20 Heller Raffings

Raffings is a small village in the Vinschgau valley of South Tyrol — territory that had just been transferred from Austria to Italy under the Treaty of Saint-Germain-en-Laye in September 1919. This Heller note was issued the following year, during the chaotic transitional period before the Italian lira fully displaced Austrian currency in the region. Municipal Notgeld of this type emerged across the former Austrian crownlands precisely because small-denomination coinage had effectively vanished from circulation, hoarded or melted during the war years.

Johann Kitzler signed as Bürgermeister — a title the Italian authorities would soon prohibit in favor of "podestà" under Fascist administrative reorganization.