5 Pfennig

Merseburg's 1921 notgeld issues came at the peak of municipal small-change production across Germany, when coin shortages and runaway inflation had left ordinary commerce effectively paralyzed at the transaction level. Gebrüder Parcus in Munich was among the more prolific notgeld printers of the period, supplying dozens of German towns simultaneously — which means quality control was consistent but the designs themselves were often produced quickly to meet urgent municipal orders.

Pfennig-denomination notgeld is notably scarcer in surviving collections than the higher values, having been used hardest and discarded fastest once the inflationary spiral made them worthless within months.