50 Pfennigs

Kelbra is a small town in the southern Harz region, and like hundreds of German municipalities in 1921, its Magistrat issued emergency Kleingeld — small-denomination Notgeld — to address the chronic coin shortage that had persisted since the war years. The Reichsbank's inability to keep low-value coinage in circulation drove even minor townships to commission their own scrip, and printers like Faber of Magdeburg built a substantial business supplying them.

The single signature, Liebing, almost certainly represents the sitting Bürgermeister or a designated municipal treasurer — Kelbra's administrative records from this period are sparse enough that the precise title is difficult to confirm.