50 Pfennig

Malchin is a small market town in Mecklenburg, and like hundreds of German municipalities it turned to locally organized emergency currency in the early 1920s as hyperinflation hollowed out the Reichsmark. Paul Lehsten operated out of Charlottenburg — then still an independent city west of Berlin, not yet absorbed into Greater Berlin — and handled a substantial volume of Notgeld commissions from smaller issuers who lacked direct access to the major Leipzig or Berlin printing houses.

The 1922 date places this note in the transitional phase between the decorative collector-oriented Notgeld of 1920–21 and the purely functional inflation-era emergency issues that followed.