30 Heller

Wels issued its own emergency small change in the early 1920s because the postwar Austrian state simply could not produce enough low-denomination coinage to keep local commerce moving. These municipal Notgeld issues were a Austria-wide phenomenon, but the Wels series is notable for being printed locally — Driczckg & Aug. Moser were a Wels commercial printing firm, not a specialist banknote house, which shows in the workmanship.

Carl Richter's signature as authorizing official places this squarely in the civic administration of the period immediately following the collapse of the Habsburg monarchy.