20 Heller Waldzell

Waldzell is a small market commune in Upper Austria, and like hundreds of similarly sized municipalities, it issued small-denomination Notgeld during the acute coin shortage of the First World War. The Heller denominations — worthless within a few years of issue — were produced as hyperlocal stop-gaps, often in tiny print runs, sometimes on whatever paper was available. Bürgermeister Jakob Geisfried's signature gives this note its sole authentication. No bank, no treasury — just a local official's name as legal backing.

The Jaksc catalogue reference places this among the earliest documented issues for the commune.