ARNSTADT 1921 "Political Caricatures" 6x10 Pfennig Anti-semitic complete German Notgeld

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Often this set is described as being anti-semitic, but there is really only one 10 Pfennig note that invokes anti-semitism. Referring to a "breed" (Brut) of "usurers and profiteers" (Wucherer und Schieber), the note claims that in the past "they would have been put on the gallows," while today they "happily keep on profiteering". 

The use of codewords like 'usurer' and 'profiteer' served a dual function of both libeling a racial group (blaming the Jewish minority for the consequences of Germany's aggression and defeat in World War I was orchestrated by the German general staff who were themselves responsible - this is referred to as the "stab-in-the-back myth") and affording the libeler a thin veneer of protection against any accusation that they were doing so. But there really can be no doubt that this particular note was referencing the prevalent anti-semitism that was brewing in post-WWI Germany and which forged the disturbing ideology of National Socialism. Nonetheless an important part of history for those who would wish to understand the anti-semitic propaganda of Weimar Germany that created Hitler's ideology and led directly to the Holocaust.

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