20 Heller Wald im Pinzgau

Wald im Pinzgau is a small Alpine municipality in the Salzburg district of Zell am See, and its decision to issue notgeld in 1920 was entirely practical — the postwar currency shortage left rural Austrian communities scrambling for small-denomination circulating material that the central authorities simply weren't supplying. Buchdruckerei Zaunrith, a Salzburg commercial printer, handled a number of these municipal emergency issues across the region, which accounts for a certain consistency of production quality among Salzburg-area notgeld from this period.

The signatures of Ortner and Wechselberger identify local administrative officials rather than banking personnel — this was a municipal instrument, not a bank note in any formal sense.