10 Kronen – Liechtenstein

At the dawn of the 20th century, Liechtenstein did not possess an independent national currency. Its monetary system was entirely integrated with that of its dominant neighbour, Austria-Hungary. Following the customs treaty of 1852, the Principality was firmly within the Austrian economic sphere, and the official legal tender was the Austro-Hungarian gulden (later the krone from 1892). Consequently, Liechtenstein's banks, commerce, and daily transactions were conducted using Austrian currency, with no distinct coinage or notes issued in the Prince's name.

This arrangement was practical but highlighted Liechtenstein's limited economic sovereignty at the time. The country was a largely agrarian society with a small population, and a separate currency system would have been economically unnecessary and administratively burdensome. The stability of its currency was therefore directly tied to the fortunes of the Austro-Hungarian Empire, which itself faced growing economic pressures and political instability in the years leading up to World War I.

However, the seeds for a future change were already present. The Swiss franc, due to Switzerland's proximity and economic stability, also circulated informally within the principality, particularly in border regions. This dual circulation foreshadowed the monumental shift that would occur following the collapse of the Austro-Hungarian Empire after 1918. The currency situation in 1900 was thus one of quiet dependency, on the cusp of being overturned by the geopolitical upheavals of the new century.