25 Pfennig

Raguhn is a small industrial town on the Mulde river in Saxony-Anhalt, and this note is a product of the Kleingeldersatz crisis that gripped Germany in the early Weimar years — the chronic shortage of low-denomination coinage that forced hundreds of municipalities to print their own fractional paper. The Stadtkasse, essentially the city treasury rather than a bank, had direct authority to issue these emergency pieces, and did so through J. A. Schwarz of Lindenberg im Allgäu, a Bavarian printing house that handled notgeld contracts for numerous small issuers simultaneously during this period.

Georg Goldstein's designer credit is worth noting — local notgeld commissions frequently went to regional commercial artists, and the Schwarz firm maintained working relationships with several.