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50 Pfennig Lockstedter Lager - Emil Rachow, Kasino

Issuer Kasino Lockstedter Lager, Emil Rachow
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In circulation to 1 January 1922
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Obverse description The obverse is printed in dark red on a blue guilloche underprint. To the left, a rectangular vignette contains a halftone portrait of a mustachioed gentleman in a suit, presumed to be Emil Rachow. The central and right field bears the large denomination numeral '50' flanked by the inscription 'über' and 'Pfg.', surmounted by the word 'GUTSCHEIN' in bold capital letters. A lower panel carries the issuer legend 'Kasino Lockstedter Lager / Emil Rachow', with the printer's imprint along the bottom margin. The entire design is enclosed within a decorative border of small repeated square elements.
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Reverse description The reverse is printed in blue on a cream-coloured waterlined paper. A dense foliate scroll pattern in blue forms a broad decorative frame, enclosing an oval unprinted central field that carries the redemption and validity text in dark red letterpress. A handstamped serial number appears in the lower right corner of the frame.
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Lockstedter Lager was a large Prussian military training camp in Holstein, and the Kasino — the officers' mess — ran its own internal economy to keep transactions within the compound. Emil Rachow was the civilian concessionaire operating the Kasino; his name on the note reflects personal financial liability for redemption, a common arrangement in German Lagergeld issues where the mess operator, not a bank or municipality, backed the scrip.

Joh. Streuber of Kellinghusen was a small regional printer whose output was almost entirely local notgeld and commercial ephemera. The watermarked paper on a note of this modest denomination is worth noting — most camp canteen issues of comparable value dispensed with security features entirely.

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