50 Pfennig

Altenwerder and Finkenwärder were two small fishing communities on islands in the southern Elbe, administratively separate from Hamburg despite being practically engulfed by the port's expanding infrastructure. Like hundreds of German municipalities in 1921, they issued their own Kleingeldersatz — emergency small change — because the Reichsbank simply could not supply sufficient low-denomination coinage during the postwar inflation spiral. That two such minor settlements issued jointly is unusual; most Notgeld of this type came from a single issuing body.

Dr. Linnemann & Co. in Cologne handled a substantial volume of municipal Notgeld printing during this period, which kept unit costs down for communities with small print runs.