In the OP, the obverse is the side with the name of the issuing authority, i.e. DEUTCHES REICH.
It's not always so easy. The head of “Liberty” on American coins is considered the obverse, though normally the issuing authority (UNITED STATES OF AMERICA) is on the other side. Likewise with, e.g., the Indian and Lincoln “penny” or Jefferson nickel.
It could be argued that the head of Liberty or dead presidents were substituted for that of King George III. So from the historical perspective, it makes perfect sense to see it as the obverse in what was both a break with the past and continuity with the past. So, late 18th—early 19th century Liberty, from this perspective, was the new governing principle of the new constitution, not the King over his subjects. There is continuity in that Liberty takes the place previously occupied by the King on official currency.
Likewise in post-revolutionary France. The King of France, now of the French (a diminished title), was eventually removed entirely and replaced on coins with the head of Liberty. But here it's easier since REPUBLIQUE FRANÇAISE is also inscribed on the same side.
In Mexico, the obverse is the eagle/snake design with the legend ESTADOS UNIDOS MEXICANOS, i.e. the issuing authority, but most people look at the other side as the obverse, especially when a head is depicted (Hidalgo, etc.).
Some Indian princely state issues are interesting in this respect. One side has the name of the British King or Queen in Urdu or some other local script, with the Prince's name on the other side. If I'm not mistaken, the World Coins catalogues always considered the King/Queen side the obverse, and rightly so, whatever one thinks of colonialism and colonial powers.
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