Fake fivers that Oz divided continually (6)

I believe the answer is:

ersatz

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'fake' is the definition.
(ersatz means fake or imitation)

I cannot understand how the remainder of the clue works.

(Other definitions for ersatz that I've seen before include "Made in imitation - in Germany" , "Imitation, not the real thing" , "False" , "Made in imitation, from German" , "Bogus" .)

I've seen this clue in The Telegraph.

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