Hallenberg

From 1917 until the 1920s Hallenberg, like many German towns, produced its own currency, known as Notgeld. During the First World War this was because the value of the official coinage exceeded its face value, so coins were hoarded or sold for their metal, and then from about 1923 the rate of hyperinflation meant that the central bank could not print and distribute the ever-higher banknote values quickly enough, so this was done locally.

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