25 Pfennig

Belgern is a small town on the Elbe in Saxony, and like hundreds of similarly sized German municipalities in 1921, it issued its own emergency fractional currency — Kleingeldscheine — to compensate for the chronic shortage of low-denomination coins that had plagued Germany since the war. Louis Koch in Halberstadt was a regional commercial printer who handled notgeld contracts for numerous small issuers across central Germany; his output was functional rather than artistic.

The single signatory, Lederbogen, was almost certainly a municipal treasurer or Bürgermeister-level official. Belgern's issues are modestly collected today, absorbed into the enormous notgeld cataloguing project rather than singled out for particular attention.