50 Pfennig

Raguhn is a small industrial town on the Mulde river in Saxony-Anhalt, and like hundreds of German municipalities in 1921, it issued its own emergency currency — Notgeld — to compensate for the chronic shortage of small-denomination coins during the post-WWI inflation spiral. The designer credit to Georg Goldrein and the printing attribution to J. A. Schwarz of Lindenberg im Allgäu is characteristic of the period: many towns outsourced their Notgeld entirely to specialist printers who handled design, engraving, and production as a package.

By 1921, Notgeld had shifted from genuine necessity to a secondary market in collectibles — towns competed on design quality to drive philatelic sales, and print runs often far exceeded local circulation needs. The DeNG reference suffix ".1-11/12" suggests this is one of a numbered series within the Raguhn issue, likely comprising thematic vignettes across multiple values or dates.