50 Heller Freistadt

Freistadt's 50 Heller notgeld from 1920 sits at the tail end of Austria's municipal emergency currency wave — by this point most larger cities had already wound down their issues, but smaller Upper Austrian towns were still plugging gaps left by the chronic small-coin shortage that had persisted since the war years. Emil Fraenzel in Steyr handled a number of these regional commissions, operating as a local commercial printer rather than a specialist security firm, which is reflected in the relatively modest production values typical of his output.

The Jaksch/Pick reference places this squarely within the documented Upper Austrian series.