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| 背面铭文 | Gutschein(2)FÜNFZIG PFENNIG Fritz Merbach Gilt nur innerhalb meines Betriebes als Zahlungsmittel. SCHAFHOF BEI ROTHENBURG º/Tbr. |
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| 防伪描述 | Vertical watermark visible on the white paper stock. |
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Notgeld from rural issuers like Fritz Merbach — a private farm or estate operator rather than a municipality or savings bank — is among the more unusual material from the 1921 inflation wave. Schafhof, a small settlement outside Rothenburg ob der Tauber in Bavaria, generated almost no paper money of its own, making this one of the very few issues attributable to the locality.
Will Foerster was an active designer of Bavarian Notgeld during this period, and the presence of a watermark on a private agricultural issue is worth noting — most small commercial Notgeld skipped security features entirely.