Yes. I don't know how much you know about these so I may be telling you some of what you already know... so pardon me if I do

What you have is called German Notgeld. These were Emergency issues were issued by various towns in Germany as well as other countries (Austria, Denmark, Poland). The German Notged started around 1914 & 1921 to supplement the lack of coinage and then with WWI. There are a 'zillion' different types of notgeld because they were produced by so many different entities. So, yes it was very spendable.

What I can tell about your note is its a 1921 issue 25 pfenning from the city/town of Gutschein (many of these were not serial numbered, yours is)