50 Pfennig

Ruhpolding is a small Alpine resort town in the Chiemgau district of Upper Bavaria — not the kind of place you'd expect to find a paper currency issuer. But 1921 placed it squarely in the Kleingeldnot, the small-change shortage that followed Germany's postwar economic dislocation. With Reichsmünzen hoarded or melted and the central monetary system unable to supply adequate coinage, thousands of German municipalities, cooperatives, and private firms printed their own fractional notes. Ruhpolding was simply one of the smallest.

The Grabow reference 1154.2 indicates a second type within the Ruhpolding municipal issue, suggesting at least two distinct printings or design variants were authorized by the Gemeinderat.