75 Pfennig

Eschershausen is a small market town in Lower Saxony, and its 1921 Notgeld issue belongs to the vast wave of municipal emergency currency that flooded Germany as coin shortages — driven first by wartime metal requisitions and then by early inflationary pressure — left local commerce without viable small change. The Stadt issued these notes on its own authority rather than through a savings bank or commercial house, which was common enough for towns of this size.

The Elsner signature almost certainly refers to the Bürgermeister signing on behalf of the municipal administration. No engraver or printer of particular distinction is associated with this series.