50 Pfennig Spar- und Leihkasse

Helgoland's postwar notgeld issues are a direct consequence of the island's peculiar administrative limbo. Ceded by Britain to Germany in 1890, the island retained certain customs exemptions and a distinct local identity that made its wartime and immediate postwar economy function semi-independently from the mainland. The Spar- und Leihkasse — the savings and loan cooperative of the rural community — was one of several local institutions that issued emergency fractional currency when small coin simply disappeared from circulation after 1914 and never fully returned.

Köbner in Altona printed for numerous northern German notgeld issuers during this period. The 70 × 45 mm format is notably small even by notgeld standards, which were already running small for low denominations.