20 Heller Baden

Baden bei Wien issued its own small-denomination notgeld in 1920 because the postwar Austrian state simply could not produce enough low-value coinage to meet everyday demand. The heller had effectively vanished from circulation by 1919 — hoarding, metal shortages, and monetary chaos after the collapse of the Habsburg economy saw to that. Municipal and commercial issuers across Austria filled the gap themselves, with legal tolerance but no formal sanction.

M. Salzer was a well-established Viennese printing firm with a long run of similar commissions during this period. The 20 Heller denomination was among the most actively circulated of the Baden series, worn out in small transactions before the stabilization of the early 1920s rendered the whole issue obsolete.