75 Pfennig

Altona in 1921 was still a Prussian city separate from Hamburg — annexation didn't come until 1937 — and its municipal government issued this Notgeld during the severe coin shortage that persisted well into the early Weimar years. The square format is deliberate and uncommon; most municipal Notgeld of this period used conventional rectangular layouts, and the 70×70 mm die-cut was a local design choice, not a printing standard.

H.W. Kobner & Co. GmbH was a Hamburg-based printer with a steady hand in regional Notgeld production, which explains the relatively clean registration typical of this issuer's run.