50 Pfennig

Pretzsch is a small town on the Elbe in Saxony-Anhalt, and this note is a product of the notgeld wave that swept German municipal authorities between 1919 and 1922 — a direct consequence of the Reichsbank's inability to supply adequate small-denomination coinage during the postwar economic chaos. The Stadtkasse, not a bank, issued this; the city treasury itself was the liable party, which was common for smaller municipalities that lacked a local savings institution with the standing to do so.

W. Höffler printing locally in Pretzsch is worth noting — many small-town notgeld was farmed out to larger printers in Leipzig or Berlin, so a genuinely local print run at this scale is less common than it might appear.