50 Pfennig

Todtnau is a small town in the Black Forest, and its 1921 Notgeld issue is entirely typical of the municipal scrip wave that swept Germany during the inflationary period following World War One — local authorities printing their own fractional denominations to address the chronic shortage of small change that the Reichsbank could not adequately supply. Keller, signing as Bürgermeister, would have authorized the issue under the same emergency powers exercised by thousands of similar municipalities that year.

The DeNG reference covers three known varieties within this single denomination, suggesting minor printing or date variants rather than separate authorized issues.