50 Pfennig

Kneitlingen is a small village in Lower Saxony best known as the legendary birthplace of Till Eulenspiegel, the medieval trickster figure whose antics were first printed by Johannes Grüninger in Strasbourg around 1510. That local identity almost certainly explains why the municipality bothered issuing notgeld at all — the Eulenspiegel connection gave the series folkloric appeal and made the notes attractive to collectors from the outset, which was a deliberate commercial strategy common among smaller German issuers in 1921.

The engraver credit to Günther Clausen is worth noting; his name appears across several notgeld commissions from this period, though documentation on his workshop is sparse.