50 Pfennig

Emmendingen's 1921 Kleingeldscheine were part of a second wave of municipal emergency currency, issued well after the immediate postwar shortages that drove the original 1918–1920 Notgeld boom. By 1921, many German towns were producing notes less from genuine necessity than from the collector trade — Serienscheine designed explicitly to be sold in sets, never spent. Whether Emmendingen's issue falls into that category or reflects real small-change scarcity in the Baden region is worth considering when assessing a circulated example.

Gebrüder Parcus in Munich was a prolific Notgeld printer, handling commissions from dozens of Bavarian and southwest German municipalities during this period.