1 Gulden

The Privilegirte Vereinigte Einlösungs- und Tilgungs-Deputation was not a bank in any conventional sense — it was a liquidation body, created specifically to manage the catastrophic fallout from Austria's 1811 state bankruptcy, the Finanzpatent of 20 February that year. The government had effectively devalued all outstanding Bancozettel by 80%, exchanging five old gulden for one new Einlösungsschein at face value. This note is one of those replacement instruments.

The watermark was the primary security measure, Vienna lacking the printing infrastructure for more sophisticated deterrents at that moment. Counterfeiting of the preceding Bancozettel had been widespread and a serious concern during the Napoleonic wars.