20 Heller Bad Hall

Bad Hall, a small iodine spa town in Upper Austria, was among the hundreds of Austrian municipalities forced to print their own emergency currency — Notgeld — during the severe coin shortage that followed the collapse of the Habsburg empire. The 20 Heller denomination here falls within the second series (indicated by the "II" in the Jaksch reference), suggesting the commune had to go back to print more than once to meet local demand.

These small-town Austrian Notgeld issues are often found in uncirculated condition because collectors snapped them up directly from the issuing offices — a practice so widespread it became a revenue stream in itself for some municipalities.