25 Pfennig

Volkstedt is a small porcelain-manufacturing town in Thuringia, better known for its eighteenth-century hard-paste porcelain works than for any monetary history. This note belongs to the vast wave of German municipal Notgeld issued in the early 1920s as chronic small-change shortages forced local authorities to print their own fractional currency — the Reichsbank simply could not keep low-denomination coin in circulation fast enough to meet demand.

The watermarked paper is worth noting: many comparable small-municipality issues of this period used plain stock, making the security feature here slightly above the norm for Kleingeldscheine of this value.