic disruption. Thousands of German towns did the same between 1919 and 1922, but Torgau's issues are notable for being printed locally rather than contracted to the Leipzig or Dresden trade printers who handled most Saxony-area Notgeld.

The town itself would later enter history for a different reason entirely: the April 1945 meeting of American and Soviet forces on the Elbe. None of that matters here — this note belongs to a much quieter crisis, the mundane problem of finding change at a bakery in 1921.