50 Heller

Wels issued this Notgeld well into 1921, by which point most Austrian municipalities had already wound down their emergency currency programs. The late timing reflects how badly the post-war inflation had disrupted small-denomination coin circulation even after the immediate chaos of 1918–19 had subsided. Aug. Moser was a local printing firm that both designed and produced the note — an entirely self-contained municipal operation, unusual in that many comparable Wels-area issues went to outside specialists.

Bürgermeister Carl Richter's signature appears as the sole authorizing signatory.