50 Pfennig

German municipal notgeld of this period was produced in extraordinary volume — thousands of issuing bodies, often using the same handful of printers — but Gebrüder Parcus in Munich handled a notably high-quality segment of that market, and P. Michels's design work for the Paderborn series shows more compositional care than the average civic emergency issue of 1921.

The Stadtsparkasse was the municipal savings institution, not a commercial bank, which gave local authorities direct control over issuance during the post-WWI coin shortage that drove virtually every German town into producing its own fractional paper.