20 Heller Fraham

Fraham is a small rural municipality in Upper Austria, and like hundreds of similarly sized communities, it issued emergency small change notes — Notgeld — during the severe coin shortage that followed Austria's defeat in the First World War. The 20 Heller denomination was among the most commonly needed in everyday transactions, which is precisely why municipal issues at this level proliferated so rapidly between 1919 and 1921.

The Jaksc reference places this within the documented Austrian local Notgeld corpus, but Fraham produced no series notable for printing quality or artistic ambition. Survivorship is high relative to actual rarity — collectors absorbed enormous quantities of these issues directly from municipalities at the time of issue, meaning many "circulated" notes never saw a single transaction.