50 Pfennig

Malchin is a small market town in Mecklenburg, and like hundreds of German municipalities in the early 1920s, it issued its own Kleingeldersatz — fractional emergency money — to compensate for the chronic shortage of low-denomination Reichsmünzen that had effectively vanished from circulation as inflation eroded their metal value. Paul Lehsten operated out of Charlottenburg, a western district of Berlin that housed several small commercial print shops supplying the enormous demand from local authorities scrambling to produce notgeld on short notice.

The 1922 date places this squarely in the transitional phase before hyperinflation made fractional notes irrelevant within months.