50 Pfennig

Glashütte, a small Saxon town whose identity was almost entirely bound up in precision watchmaking, issued this note during the inflationary spiral of 1921 — well before the hyperinflationary collapse of 1922–23 but already in the period when municipal authorities across Germany were filling the gap left by a chronic shortage of small-denomination coin. Max Rönisch of Dresden was a prolific printer of Saxony's notgeld, and the watermarked paper here was a minor but deliberate security gesture, unusual for notes of this denomination and this level of local issuer.