20 Heller

Thann is a small municipality in Upper Austria, and this 20 Heller note is a product of the Kleingeldersatz emergency — the acute small-change shortage that gripped Austria during and after the First World War. Municipal governments across the country were authorized to issue their own low-denomination paper to plug the gap left by hoarded or melted coinage. Thousands of Gemeinden did exactly that, which is why Notgeld from this period varies so wildly in print quality, paper stock, and design ambition.

Krawinkler's single signature as issuing authority reflects the highly localized administrative structure of these emissions — no central bank oversight, just a village official putting his name to circulating paper.