20 Schilling

Austria's postwar monetary situation in 1946 was chaotic. The Schilling had been abolished when Austria was absorbed into the Reich in 1938, replaced by the Reichsmark, and the 1945 reintroduction of the Schilling required an entirely new note series to be produced under Allied occupation conditions — meaning access to quality printing materials and skilled labor was severely constrained.

Josef Seger had been active in Austrian banknote design before the Anschluss, and his postwar reemployment by the Nationalbank reflects institutional continuity amid political upheaval. The 1946 issue was superseded relatively quickly as printing quality and paper supply stabilized through the late 1940s.