75 Pfennig

Königsaue is a small village in Saxony-Anhalt, and like hundreds of similarly minor German municipalities, it turned to Notgeld in the early 1920s to relieve a genuine small-change shortage — federal coinage could not keep pace with the chaotic economic conditions following the First World War. Louis Koch of Halberstadt was a regional printer who handled a significant volume of Notgeld commissions from towns across the area, producing workmanlike runs at low cost.

The watermark security feature is atypical for municipal issues at this denomination and scale — most comparable village Notgeld relied on print complexity alone rather than security paper.