50 Heller - Hall in Tirol

Hall in Tirol issued this 50 Heller note as part of the Notgeld wave that swept through Austrian municipalities after the collapse of the Habsburg economy left the new republic chronically short of small-denomination coinage. The town's Stadtgemeinde had the authority — and the necessity — to commission local emergency currency, which Wagner in nearby Innsbruck was well-positioned to supply quickly and cheaply.

Austrian Notgeld of this period varies enormously in print quality; Wagner's output for Tyrolean towns was generally competent but not elaborate.