50 Pfennig

Königsberg in der Neumark — now Chojna, Poland — was one of hundreds of German municipalities that issued their own emergency currency during the hyperinflationary spiral of the early 1920s. This Notgeld note filled the vacuum left by the collapse of small-denomination Reichsmark coinage, which had been hoarded or melted as metal values overtook face values. The Stadt magistrate, not a bank, held issuing authority here — a distinction that mattered for redemption obligations, which many municipalities quietly ignored once the crisis passed.

Survival rates for 1922 town-issued Notgeld vary sharply; notes from smaller Prussian municipalities were often collected as novelty items rather than spent, which paradoxically inflated the number of uncirculated survivors.