20 Heller Hofgastein

Austrian Notgeld of this type was issued under the acute coin shortage that followed the collapse of the Habsburg economy — small municipalities across the former imperial territories printed their own fractional emergency money simply because metallic coinage had vanished from daily commerce. Hofgastein's issue was handled by Kiesel in Salzburg, a regional press responsible for a significant number of Salzburg-province Notgeld runs in 1920. The Reichenkleb design credit is unusual enough to be worth noting; most comparable municipal issues went uncredited.