50 Pfennigs

Goldberg is a small Mecklenburg market town — in 1919 it had fewer than 3,000 inhabitants — and this note is a product of the Kleingeldschein emergency, when the postwar coin shortage forced even minor municipalities to print their own fractional currency. The issuing authority here is the town itself, not a savings bank or cooperative, which was common enough but meant the notes carried only the credit of a local administration with no significant reserves behind them.

Paul Biedermann's print shop was a local trade printer, not a specialist security printer. Counterfeiting such notes was largely pointless given their tiny circulation radius.