50 Pfennigs

Stadtilm is a small town in the Ilm valley, and this 50 Pfennig note belongs to the enormous wave of German municipal Notgeld issued in 1921 — not the emergency small-change Notgeld of 1914–1919, but the second, more commercially motivated wave, when towns recognized that collectors were buying and holding the notes, effectively funding local coffers at no redemption cost. Many municipalities issued deliberately attractive or regionally themed designs specifically to exploit that market.

Wiedemannsche Druckerei in Saalfeld handled a considerable volume of Thuringian municipal Notgeld during this period.