25 Pfennigs

Appen is a small village in Schleswig-Holstein, and its decision to issue notgeld in 1921 places this note late in the main wave of German emergency currency — by that point, hundreds of municipalities were printing their own small-denomination paper simply because the Reichsbank could not supply enough coin to keep local commerce moving. Konrad Hanf was a Hamburg commercial printer who handled notgeld contracts for several northern German municipalities during this period, an unremarkable workhorse of the genre.

The watermark is the detail worth noting: relatively few municipal notgeld issues at this denomination bothered with any security feature, making the Appen 25 Pfennig a minor curiosity among its peers.