50 Pfennigs J. Rosenfelder

Rosenfelder was a Bamberg retail business — the kind of firm that issued notgeld not as a collectible speculation but out of genuine small-change necessity during the coin shortage that followed Germany's defeat and the economic disruption of 1919–1920. Municipal and commercial notgeld flooded Bavaria in this period precisely because the Reichsbank could not supply enough fractional coinage to keep ordinary retail trade moving.

Private commercial issuers like this were legally tolerated rather than sanctioned, and most were redeemed and withdrawn once the acute shortage eased. The Bamberg area produced dozens of such local issues in 1920, most in very small print runs.