25 Pfennig - Grafenau Papierfabrik Elsenthal

发行方	Elsenthal Papierfabrik A.G., Grafenau
年份	1920
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面值	25 Pfennigs (25 Pfennige) (0.25)
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正面描述	Within a beaded border, the central field displays three lines of raised Latin text identifying the issuing institution and location: ELSENTHAL / PAPIERFABRIK A.G. / GRAFENAU. The inscription is framed above and below by horizontal lines, with decorative sprays of oak branches filling the upper and lower segments between the lines and the beaded rim.
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正面铭文	ELSENTHAL PAPIERFABRIK A.G. GRAFENAU
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附加信息	Elsenthal's paper mill, situated in the Bavarian Forest near Grafenau, issued this zinc notgeld piece during the acute small-change shortage that gripped Germany in 1920 as the postwar economy struggled to stabilize. Private industrial firms across Bavaria resorted to minting their own subsidiary coinage when the Reichsmint could not keep pace with demand — a paper factory paying its workers in metal tokens it struck itself is an unremarkable irony of the period.

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