20 Schilling

Austria's interwar stabilization, anchored by the 1922 Geneva Protocols and League of Nations oversight, produced a genuinely new central bank — the Oesterreichische Nationalbank, established 1923 — and with it a need for currency that projected institutional credibility. This 1928 20 Schilling belongs to that consolidation phase, after the catastrophic hyperinflation of the early 1920s had been suppressed but before the banking crises of 1931 shattered confidence again.

Wilhelm Dachauer was a noted Viennese painter and graphic artist whose involvement gave the series a different character from purely commercial bank note work. Rudolf Zenziger and Ferdinand Lorber were staff engravers at the Austrian State Printing Works, which produced the note domestically — a deliberate choice after years of relying on foreign presses.