10 Heller Kitzbühel

Austrian Notgeld of this type emerged from the post-WWI currency chaos when the new republic's central banking infrastructure had effectively collapsed and municipalities across Tyrol were printing their own emergency fractional denominations to keep local commerce moving. Kitzbühel, at this point a small market town well before its ski resort transformation, issued across multiple Heller denominations in 1920 — the series is catalogued under Jaksch rather than the standard Pick hierarchy, reflecting how regionalized and administratively fragmented this coinage substitute actually was.

The official stamp is the only anti-counterfeiting measure, which tells you something about the threat model: these circulated in tight local networks where a stranger passing forged Heller notes would have been immediately conspicuous.