10 Heller Wels

Wels issued its own emergency small change — Notgeld — during the postwar currency chaos that left Austria effectively without reliable low-denomination coinage. Municipal and local authorities across the country filled the gap themselves, and Wels was among hundreds of Austrian towns to do so. The 1920 dating places this note in the second, more bureaucratically organized wave of Austrian Notgeld rather than the improvised wartime issues.

Carl Richter's signature as municipal authority is the primary authentication device on this series. Local printing kept costs low but also means paper quality and impression consistency vary considerably across surviving examples.