25 Pfennig

Stettin's municipal notgeld of 1922 sits at the tail end of Germany's first inflationary wave — issued by the city to plug a chronic shortage of small-denomination Reichsbank coinage that had been effectively driven out of circulation by hoarding and rising metal values. M. Bauchwitz was a local Stettin printing house, which makes this a genuinely regional artifact rather than one of the mass-produced notgeld issues farmed out to Leipzig or Berlin printers for wholesale distribution to collectors.

The watermarked paper is worth noting: by 1922, many municipal issuers had abandoned security features entirely as hyperinflation accelerated and the notes' useful life shortened to weeks. That this issue retains a watermark suggests it was produced early in the year, before the situation became completely unmanageable.