50 Heller Krems

Krems an der Donau issued this Heller note as part of Austria's postwar Notgeld wave — a period when municipal and local authorities printed their own emergency small-change scrip to compensate for the total collapse of coin circulation after 1918. The Austrian state was simply unable to keep denominations this small in production, so thousands of towns filled the gap themselves. Krems, as a well-established Danube trading center with its own civic administration, was among the more organized issuers in Lower Austria.

The Jaksch/Pick reference JPR0472I places this within the first documented Krems series of 1920, before the hyperinflationary pressures of 1921–1922 rendered even 50 Heller economically negligible.