20 Heller Zell Arzberg

Zell-Arzberg is a tiny rural commune in Lower Austria, and like hundreds of similarly small municipalities it resorted to printing its own Notgeld in 1920 as the postwar coin shortage made small-denomination transactions nearly impossible. The Austrian state had effectively stopped supplying adequate bronze and copper coinage, forcing even village-level administrations to become de facto currency issuers. Waidhofen an der Ybbs, the nearest regional centre, hosted the local printer that supplied many of these emergency issues across the surrounding district.