50 Pfennig

Würzburg's municipal authority issued this note under the emergency currency provisions that allowed German towns and cities to print their own small-denomination paper after the First World War stripped coin metal from circulation. The Universitätsdruckerei H. Stürtz AG, operating out of Würzburg itself, was primarily an academic press — printing Notgeld was a sideline that dozens of regional printers took on during this period simply because demand was immediate and the contracts were reliable.

By 1920, Bavarian municipal Notgeld was already being printed with an eye toward collectors as much as cashiers. Whether this issue crossed that line is worth considering before pricing it purely as circulated currency.