50 Pfennigs

Stuttgart's 1922 Pfennig-denomination notgeld came at a particularly awkward moment — the Reichsbank was still nominally managing currency stability, but municipal authorities across Württemberg had already accepted that small-denomination coins had effectively vanished from circulation, hoarded or melted as metal values outpaced face values. Cities issued their own paper fractions not as a financial statement but out of sheer transactional necessity: without them, change-making became impossible at street level.

Stuttgart's issues from this period were printed locally and tend to survive in relatively high numbers — they circulated hard but were also saved in quantity by collectors already well aware that German notgeld had become a collecting phenomenon in its own right.