"Jews are not welcome in the Werdenfels spa and tourism towns."

These sorts of straightforward, anti-Semitic signs and slogans - Jews are not welcome here, Jews are not served here, Jews enter this town at their own risk - were common in the NSDAP era. They could be banners hung at the outskirts of towns or along roadways, signs posted in front of businesses, or fliers passed from hand to hand.

Your particular poster, assuming it is original, probably dates from the period 1933-1938. During that time, Garmisch-Partenkirchen - in the Werdenfelser Land - hosted the 1936 Winter Olympic games. So you have an interesting historical artifact that was at the center of a major world event. It's a window into the crooked evolution of anti-Semitic policy and anti-Semitic popular sentiments in the Third Reich.

The 1936 Olympics (summer in Berlin, winter in Bavaria) presented a unique problem for the Nazis. On one hand, they were skeptical of the entire Olympic ideal of pacific internationalism. On the other hand, Hitler and Goebbels regarded the games as unique opportunities to showcase Nazism and the new, modern Germany of the NSDAP's creation. Added to this was Germany's massive public-relations problem: The early years of so-called "wild" concentration camps, political violence, and both local and nationwide anti-Semitic actions led to calls for various countries to boycott the German games. Hitler was not insensible to the further harm that would be done to Germany's international image if the games were moved to another country or simply shined a spotlight on the Reich's loathsome treatment of its disfavored Jewish minority.

With these concerns in mind, in the lead-up to the games the Nazis authorities reduced (or simply concealed) the intensity of their persecution of the Jews. Viktor Klemperer, a German-Jewish academic living in Dresden, Saxony, described the cosmetic shift:

The slogan-chanting mobs are banned (for the duration of the Olympics), campaigns against the Jews, warlike speeches, everything disreputable has vanished from the newspapers until 16 August, and still, day and night, the swastika flags are flying everywhere.

(This quote, and the analysis preceding it, appear in Richard Evans' excellent The Third Reich in Power, which has a brief discussion of the Olympics and the political considerations that surrounded it.)

Local efforts to rid Garmisch-Partenkirchen in particular of Jews were, in fact, so enthusiastic that national authorities - fearing a public-relations disaster - actually had to rein in those efforts. Adolf Wagner, the local Nazi Gauleiter, ordered that signs of the sort that you own be taken down. The local government declared itself "agreed that the influx of Jews is unwelcome, and is to be impeded and – as far as possible – prevented," but that this was to be effected "only after examining the situation with regard to the 1936 Olympiad."

Alois Schwarzmüller, a local post-war politician who did true yeoman's work compiling a history of the Garmisch-Partenkirchen area during the NSDAP era, wrote that "[t]wo months before the beginning of the Games in Garmisch-Partenkirchen, Reich Interior Minister [Wilhelm] Frick asked, 'in consideration of the upcoming Olympic Winter Games, to arrange that on the streets and railroad lines between Munich and Garmisch-Partenkirchen, and in their vicinities, all signs, banners, and similar references concerning the Jewish Question be removed.' Without result." He continues: "[Deputy Führer Rudolph] Hess, Frick, Wagner – the entire Phalanx of the NSDAP had to be called in to make sure that the anti-Jewish signs were at least temporarily removed from the benches of the spa facilities, from the windows of shops, and from before the entrances to towns." (Quotes in this paragraph and the one preceding it are my own translation of the late Schwarzmüller [and the German-language primary sources that quotes]. I welcome corrections and apologize for any errors. Here's Schwarzmüller's entry on the Olympics and the persecution of the Jews of Garmisch-Partenkirchen. You can see there an image of the exact same leaflet that you own.)

This Olympic interlude didn't last long. The signs were back up shortly after the games, and violent local hostility drove the last Jews out of Garmisch-Partenkirchen before the beginning of World War Two.