50 Pfennig

Ansbach's municipal administration — the Stadtmagistrat — issued this note as part of Germany's vast wartime Kleingeldersatz network, which emerged because small-denomination coins had effectively vanished from circulation by 1917–1918, hoarded or melted as the metal became more valuable than the face value. Thousands of German cities and towns printed their own emergency fractional notes, and the sheer volume of issuers makes series-level tracking genuinely difficult; the DeNG reference system exists largely because no single national catalog could absorb them all.

The watermark is an uncommon security feature for municipal Notgeld of this period — most issuers at this scale used plain stock.