25 Pfennig J. Iwersen

German municipal Notgeld of this type was produced in enormous quantities between 1918 and 1922, but the J. Iwersen pieces occupy an odd corner of that market — issued not by a municipality or savings bank but by a private merchant, almost certainly as a workaround for the chronic small-change shortage that plagued northern Germany after the war. Private commercial Notgeld was technically illegal under Reich law, yet enforcement was effectively impossible at the local level.

C. Fränckel Nchfg. C. Will handled a substantial volume of Holstein regional Notgeld during this period, which kept unit costs low enough to make merchant-issued scrip economically viable even at 25 Pfennig face value.