25 Pfennig

Swakopmunder Buchhandlung — literally the Swakopmund Bookshop — was a retail stationer and bookseller, not a financial institution. It issued this note during the period when German South West Africa was already under South African military occupation following the territory's surrender in July 1915. The colonial administration had collapsed, German currency supplies had dried up, and local businesses filled the gap with privately printed Notgeld.

The bookshop had the materials and the press to do it. That practical accident is why a stationer appears as an issuing authority on a circulating banknote.