At the beginning of World War I, the official currency of Germany was the "Papiermark." One mark equaled 100 pfennig. After the war, the name of the currency changed to "Rentenmark" (1923), "Reichsmark" (1924), "Deutsche Mark" (1948), and the "Euro" in 2002. Pfennig coins were in use until Germany adopted the Euro.

This paper 50 pfennig is dated November 19, 1918, a week after the Armistice. It is from the city of Cochem, in eastern Germany, and features the 11th century Reischburg Cochem (castle) on the back.