Early Banknotes of the Habsburg Empire and Their Circulation in Transylvania Until the Establishment of the Austro-Hungarian Dualism
Early Banknotes of the Habsburg Empire and Their Circulation in Transylvania Until the Establishment of the Austro-Hungarian Dualism

Summary/Abstract: The study of the circulation of early banknotes issued in the context of the monetary developments and regulations in the Habsburg Empire, starting with the second half of the 18th century and until the rise of the Austro-Hungarian dualism, is structured in two parts. The present article follows the one entitled “Early Banknotes of the Habsburg Empire and Their Influence on Money Circulation in Transylvania,” Transylvanian Review 25, 3 (Autumn 2016). The novelty brought about by the revolutionary year 1848 was the issue and the introduction into circulation, in Transylvania too, of the banknotes of the first independent Hungarian government (Batthyány Cabinet), called “Kossuth-bankók,” amid the instability of the Privileged Austrian National Bank, followed by all the monetary and economic consequences of its defeat. In the final part of the article are presented the terms of the Monetary Convention (Treaty)(1857) drawn up between Austria and the countries of the German Customs Union (Zollverein), the paper money being under the obligation of convertibility upon presentation, at any time, into the main silver standard coin of the empire. The signing of the dualist compromise between Austria and Hungary would trigger important changes in the structure of the monetary system.

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