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| 背面描述 | Multicolour reverse rendered in a hand-drawn illustrative style, occupying virtually the full face within a thin rectangular border, portraying the Bad Harzburger Rennen scene with four jockeys on galloping thoroughbreds crossing a green turf track before packed grandstands flying pennants. Denomination cartouches reading '50' in blue panels are positioned at the lower left and right corners. |
| 背面铭文 | BAD HARZBURGER RENNEN 50 50 |
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The Braunschweigische Staatsbank was a regional state bank — not a commercial institution — that had operated since the late eighteenth century under the successive administrations governing the Duchy, later Free State, of Brunswick. The 1921 Pfennig notgeld emissions came out of sheer necessity: the Reichsbank's inability to supply adequate small-denomination coinage during the postwar inflationary spiral forced dozens of regional and municipal issuers to paper over the gap themselves.
Appelhans was a well-established Braunschweig printing house, not a specialist security printer, which is worth noting when assessing print quality on surviving examples.