50 Pfennig

Malente-Gremsmühlen is a double-commune in Holstein, formed by the administrative merger of two adjacent villages, and that awkward dual identity appears in the issuer name on this note. The 1921 date places it squarely in the second wave of German Kleingeldersatz — the small-change substitute currency that municipalities, utilities, and local businesses issued as the Reichsmark's purchasing power deteriorated and metal coinage vanished from circulation.

Gebrüder Borchers in Lübeck printed a substantial volume of regional Notgeld for Holstein issuers during this period, which means the printing quality here is generally reliable, but the notes themselves were ephemeral by design — most were redeemed and pulped once the issuing authority's obligation expired.