50 Heller Kossatz in der Wachau 1920

Kossatz, a small wine-producing market town on the Danube in Lower Austria, was among hundreds of Austrian municipalities forced to print their own emergency fractional currency after the collapse of the Habsburg monetary system left a catastrophic shortage of small-denomination coins. These locally issued Notgeld notes — authorized under postwar Austrian emergency legislation — were typically redeemable only within the issuing community, which made them functionally useless beyond a few kilometers.

The 1920 date places this squarely in the second wave of Austrian municipal Notgeld, by which point some communes had begun treating the issues as collectibles as much as currency, producing more elaborate designs in small print runs.