25 Pfennig

Bullenkuhlen is a village in Schleswig-Holstein that, at the time of issue, had a population small enough to count by hand — almost certainly in the low hundreds. That a municipality this size issued its own notgeld is less surprising than it sounds; the 1921 wave of German small-change emergency money was driven as much by local pride and the collector trade as by genuine coin shortages. Many rural communes issued series specifically to sell to notgeld collectors, generating modest revenue with almost no notes ever entering actual circulation.

The DeNG 2#206.2 reference places this in the second main catalogue of German notgeld, confirming it as a documented but uncommon rural issue.