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20 Gulden
| Issuer | Privilegirte Vereinigte Einlösungs- und Tilgungs-Deputation |
|---|---|
| Year | 1811 |
| Type | Standard circulation banknote |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | Einlösungs-Schein von Zwanzig Gulden Ado. Wien den 1ten März 1811. Für vereinigte Einlösungs und Tilgungs Deputation |
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| Variants | P#A48a - Issued note. Rare P#A48b - "Formulare" |
| Comments |
The Privilegirte Vereinigte Einlösungs- und Tilgungs-Deputation was not a bank in any conventional sense — it was a state mechanism created specifically to manage the catastrophic fallout of Austria's 1811 Finanzpatent, the imperial decree that devalued all outstanding Viennese currency to one-fifth of its face value overnight. The Deputation's notes were the replacement paper issued in exchange for the old Bankozettel at that punishing ratio, meaning holders had already absorbed an 80% loss before this note ever entered their hands.
Austria had been financing the Napoleonic wars almost entirely through uncovered paper emission since 1797. By 1811 the Bankozettel had inflated to roughly twelve times the silver equivalent. The Finanzpatent was fiscal reality catching up at once.