50 Pfennig - Kulmbach Spinnerei

Issued by the Kulmbacher Spinnerei AG — a textile spinning mill in Kulmbach, Bavaria — this iron notgeld token circulated internally as factory scrip during the acute coin shortages of the First World War and its immediate aftermath. German municipalities and private firms alike resorted to privately issued emergency money when the imperial government stripped base metals from circulation for war production. Iron was the material of necessity, not preference.