50 Heller Raffings

Raffings is a small village in Lower Austria, and like hundreds of similarly sized communities, it issued emergency small-change notes — Notgeld — during the acute coin shortage that gripped Austria-Hungary and its successor states between roughly 1916 and 1922. The 50 Heller denomination places this squarely in the earlier utility phase of that phenomenon, when municipalities issued Notgeld out of genuine necessity rather than the collector-driven souvenir editions that followed.

Johann Kitzler's signature as signatory almost certainly indicates a local municipal official rather than a bank officer — Raffings had no banking infrastructure of its own.