Paper money of the Austro-Hungarian gulden

Austro-Hungarian gulden paper money first appeared after 1881. The inscriptions on the banknotes were in German on the one side and in Hungarian on the other, however, the design for both sides was similar. The banknotes were issued by the Austro-Hungarian Bank and their value was guaranteed with gold cover as enacted in the Banking Act. State notes were issued by the treasury and had no such cover. The banknotes and state notes took part equally in the circulation.

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