10 Heller Telfs

Telfs is a market town in the Inn valley west of Innsbruck, and like hundreds of other Austrian municipalities it resorted to printing its own emergency small change during the Heller shortage of the First World War and its aftermath. These Notgeld issues filled a genuine gap — copper and silver had disappeared from circulation, hoarded or melted, and the central authorities were too occupied with larger denominations to address the shortfall at street level.

Wagner was the dominant local printer for Tyrolean municipal Notgeld, which means this note belongs to a recognizable regional production run rather than a bespoke commission.