50 Pfennig

Naumburg an der Saale was one of thousands of German municipalities forced into emergency currency issuance during the Kleingeldnot — the small-change famine — that followed the First World War. Coins had vanished from circulation, hoarded for their metal content as inflation began its early acceleration, and local governments filled the gap with Notgeld printed on whatever presses were available.

Rauch & Schwarz in Lindenberg im Allgäu supplied a large volume of municipal Notgeld during this period, printing for dozens of different issuers across Germany. The logistical oddity of a Bavarian print house producing emergency currency for a city in Saxony-Anhalt was entirely unremarkable by 1920 — demand had long outpaced local capacity.