30 Goldpfennig

Waldeck was one of Germany's smallest sovereign states — a relic principality that survived into the Weimar Republic largely through inertia, finally absorbed by Prussia in 1929. Its Staatskasse in Arolsen issued this Goldpfennig-denominated notgeld in 1923 as the hyperinflation crisis made Reichsmark-denominated paper functionally worthless. The Goldpfennig denomination was an attempt to anchor value to a gold standard equivalent at a moment when no one trusted nominal currency figures.

Paul Pusch in Bad Wildungen was a local commercial printer, not a security specialist. The official seal is the only anti-counterfeiting measure — which tells you something about the desperate improvisation driving small-state emergency issues at this period.