50 Pfennig

Bezirksamt Laufen was a rural administrative district in Upper Bavaria, bordering Austria along the Salzach River. Like hundreds of similar small German authorities in 1920, it issued Notgeld to compensate for the chronic shortage of low-denomination coinage that followed the economic disruption of the First World War. The Pustet printing house in Tittmoning — a few kilometers upstream from Laufen — was a natural choice, being one of the more established regional printers in the Salzach valley.

Notgeld from district-level Bavarian issuers of this period was often printed in small runs and redeemed quickly, which means surviving examples in any grade are less common than the sheer volume of German Notgeld issuers might suggest.