25 Pfennigs

Goslar's 1917 Notgeld issue belongs to the first wave of municipal emergency money authorized after the Reichsbank's metal coin supply collapsed under wartime hoarding and export. The Magistrat, like hundreds of other German local authorities, was legally permitted to issue small-denomination paper to keep commercial transactions functioning at street level. Goslar's version was printed locally — unusual in that many towns of comparable size outsourced to Leipzig or Berlin printers even in 1917.

Pfennig-denomination Notgeld from this period is frequently undervalued relative to its later, more decorative 1920–1922 counterparts, which were issued partly as collectibles. The 1917 pieces were meant to be spent.