25 Pfennig

Gräfenroda is a small glassblowing town in the Thuringian Forest, and like hundreds of German municipalities in 1921, it issued its own Kleingeldersatz — emergency small-change scrip — to compensate for the chronic shortage of Reichsbank coin that persisted well after the armistice. The federal government had effectively abandoned responsibility for fractional currency, leaving towns to print their own.

The DeNG reference indicates two varieties within this type, typically distinguished by minor typographic differences or paper stock — a common pattern in municipal Notgeld where print runs were handled by local or regional printers without strict standardization.