50 Schilling

The Allied Military Authority schilling notes were prepared in advance of the liberation of Austria and issued from 1944 under joint Allied authority. This series was produced by Waterlow & Sons in London — the same firm then handling numerous wartime emergency currency contracts — and was intended to replace Reichsmark circulation in the occupied zones without requiring an immediately functional Austrian central bank.

Austria's monetary situation at liberation was complicated by the fact that Reichsmark notes remained technically legal tender well into 1945, creating a brief period of parallel circulation that the Allied schilling issues were specifically designed to displace.