25 Pfennig

Nienhagen is a small Baltic coastal village in Mecklenburg, and its Badeverwaltung — the spa and bathing administration — issued this note as Notgeld during the early 1920s inflationary period, when small-denomination coins had effectively disappeared from circulation. Resort towns along the Ostsee coast were among the more prolific producers of such local emergency currency, partly out of necessity and partly because decorative Notgeld had become a collector commodity in its own right, generating revenue beyond face value.

The DeNG reference distinguishes two or three variants within this issue, suggesting minor printing or date differences across the run.