50 Heller Micheldorf

Austrian Notgeld from the post-WWI period, when the collapse of the Habsburg monetary system left municipalities scrambling to produce their own small-denomination emergency money. Micheldorf, a small community in Upper Austria, issued these locally as the central government proved incapable of supplying adequate coin in 1920. Heller-denomination Notgeld of this type circulated almost entirely within the issuing community — accepted at local shops by informal agreement rather than legal obligation.

The paper used across Upper Austrian municipal issues varied considerably in quality, and Micheldorf examples can show pronounced browning along fold lines due to the low-grade wartime paper stock.