50 Heller Lofer

Lofer is a small market town in the Salzburg Saalachtal, and this 50 Heller note belongs to the vast wave of Austrian Kleingeldscheine — local emergency small-change notes — issued by municipalities, businesses, and cooperatives during and after the First World War when coins vanished from circulation almost entirely. The Austro-Hungarian state simply could not keep pace with wartime metal demand, and communities were left to solve the problem themselves.

Wagner of Innsbruck was a regional commercial printer, not a security press, which is exactly the point — these notes were never intended as high-security instruments, only as functional substitutes for the 50 Heller coin.