I should clarify that I say 'relatively rare' as I do not see these come up for sale often and of the ones I see, less have the SD in the field and even less are in such good condition.
In WWI germany at the time money was being horded thus creating a lack of currency in circulation so towns and cities minted thier own local money to be used just in that city or town. There were probably thousands of different types of bills and hundreds of different types of tokens minted....it is Notgeld which means 'emergency money'...many of the bills and coins minted at this time had great designs, this one is no exception.
This coin was minted in Iron as other metals were probably in short supply and it was minted for the city or duren...stadt meaning city. This Token was probably only used in duren and from what I have read even these were probably horded as well...
It is, IMO, a sterling example of one of the local tokens, it is the best example of this particular one I have seen come to auction and although it was worth almost nothing, this one ended up being the target of a bidding war and sold for well over what it is probably worth but worth is relative


