50 Gulden

Bavaria's Staats-Schuldentilgungs-Commission was not a central bank but a debt administration body, and its authority to issue circulating paper rested on specific legislative acts rather than a banking charter — an arrangement that made these notes legally distinct from typical state bank currency. The 1866 date is significant: it falls in the year of the Austro-Prussian War, in which Bavaria sided with Austria and lost, forcing a subsequent subordination of Bavarian fiscal independence to Prussian-dominated structures.

Carl Naumann's Frankfurt shop printed the note in Prussian territory, a geopolitical irony given Bavaria's wartime alignment. Within four years, monetary union under the new German Reich would render issues like this obsolete.