10 Heller Telfs

Telfs is a market town in the Inn Valley west of Innsbruck, and like hundreds of Austrian municipalities it resorted to issuing its own Notgeld during the acute coin shortage that followed the First World War. The Wagner press in Innsbruck handled a significant share of Tyrolean municipal emergency money, producing small runs for individual towns that rarely saw wide distribution beyond local shopkeepers and market traders.

10 Heller was among the most common denominations in this wave of local scrip — useful for making change when copper and nickel coins had vanished from circulation entirely.