20 Heller Niederösterreich

Niederösterreich's Heller notgeld of 1920 belongs to the second wave of Austrian provincial emergency currency — issued after the imperial collapse had already dismembered the old monetary system but before the new Republican administration had stabilized the Krone supply enough to meet small-denomination demand. The province was acting as a de facto monetary authority by necessity, not by design.

Christoph Reisser's Söhne was a well-established Viennese commercial printer rather than a security press, and the technical limitations show — these notes were never intended to circulate beyond their issuing region or for long.