50 Pfennigs

Königswinter's 1921 notgeld issue belongs to the second wave of German municipal emergency currency — printed not from genuine financial necessity by this point, but increasingly for the collector trade that had developed around the notgeld phenomenon itself. By 1921, many towns were issuing artistically designed series knowing full well that philatelists and tourists would absorb them before they ever reached a cash register. Königswinter, a Rhine resort town at the foot of the Drachenfels, was well positioned to exploit exactly that market.

Frz. J. Krings is otherwise obscure — likely a local commercial artist rather than a professional banknote engraver.