50 Pfennig

Camburg an der Saale is a small town in Thuringia, and this 50 Pfennig note belongs to the vast wave of municipal Notgeld that flooded Germany between 1919 and 1922 — a direct consequence of acute small-denomination coin shortages as the Weimar government struggled to stabilize a postwar economy hemorrhaging value. Thousands of German towns, even tiny ones, were authorized to print their own emergency fractional currency, and Louis Koch of Halberstadt was one of the regional printers who picked up that work in volume.

Koch printed for numerous small Thuringian and Saxony-Anhalt municipalities during this period, running relatively modest press runs compared to the major Leipzig or Berlin Notgeld producers.