50 Goldpfennig Tiengen

Tiengen's municipal electricity cooperative issued this note during the hyperinflation of 1923 as a local exchange token denominated in Goldpfennig — a deliberately stable unit pegged to gold value rather than the collapsing Papiermark. This was not unusual emergency currency in the typical Notgeld sense; by mid-1923, dozens of German utilities and cooperatives were issuing gold-denominated scrip precisely because the Reichsbank's paper had become functionally useless for forward-planning and account settlement.

The Elektrizitätskasse — essentially a billing and payment cooperative for electricity subscribers — would have used these notes primarily for internal transactions among members, not general retail circulation.