5 Pfennigs

Oldenburg in Holstein was one of hundreds of German municipalities that resorted to Notgeld during World War I as metal coinage — even the lowliest copper and zinc pieces — was hoarded or requisitioned for the war effort. The Magistrat's authority to issue these emergency pfennig notes derived from local administrative necessity rather than any central Reichsbank mandate, which is why the designs and printing quality vary so sharply between towns of comparable size.

At 5 Pfennig, this is among the smallest denominations produced in the series. Locally printed in the town itself, the note was intended for rapid circulation among tradespeople and was not expected to survive long.