50 Pfennig

Tannroda is a small village in the Ilm district of Thuringia — population in the early 1920s was well under a thousand. That it issued its own emergency currency at all is a function of the Weimar-era Notgeld system, which briefly allowed municipalities of virtually any size to print fractional notes when coin shortages made small transactions impossible. Thousands of German towns did the same in 1921, many exploiting the opportunity to produce collectible regional designs that were sold to hobbyists rather than spent.

Whether Tannroda's issue ever saw genuine circulation or was printed primarily for the collector trade is the more interesting question.