2 Gulden

The 1848 revolutionary year forced the Privilegirte Oesterreichische National-Bank into rapid expansion of its note issues as military expenditures spiraled and public confidence in state finances collapsed. The Viennese uprisings of March and October 1848 created acute demand for small denominations — this 2 Gulden being among the lower-value instruments needed to keep everyday commerce moving when coin hoarding stripped the streets of metal currency.

The watermark security was modest by contemporary standards, but the bank had little time for elaborate countermeasures. Forgery of small-value Austrian notes was a documented problem throughout the 1848–1849 period.