90 Heller Schwaz

Schwaz, once the silver-mining capital of Europe and a key financier of Habsburg expansion, was reduced by 1921 to printing ninety-heller emergency notes on paper. This is Notgeld — the small-denomination scrip that flooded Austria and Germany during the postwar inflationary spiral, when coinage disappeared from circulation almost entirely and municipalities were left to fill the gap themselves.

Wagner of Innsbruck handled a large volume of Tyrolean Notgeld commissions in this period, producing notes for dozens of small towns under similar economic duress. The 90-Heller denomination is slightly unusual — most issues clustered at round figures — suggesting Schwaz was calibrating to a specific local pricing need.