50 Pfennig Todtmoos, Menzenschwand, St. Blasien, Titisee, Bernau

Verwaltung Schwarzwald issued this multi-locality Notgeld in 1922, naming five Black Forest communities — Todtmoos, Menzenschwand, St. Blasien, Titisee, and Bernau — on a single note, a consolidation that was administratively convenient but unusual enough to warrant its own catalog reference. Gebrüder Parcus in Munich were prolific Notgeld printers of the period and handled enormous volumes of small-denomination emergency currency for regional issuers across southern Germany during the inflationary spiral that preceded the 1923 collapse.

The five-locality arrangement suggests a coordinated regional authority rather than any single municipal government acting alone — rare for 50 Pfennig issues of this type.