5 Pfennig - München Oskar Kiesel and Cº

Oskar Kiesel & Co. operated as a Munich-based manufacturer of notgeld and trade tokens during the acute small-change shortages of the early Weimar period, when municipal and commercial issuers scrambled to fill the gap left by hoarded imperial coinage. Zinc with nickel plating was the material of necessity — base metals pressed into service precisely because the good ones had vanished from circulation.

The Menzel reference numbers suggest this piece exists in at least one documented die variant, catalogued across both the 2005 and 2018 editions of that corpus.