25 Pfennig

Schwaan is a small town in Mecklenburg, and like hundreds of similarly sized German municipalities, it issued its own emergency currency — Notgeld — during the inflationary disruptions that followed the First World War. Local authorities printed these notes to address the chronic shortage of small-denomination coinage that plagued civilian commerce from roughly 1916 onward. The Oldenburg printing house served a wide regional client base across northern Germany during this period, producing runs for multiple municipalities under essentially the same logistical arrangement.

The P#GrM reference places this within Grabowski & Mehl's Notgeld cataloguing system, the suffix 1/4 indicating it is one of four notes in the Schwaan series — a set almost certainly issued simultaneously rather than across separate dates.