25 Pfennig

Ratzeburg sits on an island in the Ratzeburger See, and in 1921 it was one of hundreds of small German municipalities forced into the Notgeld system by a chronic shortage of small-denomination Reichsmünzen — coins that had largely vanished from circulation through hoarding and metal scarcity following the war. Gebrüder Borchers in Lübeck supplied notgeld to numerous Schleswig-Holstein towns during this period, and the geographic proximity made them the obvious choice for a city that is barely twenty kilometers south.

The .1-1/2 suffix in the DeNG reference indicates a known plate variety within the 1101 type — a detail that matters to specialists tracking the Borchers print runs.