25 Pfennigs

Polzin — now Połczyn-Zdrój in northwestern Poland — was a small spa town in Pomerania, and like hundreds of German municipalities during 1918–1920, its local Magistrat was forced into issuing emergency fractional currency because the central monetary system had simply stopped supplying small change. The wartime hoarding of coins and the post-war economic chaos made Kleingeldersatz notes like this one a daily necessity rather than a curiosity.

Gebrüder Parcus in Munich produced a large volume of this Notgeld material for municipalities across Germany, and the presence of a watermark on a note of this denomination is worth noting — most town-issued 25 Pfennig pieces from this period skipped that expense entirely.