25 Pfennig

Miesbach's city council issued this note in 1921 as part of the widespread German Notgeld phenomenon — emergency small-change currency that proliferated after coins disappeared from circulation during and after the First World War. By 1921, many municipalities had transformed Notgeld into a semi-commercial enterprise, printing attractive series specifically for collector sale. Whether this particular piece was intended for genuine circulation or the collector market is worth considering before assigning a circulated grade.

The Miesbacher Anzeiger was the local newspaper, pressed into service as printer — a common provincial arrangement when specialist printing resources were unavailable or too expensive.