20 Schilling

Austria's postwar currency reconstruction moved in stages, and this 1950 issue reflects the transitional awkwardness of a country still navigating Allied occupation zones and the constraints of the 1945–48 monetary reforms. The OeNB printing its own notes in-house rather than contracting abroad was itself a statement of institutional recovery — the bank had resumed direct production only after regaining meaningful operational autonomy.

Franke's engraving work on this series is technically accomplished, though the 20 Schilling denomination tends to attract less collector attention than the higher values printed concurrently.