50 Pfennig

Hildburghausen is a small Thuringian town that briefly served as the capital of the Duchy of Saxe-Hildburghausen until the duchy was absorbed into Saxe-Meiningen in 1826. By 1921, it was an unremarkable provincial center — which makes its appearance in the Notgeld record entirely typical of the period. Municipal and corporate issuers across Germany flooded circulation with small-denomination emergency notes during 1920–1922 to relieve the chronic coin shortage driven by wartime metal requisitioning and postwar hoarding.

The .2 suffix in the reference suggests at least a second variety exists — likely a paper stock or print color variant, as was common when local printers switched suppliers mid-run.