50 Heller Telfs

Telfs is a market town in the Inn Valley west of Innsbruck, and like hundreds of Austrian municipalities in 1920, it issued its own emergency small change — Notgeld — to compensate for the near-total disappearance of metal coinage following the war and the economic collapse of the former empire. The Wagner printing house in Innsbruck handled a substantial portion of Tyrolean municipal Notgeld during this period, producing runs for multiple communities simultaneously, which kept costs low but gave regional issues a family resemblance in paper stock and typography.

Heller-denominated Notgeld became legally obsolete relatively quickly as Austria stabilized and redenominated, so most surviving Telfs pieces were never redeemed — they were simply voided and forgotten.