Starting around World War I something strange began to occur in Germany....
small coinage ( and later all coinage ) disappeared. At first it was thought
that the Skat players were hoarding all the coins, but more likely it was due
to the rise in silver prices. Anyway as the money flew out of the economy,
some form small denominations was required, and so cities and towns
through - out Germany, started issuing their own small change notes.
These notes became the collector's dream and at
some point was issued almost exclusively for these collectors.

It was not until H. Horace Greeley Schacht, put an end to all this madness in
1923, as Commissioner of National Currency. The inflationary note presented
here, features a colorful drawing of horses with a reverse displaying a
shepherd, his flock and sheep-dog. Individually numbered and embossed.