95 Heller Telfs

Telfs is a market town in the Inn Valley west of Innsbruck, and like hundreds of Austrian municipalities in 1920, it issued emergency small-denomination paper — Notgeld — to compensate for the near-total disappearance of metal coinage after the war. The 95 Heller denomination is oddly specific, even by Notgeld standards, where values like 10, 20, or 50 were far more common. Whether this reflects a precise calculation of local monetary need or simply administrative idiosyncrasy is not documented.

Wagner of Innsbruck handled a considerable volume of Tyrolean municipal Notgeld during this period, printing for numerous towns in the region.