20 Heller

Liechtenstein's 1920 notgeld issues were a direct consequence of the collapse of the Austro-Hungarian monetary system after the First World War, which left the principality — then still using the krone — scrambling for small-denomination currency that simply wasn't available. These emergency notes were authorized by the Landtag and signed by the Landesverweser, Karl Prince of Liechtenstein, functioning as regent in the absence of the reigning prince. The pairing of those two signatures reflects the constitutional awkwardness of a tiny state improvising fiscal machinery it had never needed before.

Liechtenstein abandoned the krone for the Swiss franc in 1921, rendering the entire notgeld series obsolete within roughly a year of issue.