50 Pfennig

Horn is a small town in the Lippe district of what is now North Rhine-Westphalia, and this 50 Pfennig note belongs to the enormous wave of municipal Notgeld issued across Germany between 1920 and 1922 — a period when chronic small-coin shortages forced local authorities, businesses, and even private organizations to print their own fractional currency. The Reichsbank's inability to keep low-denomination coinage in circulation was a direct consequence of metal hoarding and postwar monetary disruption, not yet the hyperinflation that would follow.

Lippe Notgeld from this period was issued by the Free State of Lippe's constituent communes independently, reflecting the unusual federal survival of Lippe as a separate territorial unit well into the Weimar period.