50 Pfennigs

Lobenstein is a small town in the Thuringian highlands, and like hundreds of German municipalities in 1921, it issued its own emergency small change when the Reichsbank's coin supply collapsed under postwar inflation pressure. This is Notgeld in its most practical, unglamorous form — a local stopgap, not a collector series. The DeNG 2#809.2 reference places it within a documented second type for the issue, implying at least one earlier variant exists for the same denomination.

The watermark is worth noting: most low-denomination municipal Notgeld of this period used plain stock, so its presence here suggests the town sourced from a commercial paper supplier rather than printing in-house.