Well, I'm not sure if it actually 'circulated', but it was legal tender; if memory serves, was valued at 1/7th Groschen at that point? So yeah, you need 7 of them to even begin to do anything useful with - and it could ONLY be 1Rpf coins; the 5 and 10Rpf were demonetised and withdrawn in the late 1940's.
So I guess if you happened upon a mint-bag of 1Rpf coins before Feb 2002, you could have wandered down to your local branch and exchanged them for Euro's! However, you'd be mad, as the collector value even then was superior for the monetary value!
And DJB is correct in that the coin posted is a really nice, clear 45F; I'd happily have one that looks that nice!
Chris: There are more 'sub-variations' of the Münzzeichen/Business Name thing than I knew! Hahahaha