60 Heller

Wels issued its own emergency currency — Notgeld — during the prolonged economic chaos that followed Austria's defeat in the First World War. By 1921, many Austrian municipalities were still printing their own small-denomination scrip to compensate for the chronic shortage of official coinage; the central state simply could not mint fast enough to meet everyday demand. Aug. Moser was a local Wels printing firm, which kept production entirely within the municipality.

Carl Richter's signature as municipal officer gives this note its legal standing. The 60 Heller denomination is among the less common values in the Wels series.