50 Pfennig

Wasserleben is a small village in the Harz district, and like hundreds of similarly sized German municipalities in 1921, it issued its own Notgeld partly out of necessity — the postwar coin shortage was acute — and partly because the Notgeld craze had by then become a genuine collecting phenomenon, with municipalities printing attractive small-denomination notes knowing philatelists would absorb the surplus. A. W. Zickfeldt in Osterwieck was a regional printer well-positioned to serve these Harz-area communities, handling multiple local issues during the period.

Designer E. Heise is credited on the series — an unusual transparency for Notgeld of this scale.