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25 Pfennig Spar- und Darlehnskasse

Issuer Spar- und Darlehnskasse Dahlenburg, Eingetragene Gesellschaft mit unbeschränkter Haftpflicht
Year 1920
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Size 83 × 54 mm
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Obverse description Bold black letterpress design on a steel-blue underprint, with the large numeral '25' rendered in pale blue at centre, overlaid by two diagonal black ribbon banners reading 'PFENNIG' at upper left and upper right. A circular vignette at centre-left bears the town seal of Dahlenburg with a townscape motif. To its right, the issuer legend 'SPAR- u. DARLEHNSKASSE / Eingtr. Gesellschaft m. unbeschr. Haftpflicht / DAHLENBURG / 1. NOV. 1920' is set in sans-serif type, followed by two facsimile signatures and the validity inscription 'GÜLTIG BIS ZUM 31. DEZ. 1922'. The place name 'DAHLENBURG' appears in large display lettering across the lower margin, flanked by stars, with the printer's imprint 'FRANZ SCHERRER, HANNOVER' at lower left.
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Reverse description Steel-blue underprint with a dramatic black silhouette vignette of the Dahlenburg church skyline rising against billowing clouds at centre. The denomination numerals '25' appear in bold decorative type at all four corners, with 'NOTGELD VON' spanning the upper margin between the top corner values. A scrolled banner across the lower centre carries the place name 'DAHLENBURG' in large display lettering, below which a ribbon cartouche bears a four-line patriotic verse in German script.
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Dahlenburg is a small market town in Lower Saxony, and the issuer here — a registered cooperative credit society with unlimited liability — was exactly the kind of local institution that flooded Germany with emergency paper during the Kleingeldnot of 1920, when coin disappeared from circulation almost entirely due to hoarding and metal scarcity. Thousands of German municipalities, cooperatives, and private firms filled the gap with Notgeld; most issues were printed in bulk runs by regional printers, Franz Scherrer of Hanover among them.

The unlimited liability designation in the society's registered name is worth noting — it signals a pre-Weimar cooperative structure that would become increasingly rare as inflation accelerated and institutional risk exposure made such arrangements untenable.

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