2 Gulden

Baden's revolutionary year. This note was issued in 1849, the same year the Grand Duchy found itself at the center of the final, desperate phase of the German revolution — the Baden Uprising, which collapsed in July when Prussian troops crushed the last republican holdouts at Rastatt. Whether the Staats-Casse continued authorizing payments through that upheaval or suspended operations is not firmly documented, but the political turbulence almost certainly disrupted normal circulation.

Small-denomination state treasury notes of this period rarely survived in quantity. They circulated hard, and losers in political upheavals don't tend to preserve their paper money.