20 Heller Klaus

Klaus is a small municipality in the Steyrtal valley, and this Heller note is a product of the catastrophic currency fragmentation that followed Austria's defeat in 1918. As the new Republic of German-Austria lurched through hyperinflation and coin shortages, hundreds of municipalities printed their own Notgeld — emergency small-denomination paper — simply to keep local commerce moving. Emil Priebsl in nearby Steyr was the practical choice for many Upper Austrian communities lacking access to larger printers.

Three signatories authenticate this note: the mayor, deputy mayor, and cashier — an unusually full municipal sign-off that suggests the commune took its fiduciary responsibility seriously, or was nervous about counterfeiting.