25 Pfennig

Freiburg in Silesia — now Świebodzice in Poland — was among hundreds of German municipalities that issued their own emergency paper currency during the postwar Kleingeldnot, the acute small-change shortage that followed World War I. The Magistrat here issued this 25 Pfennig note in 1921, relatively late in the first wave of municipal Notgeld, by which point many towns were printing elaborate collector-oriented designs to generate revenue from philatelists and notaphilists rather than to meet genuine circulation needs.

Whether this particular issue was a functional necessity or a deliberate collector series is worth establishing before assigning a circulation premium.