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1 Gulden
| Issuer | Privilegirte Oesterreichische National-Bank |
|---|---|
| Year | 1848 |
| Type | Standard circulation banknote |
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| Obverse description | The upper portion of the note carries a vignette of the allegorical bust of Austria wearing a mural crown, set within an elaborate rocaille border with foliate scrollwork and numeral "1" in each upper corner. Below the bust, the central text panel bears the denomination and issuing bank name in Gothic blackletter script, with the Austrian imperial double-headed eagle coat of arms placed at the foot of the design, flanked by oval penalty clause cartouches. |
|---|---|
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| Protection type | Watermark |
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| Comments |
The 1848 date is the key detail here. The Privilegirte Oesterreichische National-Bank issued small-denomination notes into a Vienna convulsed by revolution — the March uprising, Metternich's flight, the imperial court's temporary retreat to Innsbruck. Demand for hard coin spiked sharply as public confidence collapsed, and low-value paper was pushed out as a substitute for the silver and copper that immediately vanished from circulation.
The watermark security on this denomination was modest by the bank's own standards, and contemporary accounts note widespread counterfeiting of the smaller gulden notes during this period precisely because detection was difficult in everyday market transactions.