50 Pfennig

Kellenhusen is a small Baltic coastal village in Schleswig-Holstein, and like hundreds of German municipalities in 1921, it issued its own emergency currency — Notgeld — to compensate for the chronic small-change shortage that had persisted since the war years. The hyperinflation crisis was still building; this 50 Pfennig note predates the catastrophic 1922–23 collapse but belongs to the same unraveling sequence.

C. Fränckel Nchfg. C. Will in Oldenburg in Holstein was a regional printer that handled Notgeld commissions for numerous local issuers in the area. Walter Siegmann, credited as designer, was likely a local commercial artist rather than a specialist banknote engraver — typical of the cottage-industry character of late Notgeld production.