25 Pfennig - Grafenau Papierfabrik Elsenthal

发行方	Elsenthal Papierfabrik A.G., Grafenau
年份	1920
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厚度	1.20 mm
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正面文字	Latin
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背面描述	Within a beaded border, the legend ELSENTHALER NOTGELD curves along the upper semicircle of the field. The large numeral 25 dominates the central area, with the word PFENNIG inscribed in a recessed panel formed by two horizontal lines beneath it. The date 1920 appears in the lower segment between the horizontal line and the beaded rim.
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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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