50 Pfennig

Hoyer — today the Danish town of Højer in South Jutland — issued this note in the immediate aftermath of the 1920 plebiscite that returned North Schleswig to Denmark. The timing is the whole story: German municipal notgeld continued to circulate even as the political ground shifted beneath it, and many small issuers like Hoyer were printing their final series just as German administration was winding down in the region.

Thaysen's designer credit is relatively uncommon in notgeld documentation, where artistic attribution is often lost entirely.