This series was issued beginning 1 September 1928. The stamps feature Friedrich Ebert and Paul von Hindenburg, the first and second German Presidents, respectively.
This stamp is of the same design as the later German Presidents issues of 1930 and 1932, and the Paul von Hindenburg issue of 1931.
All issues are found with vertical watermark. MiNr. 412 can also be found with horizontal watermark.