25 Pfennig

Bönningstedt is a small village northwest of Hamburg — in 1921 it had no business issuing currency, and that's precisely the point. German municipal Notgeld of this period was driven less by genuine monetary shortage than by collector demand. Municipalities quickly learned that attractive small-denomination notes sold to hobbyists generated real revenue, and Konrad Hanf in Hamburg supplied the printing capacity to meet that appetite across dozens of Northern German communities.

The Gra#133.1a series runs to six known varieties, suggesting deliberate production in sets intended for the philatelic and numismatic trade rather than the till.