50 Pfennig

Kelbra is a small town in the Kyffhäuser district of Thuringia, and like hundreds of German municipalities in 1921, it issued its own emergency small change to compensate for the chronic shortage of low-denomination Reichsmünzen that had been melted, hoarded, or simply worn out of existence during and after the First World War. The Faber printing house in Magdeburg supplied a significant volume of these Kleingeldscheine for towns across central Germany, often using watermarked paper stock as a basic security measure against local counterfeiting — not a trivial concern when even tiny denominations had real purchasing power in the volatile early Weimar economy.

The watermark is the only security feature, which is typical for Faber's municipal work at this price point.