50 Pfennig

Todtnau is a small Black Forest town in Baden, and like hundreds of similarly sized German municipalities in 1921, it issued its own emergency small-change notes — Kleingeldscheine — to compensate for the chronic shortage of low-denomination coinage that had plagued everyday commerce since the war. The Stadt Todtnau series sits within a vast category of Notgeld that were often printed locally or by regional printers on whatever paper stock was available, making individual items within the same series variable in paper quality and ink density.

The DeNG reference 1328.1-2/6 suggests this is one of multiple variants within the issue, likely distinguished by serial number range, date, or minor typographic differences — a common pattern in municipal Notgeld documentation.