25 Pfennig

Klein-Nordende-Lieth was a tiny rural commune in Schleswig-Holstein, and its decision to issue notgeld in 1921 places this squarely in the second wave of German emergency currency — no longer driven by wartime coin shortages but by the accelerating inflation that was beginning to hollow out the Reichsmark. Konrad Hanf was a Hamburg commercial printer, not a specialist security firm, which makes the presence of a watermark here mildly notable for a municipal issue of this scale.

Two signatures authenticate the note: one from the Amtsausschuß, one from the Amtsvorsteher — the local administrative committee and its presiding officer, respectively.