25 Pfennigs

Freienohl is a small village on the Ruhr river in the Sauerland, and like hundreds of similarly obscure German municipalities it resorted to printing its own emergency currency during the Kleingeldnot — the small-change famine — of the early 1920s. Federal coinage had effectively vanished from circulation, hoarded against rampant inflation, and local Gemeindekassen stepped in to fill the gap with Notgeld issues that were technically obligations of the municipal treasury.

The Gemeindekasse, not a bank, is listed as issuer — meaning redemption depended entirely on the financial health of a village administration with no formal monetary authority. Most of these issues were redeemed before hyperinflation made them worthless anyway, which is why surviving uncirculated examples are more common than genuinely circulated ones.