20 Kronen – Liechtenstein

In 1898, the Principality of Liechtenstein found itself in a complex and transitional currency situation, deeply intertwined with its political and economic union with Austria-Hungary. Since the signing of the Customs Treaty (Zollvertrag) in 1852, Liechtenstein had effectively been integrated into the Austrian economic sphere. Consequently, the official legal tender was the Austrian gulden (florin), divided into 100 kreuzer. This arrangement provided monetary stability and facilitated trade, but it also meant Liechtenstein had no independent monetary policy and was wholly subject to the financial systems and fluctuations emanating from Vienna.

However, this system was on the cusp of significant change. In 1892, Austria-Hungary had itself begun a major monetary reform, deciding to transition from the gulden to the gold-standard-based krone (crown). This process, which introduced the Krone (equal to 100 heller), was gradual, and by 1898 both the old gulden and the new krone were in concurrent circulation. Liechtenstein, bound by its treaty, necessarily followed this transition, meaning its economy in 1898 was navigating a dual-currency environment where values had to be constantly reconciled.

Thus, the background of 1898 is one of dependency and transition. Liechtenstein's currency was not its own but an extension of a reforming Austrian system. The period was marked by practical calculations for businesses and citizens as old gulden coins and notes were slowly phased out in favor of the new kronen. This monetary dependency would persist until the aftermath of World War I, when the dissolution of the Austro-Hungarian Empire forced Liechtenstein to sever its customs treaty and eventually align its currency with that of Switzerland.