50 Heller Traun

Austrian municipal notgeld issued under the economic dislocation that followed the collapse of the Habsburg state. The central government's inability to keep small-denomination coinage in circulation forced hundreds of individual municipalities to print their own emergency scrip — Traun among them. These Gemeinde-issued pieces were legally tolerated rather than officially sanctioned, redeemable only within the issuing community and theoretically withdrawn once the coin shortage eased.

Heinrich Gruber's signature as Bürgermeister dates his tenure precisely enough to anchor this note to Traun's immediate postwar administration.