20 Pfennig

Erlangen's municipal treasury issued its own small-denomination notgeld during the post-WWI currency shortages, when central banking infrastructure had effectively collapsed at the local level and towns across Bavaria were printing their own stop-gap paper to keep daily commerce moving. The Stadtkasse and Kämmereikasse designations reflect a subtle administrative distinction — the Kämmereikasse was specifically the city's revenue office, and both names appearing on notgeld from the same municipality is not unusual but does complicate precise attribution within a series.

Small-format municipal issues from Erlangen in this period are not heavily documented in the major Grabowski catalogues, making provenance tracking genuinely difficult.