1 Krone Allied High Command

Issued by the Allied Military Authority for use in Austria following Germany's defeat in May 1945, the AM-Krone series was a direct stop-gap instrument printed before any reformed Austrian central bank authority could be reconstituted. The notes circulated alongside surviving Reichskreditkassen issues and pre-war Austrian Schillings simultaneously — a monetary free-for-all that persisted until the Allied Control Council stabilized the situation in late 1945.

P-M1 is the lowest denomination of the AM series. The printing was handled in the United States, and the same basic designs were adapted from Allied Military Currency used in Germany and Italy, reflecting the rushed, template-driven approach to occupation finance common across all three theatres.