50 Heller Piberbach

Piberbach is a small Upper Austrian market commune that, like hundreds of Austrian municipalities, was forced into emergency currency issuance after the collapse of the Habsburg monetary system left the country chronically short of small-denomination coin. The Rollinger firm in Vienna handled a substantial share of this provincial Notgeld work — efficient, low-cost lithography rather than anything approaching banknote-quality printing.

The JPR reference places this within the Jaksch catalog of Austrian municipal emergency money, a classification system that itself reflects just how prolifically these notes were produced in 1920–1921. Piberbach's issue is unremarkable within that flood, which is precisely what makes survivor examples interesting: most were redeemed and pulped once the Austrian National Bank stabilized the coin supply.