What is a Notgeld Coin? History and Collecting Tips

Illustrated Specimen Details: Notgeld Coin of Hagen (Germany)

Example Specimen: 10 pfennig, 1917 (City of Hagen, Germany)

Authority & Heraldry: This coin is a classic example of KRIEGSGELD 1917 (War Money), a specific type of emergency money (notgeld) minted during World War I when the government could not meet the demand for official coinage. The denomination is prominently displayed as 10 PFENNIG. The design features the inscription STADT HAGEN (City of Hagen) alongside the city's beautiful coat of arms: a stylized golden five-branched, eleven-leaved oak tree.

This specimen was produced by Heinrich Kissing, a minting enterprise located in Menden, Germany. Founded in 1850, the company acquired an excellent reputation for its engraving and coining technology. This specific issue had a mintage of 250,000 pieces.

• MANY COUNTRIES AND STATE ENTITIES IN DIFFERENT HISTORICAL ERAS (however, coin-like substitutes for the coins of Germany, France, and Spain of the interwar period are most often called notgelds — the first half of the 20th century).

About the name "notgeld": The name "notgeld" literally translates to "emergency money" in German ("Not" meaning emergency or distress, and "Geld" meaning money). In fact, notgeld coins are not strictly speaking official state coins; they are substitute payment instruments designed to look and function like them.

Historically, the term "notgeld" most often refers to substitute coins issued on the territory of modern Germany during the years 1914-1924. Notgeld coins always contain an indication of a standard denomination customary for that country (such as a pfennig, centime, or céntimo) and were used in general circulation. In contrast, tokens often indicate the equality of certain products (like bread) and were usually issued by private entities for limited, specific uses.

History and Economic Purpose of Notgeld

Notgeld became especially widespread during and after World War I, when official coin circulation collapsed due to metal shortages, mass hoarding, and severe economic instability. To maintain everyday commerce, local authorities, businesses, and various institutions began issuing this substitute money.

Issuers and Geographic Circulation

Notgeld was issued by cities, municipalities, banks, factories, transportation companies, mining enterprises, and military authorities. It circulated mainly in Germany, Austria, and territories of the former Austro-Hungarian Empire, though similar emergency-money systems appeared elsewhere in Europe during severe crises. Some emergency issues circulated only locally within a single town, while others spread across entire regions.

Physical Forms and the Hyperinflation Era

Although many notgeld issues were printed as paper notes, there was a massive production of notgeld coins, tokens, porcelain money, and even leather or compressed-fiber issues. Coin-like notgeld pieces often appeared in base, non-strategic materials such as zinc, iron, aluminum, and porcelain, because precious metals were completely unavailable during wartime.

One of the most famous phases of notgeld occurred during the German hyperinflation crisis of 1921-1923. Enormous quantities of emergency money were produced because the official currency was rapidly losing its value, leading to some notgeld pieces carrying extremely high denominations.

Numismatic Perspective and Artistic Value

Today, notgeld is one of the most popular and expansive fields of German numismatics. Unlike ordinary circulation coins, notgeld often displayed strong regional identity, immense creativity, and historical significance. Many issues became famous for their elaborate artistic designs, depictions of local legends, historical scenes, and even political satire.

Because thousands of towns and institutions issued their own varieties, collectors highly value complete regional series, hyperinflation issues, and rare local emergency coinage. Porcelain notgeld remains especially collectible due to its unique appearance and fragility.