1921 - Issued by the Braunschweig State Bank 50 Pfennig

The note features the Braunschweig horse emblem — a white prancing horse on a red circular field — the traditional coat of arms of the Duchy of Braunschweig.
Surrounding it are stylized grey waves and gothic lettering typical of early 1920s German design.
Text includes:

• "Braunschweiger Notgeld" (Braunschweig Emergency Money)

• "Braunschweigische Staatsbank" (Braunschweig State Bank)

• The denomination “50 Pfennig” is printed twice.

• Validity clause: “genommen. Er verliert seine Gültigkeit am 1. Mai 1923” meaning “Accepted. It loses its validity on May 1, 1923.”

• Lower left: “Druckerei Appelhaus” (Printing House Appelhaus).