100 Schilling

Austria's postwar monetary reconstruction moved in stages — the 1945 Schilling reintroduction used provisional overprints, the 1947 series addressed the immediate currency reform, and by 1954 the Oesterreichische Nationalbank was finally in a position to issue something with considered design work behind it. This note belongs to that stabilization phase, when the occupying powers had only recently relinquished financial controls following the 1955 State Treaty.

Alfred Nefe and Rudolf Toth were both staff engravers working for the Austrian State Printing House, and the division of engraving labor between obverse and reverse was standard practice there. The watermark security on this series is relatively straightforward by later Austrian standards.