5 Pfennig

Merseburg's Magistrat turned to Gebrüder Parcus in Munich during the acute small-change shortage that gripped Germany immediately after the First World War. Parcus was among the most prolific printers of Kleingeldscheine and Notgeld during this period, handling commissions from dozens of municipalities simultaneously — which explains why notes from distant cities share suspiciously similar typefaces and border treatments.

The 1919–1920 window matters: early issues were genuine emergency substitutes for hoarded coinage, while later printings edged toward the collector-targeted Notgeld that flooded the market by mid-1921. At 5 Pfennig, this sits firmly in the utilitarian camp — too low a denomination to attract speculators, and almost certainly spent rather than saved.