50 Heller

Pischelsdorf's 50 Heller Notgeld was issued as Austria's postwar currency crisis left small denominations effectively unavailable — the national mint simply could not keep pace with demand, and hundreds of Austrian municipalities filled the gap themselves between roughly 1919 and 1922. Auer-Hubauer, a Vienna-based printer active in this market, produced notes for numerous small communities during this period, which means the printing quality here was a commercial transaction, not a civic art project.

Franz Preiser's signature as municipal authority gives the note its legal grounding under the issuing commune's liability — worth little in practice, but technically the holder's only recourse.