20 Heller Raxendorf

Raxendorf is a small market town in Lower Austria, and like hundreds of similarly sized communities, it issued its own emergency small change notes — Notgeld — during the currency chaos that followed Austria-Hungary's collapse. By 1920, coin shortages were severe enough that municipal authorities across the region were printing their own fractional notes rather than waiting on Vienna. Willy Pollhammer and Franz Karl signed as local officials authorizing the issue, a common arrangement where municipal accountability substituted for central bank backing.

Austrian Gemeinde-Notgeld of this type was rarely printed in large quantities, and Raxendorf's issues are among the more obscure in the Lower Austrian corpus.