1 Schilling

Austria's post-WWI hyperinflation had been so catastrophic — the krone losing roughly 14,000 times its prewar value by 1922 — that the League of Nations intervened with a reconstruction loan and mandatory conditions, one of which was the establishment of a genuinely independent central bank. The Oesterreichische Nationalbank was founded in 1922 specifically as part of that settlement, and this 1924 Schilling issue was among the first notes it produced under the new stabilized currency that replaced the krone at a ratio of 10,000:1.

Rudolf Junk was a Viennese graphic artist well regarded in applied arts circles, and his involvement reflects the deliberate cultural investment Austria made in presenting the new currency as a mark of recovered credibility.