50 Heller Wald im Pinzgau

Wald im Pinzgau is a small Alpine village in the Salzburg region, and its decision to issue emergency money in 1920 was a direct consequence of Austria's post-war coin shortage — a crisis severe enough that hundreds of Austrian municipalities printed their own Notgeld rather than wait for a central supply that never reliably came. Buchdruckerei Zaunrith, a Salzburg commercial printer, handled a number of these local commissions, which accounts for the consistent print quality across several Pinzgau-area issues.

The signatures of Ortner and Wechselberger represent the Gemeinde-Vorstehung — the local administrative authority — whose endorsement gave the note whatever credibility it carried within the village economy.