50 Pfennige

Amtshauptmannschaft Zwickau was a Saxon administrative district, not a bank — the fact that it was issuing emergency currency at all reflects the near-total collapse of small-denomination coinage in Germany following the war. This is Notgeld in the strict sense: a stopgap printed by a local civil authority because the Reichsbank simply could not supply enough metal coin to keep everyday commerce moving.

The "Königliche" designation is a relic. Saxony's monarchy ended in November 1918, months before this note was issued.