50 Pfennig

Raguhn is a small town on the Mulde river in Anhalt, and like hundreds of similar municipalities it resorted to emergency paper money — Notgeld — when postwar coin shortages made small change functionally impossible to obtain. The 1921 date places this squarely in the second wave of German municipal Notgeld, by which point many issuers had shifted from purely functional scrip toward artistically ambitious notes deliberately aimed at collectors, generating revenue in the process.

J. A. Schwarz of Lindenberg was a prolific Notgeld printer, and Georg Goldstein's involvement as designer suggests this was a commissioned series rather than a hurried clerical job. Whether Raguhn's issue crossed over fully into the "Serienscheine" collector market or remained primarily circulating scrip is the more interesting question — and the answer usually shows in how worn surviving examples are.