25 Pfennigs

Raguhn is a small industrial town on the Mulde river in Saxony-Anhalt, and this 1921 Notgeld issue belongs to the enormous wave of municipal emergency currency that flooded Germany as the Reichsbank struggled to keep small-denomination coinage in circulation during the postwar inflation spiral. Hundreds of towns commissioned their own series, and the market for collectible Notgeld — Serienscheine — had become commercially self-conscious by 1921, with municipalities knowingly printing for philatelic sale as much as for actual use.

J. A. Schwarz of Lindenberg printed extensively for Notgeld clients across Germany during this period, and Georg Goldstein's design credit places this note within a professionally produced series rather than a purely improvised local stopgap.