75 Pfennig

Elmshorn's 75 Pfennig Notgeld from 1921 sits in an interesting gap: by that point, the Reichsbank had theoretically stabilized small-denomination coin circulation enough that municipal emergency money was supposed to be winding down. Elmshorn issued anyway, as did hundreds of other German municipalities that year, partly from genuine small-change shortages and partly because the collector market had made Notgeld printing briefly profitable for local governments.

H. W. Köbner & Co. in Altona — close enough to Elmshorn that the logistics were straightforward — handled a significant volume of northern German Notgeld during this period.