"as the Austrian schilling went down with inflation"
Austro-hungarian infantry regiment
Public DomainAustro-hungarian infantry regiment - Credit: Schuhmann, Heinrich (sen.)

The outcome of World War I not only constituted a loss for Austria, which had fought against the Allies on the side of the Central Powers, but also signalled the dissolution of the once formidable Austro-Hungarian monarchy.

Although the country did not fare as badly as Germany under the 1919 Treaty of Versailles, it still suffered major losses in terms of both territory and finances. Wartime expense, reparation payments and inflation quickly left the Austrian economy teetering on the edge of bankruptcy. Salvation came in the form of a loan from the League of Nations.