25 Pfennig

Speicher is a small town in the Eifel region of Rhineland-Palatinate, and this note is a product of the postwar Notgeld wave that swept German municipalities between 1918 and 1923. The Reichsbank's inability to supply adequate small change after World War One forced thousands of local authorities — villages, towns, even individual merchants — to print their own emergency fractional currency. Gemeinde Speicher was typical of smaller issuers in commissioning a local printer rather than one of the larger Notgeld specialists in Berlin or Dresden.

C. Kleval-Michels operated in Speicher itself, which is uncommon — most towns of this size outsourced. The Bürgermeister's signature lends it formal municipal authority, thin as that was in practice.