10 Gulden

The Privilegirte Oesterreichische National-Bank was established in 1816 specifically to stabilize Austrian finances after the catastrophic Bancozettel inflation of the Napoleonic wars, during which paper money lost roughly 80% of its value through the 1811 devaluation decree. By 1834, the institution was still rebuilding public confidence in paper currency, and notes of this period circulated alongside a skeptical public that had lived through — or inherited memories of — that collapse.

Early issues in this series are rarely found without fold damage or edge wear; given that cotton paper of this period was thinner and more porous than later production runs, heavy circulation took a predictable toll.