50 Heller

Salzburg's municipal emergency money (Notgeld) was issued not out of wartime desperation but because of a severe postwar coin shortage — small denominations had effectively vanished from circulation by 1919–1920 as the new Austrian republic struggled to stabilize after the collapse of the Habsburg monetary system. Hundreds of Austrian towns and cities printed their own Heller notes during this period, and Stadt Salzburg was among the more prolific issuers.

E. & K. Müller were a Salzburg-based printing firm, making this a genuinely local production rather than a job farmed out to Vienna. The series was redeemed and withdrawn once coin supply recovered, which is why intact low-denomination Notgeld from this period survives almost exclusively in collector hands rather than through general wear.