50 Pfennig

Orlamünde is a small town on the Saale river in Thuringia, better known to historians for its medieval countship than for its finances. This note belongs to the vast wave of municipal Kleingeldscheine issued across Germany during the postwar coin shortage of 1920–1921, when metal coinage had largely vanished from everyday commerce and even minor municipalities were authorized to print fractional substitutes. Cawar, based in Halle an der Saale, was a regional printer that handled a number of these small Thuringian emergency issues.

The Schmidt signature identifies the issuing authority as the Stadtrat — the city council acting collectively, not a named mayor or treasurer.