50 Pfennig

Berchtesgaden's 1920 Notgeld issue is one of thousands of municipal emergency notes printed during the acute coin shortage that followed Germany's defeat — but the Meindl firm in München-Pasing handled a significant share of Bavarian local authority printing during this period, and their presswork is generally cleaner than the rushed lithography that plagued many comparable issues from smaller regional printers.

Anton Leisler signed as market administrator. The authority to issue such scrip rested with local officials rather than any central banking body, a deliberately decentralized arrangement that produced enormous variety and — for later collectors — an almost unmanageable proliferation of types.