50 Pfennig

Kelbra is a small town in the southern Harz region of Saxony-Anhalt, and this 50 Pfennig note is a product of the Notgeld wave that swept German municipalities between 1919 and 1922 — a direct consequence of the Reichsbank's inability to keep small-denomination coin in circulation during the postwar economic dislocation. Local magistrates were effectively deputized by necessity, issuing their own scrip to keep daily commerce functional.

Faber of Magdeburg was a regional printer responsible for a large volume of municipal Notgeld from this period, and the Liebing signature identifies the municipal official who authorized the issue — almost certainly the Bürgermeister or a senior treasury clerk.