75 Pfennig

Waldenburg — now Wałbrzych in southwestern Poland — was a major coal-mining town in Lower Silesia, and its municipal authority issued this Notgeld during the inflationary chaos of the early Weimar period. The Magistrat was one of hundreds of local bodies forced to print emergency small-denomination notes after federal coinage effectively vanished from circulation due to hoarding and metal shortages.

The watermarked paper is worth noting — many municipal issues of this period used plain stock, so the specification here suggests either a conscious security measure or, more likely, that available paper supply happened to carry a mill watermark not specifically commissioned for the issue. Designer credit to Kraft is atypical; most Notgeld at this level went uncredited.