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5 Pfennig Zentralverband des badischen Einzelhandels
| Issuer | Ortsgruppe Todtnau des Zentralverbandes des badischen Einzelhandels |
|---|---|
| Year | 1923 |
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| In circulation to | Yes |
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| Obverse description | Plain cream paper Notgeld with dark brown letterpress text. The large numeral '5' appears at left and right flanking the central text block, with four circular ornamental vignettes at the corners. Two handwritten signatures appear below the issuing authority text, with a serial number printed vertically at the left margin. |
|---|---|
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| Reverse description | Plain cream-white paper with no printed design. Faint ghosting of the obverse text is visible through the thin paper stock, with no additional lettering or vignettes present on this side. |
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| Comments |
One of thousands of emergency issues printed during the hyperinflation of 1923, this Notgeld was authorized not by a municipal government or bank but by the local branch of a retail trade association — the Zentralverband des badischen Einzelhandels. Retailers in small towns like Todtnau resorted to issuing their own small-denomination scrip because Reichsbank notes were being printed in ever-larger denominations, leaving an acute shortage of low-value currency for everyday transactions.
Todtnau is a small Black Forest town; that a retailers' cooperative there felt compelled to fill the gap speaks to how thoroughly the monetary system had broken down by mid-1923.