10 Gulden

The Wiener Stadt Banco was Austria's oldest public financial institution, founded in 1706 to manage the city of Vienna's municipal debt. By 1800, it had long since become the de facto issuer of Austria's paper currency — the Banco-Zettel — though it operated under chronic pressure from Habsburg war financing, particularly the costs of the Revolutionary Wars against France. Notes of this period were issued in enormous quantities to cover military expenditure, and the resulting inflation would eventually force the catastrophic 1811 Finanzpatent, which devalued outstanding paper currency to one-fifth of its face value.

The watermark is the sole security measure, characteristic of the series throughout this period.