25 Pfennig

Hildburghausen's 1921 notgeld issue belongs to the vast wave of municipal emergency currency that flooded Germany as coin shortages became acute in the inflationary spiral following the First World War. The city, then still the capital of the tiny Free State of Saxe-Hildburghausen before that entity merged into Thuringia in May 1920, was among hundreds of small German municipalities that printed their own fractional paper to keep local commerce moving.

The DeNG 1/2 reference places this squarely in the standard Kleingeldscheine documentation — workaday small-change scrip rather than the collectible "series notgeld" towns were simultaneously producing for the philatelic trade.