50 Pfennig

Niebüll sits in Schleswig, the territory whose sovereignty had just been resolved by plebiscite when this note was printed — the northern zone voted to rejoin Denmark in March 1920, while the central zone, which included Niebüll, voted in June 1920 to remain German. This Notgeld was issued almost simultaneously with that vote, making it as much a political artifact as a monetary one.

The watermark is unusual for municipal Notgeld of this type and period; most small-town German emergency issues of 1920 relied on colored paper or serial numbering alone. That Niebüll went further suggests either local civic ambition or a printer with better stock on hand.