50 Pfennig

Bad Neuenahr's spa administration — the Kurdirektion — was not a conventional financial institution, and its issuance of notgeld through its banking division reflects how fragmented emergency currency production had become by 1922. Dozens of resort towns issued their own fractional notes during the inflationary spiral, partly from necessity and partly as a revenue stream: collectors paid face value for attractive pieces that would never be redeemed.

The designer credit to A. Pfester is unusual enough to note — most notgeld of this type went unsigned or carried only a printer's imprint.