50 Pfennig, Stadt Preetz, 1921 (town panorama)

Notgeld - "emergency money". German towns, districts and firms began printing their own small change in 1914, when metal coin vanished into hoards, and did not really stop until the 1923 stabilisation.

What began as necessity became a craze. By 1921 municipalities were commissioning Serienscheine: beautifully lithographed series aimed squarely at collectors, printed far beyond any local need, illustrated with local legends, landmarks and jokes in dialect. Selling them to collectors was itself a way of raising money - the town took real marks for paper it hoped would never be redeemed.

Preetz, a small Holstein town east of Kiel grown up around a Benedictine nunnery, issued a set of six 50-Pfennig notes in April 1921, each carrying a different view of the place. This one is the wide landscape of the set: a panorama across the fields and woods of the Kirchsee valley to the roofs of Preetz on the horizon, drawn in flat greens and reds and signed in the plate by the artist O. Kahler. The reverse is a large "50" with a red seal-like device, the town's name and the denomination spelled out, and the usual clause that the note lapses once the town calls it in.