Old Austrian Currency: Is The Schilling Still Valuable?

The Austrian schilling was the currency of Austria from 1925 to 1938 and from 1945 to 1999, and the circulating currency until 2002. The name schilling is directly related to the English shilling, with both words gradually evolving from a unified original name. The Austrian schilling was replaced by the euro in 2002, and the Oesterreichische Nationalbank (OeNB) will still exchange unlimited amounts of schilling banknotes and coins of the last series into euros for an unlimited period.

History of the Austrian Schilling

The Austrian schilling was the currency of Austria for most of the 20th century. It was first introduced in 1925, but its history goes back much further.

The First Austrian Schilling

The schilling was established by the Schilling Act (Schillingrechnungsgesetz) on 20 December 1924, at a rate of one schilling to 10,000 kronen. The first schilling coins were issued in December 1923, in denominations of half schilling, schilling, and double schilling. The first schilling note, with a denomination of 100 schillings, was issued two years later.

The introduction of the schilling was part of Austria's economic reconstruction programme following the collapse of the Austro-Hungarian Empire after the First World War. In 1922, the Austrian government secured financial aid from the League of Nations, which led to the foundation of the Austrian Central Bank. Over time, Austria's strict hard-currency policy saw the schilling become one of the most stable currencies in Europe, earning it the nickname 'Alpendollar'.

The Second Austrian Schilling

The schilling was abolished in 1938 following Germany's annexation of Austria. It was exchanged at a rate of 1.50 schillings to one Reichsmark. However, after World War II, the Allied Military reintroduced the schilling on 30 November 1945. They issued paper money in denominations ranging from 50 groschen to 1000 schillings. The Nationalbank also began issuing schilling notes in 1945, and the first coins were issued in 1946.

The End of the Austrian Schilling

In the 1950s, the schilling was tied to the US dollar, which helped stabilise the currency. Following the breakdown of the Bretton Woods system in 1971, the schilling was initially tied to a basket of currencies until it was coupled with the German mark in 1976.

The euro became the official currency of Austria in 1999, and euro coins and notes were introduced in 2002. Old schilling-denominated coins and notes were phased out from circulation, and the schilling was replaced by the euro at a rate of €1 to 13.7603 schillings.

Preceding Currencies

Before the introduction of the modern Austrian schilling, several other currencies were used in Austria, including:

• The florin, which was the currency of the Holy Roman Empire since the 16th century and was divided into 8 schillings.
• The Austro-Hungarian gulden, introduced after 1857.
• The Austro-Hungarian krone, adopted in 1892 with the gold standard.
• The Austrian crown, introduced in 1919 following the dissolution of the Austro-Hungarian Empire.

Additionally, in medieval Austria, there were short and long schilling coins valued at 12 and 30 pfennigs, respectively.

How to exchange Austrian schillings

The Austrian Schilling was the currency of Austria from 1925 to 1938 and from 1945 to 1999, and it continued to circulate until 2002 when it was replaced by the Euro.

The Oesterreichische Nationalbank (OeNB) will still exchange unlimited amounts of schilling banknotes and coins of the last series into euros for an unlimited period. The exchange rate is 1 Euro = 13.7603 Schillings.

In addition to the Schilling circulation coins, the OeNB also exchanges all silver Schilling coins issued from 1955 to 2001 at their face value (ATS 25, ATS 50, ATS 100 or ATS 500).

Please note that depending on the current silver price, silver Schilling coins may sell at higher prices at professional coin dealers.

Alternatively, you can exchange your Austrian Schillings through a specialist online exchange service, such as Leftover Currency. They offer a quick, easy, secure and free service. Simply select the type of Austrian Schilling you want to exchange, and they will send your money by bank transfer, PayPal or cheque within five working days.

Austrian schilling banknotes

The Austrian schilling was the currency of Austria from 1925 to 1938 and from 1945 to 1999, and it continued to circulate until 2002 when it was replaced by the euro. The schilling was divided into 100 groschen.

The schilling was established by the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924, at a rate of one schilling to 10,000 kronen, and issued on 1 March 1925. The schilling was reintroduced after World War II on 30 November 1945 by the Allied Military, who issued paper money in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 schilling.

The Oesterreichische Nationalbank also introduced notes in 1945, in denominations of 10, 20, 100, and 1000 schilling. With the banknote reform of 1947, new notes were issued in denominations of 5, 10, 20, 50, 100, and 1000 schilling. In 1957, silver 10 schilling coins were introduced, followed in 1960 by silver 5 schilling coins.

The schilling was tied to the U.S. dollar at a rate of $1 = 26 schilling in the 1950s, and to the German mark in 1976. The euro was introduced at a fixed parity of €1 = 13.7603 schilling. There is no time limit for exchanging Austrian schilling banknotes for euros.

Examples of Austrian schilling banknotes that can be exchanged include:

• ATS 20, 5th motif – Moritz M. Daffinger
• ATS 50, 4th motif – Sigmund Freud
• ATS 100, 6th motif – Eugen Böhm v. Bawerk
• ATS 500, 4th motif – Rosa Mayreder
• ATS 1,000, 5th motif – Karl Landsteiner
• ATS 5,000, 1st motif – Wolfgang A. Mozart

Austrian schilling coins

The Austrian schilling was the currency of Austria from 1925 to 1938 and from 1945 to 1999, and it continued to circulate until 2002 when it was replaced by the euro. The schilling was divided into 100 groschen.

The schilling was established by the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924, at a rate of one schilling to 10,000 kronen, and the first schillings were issued on 1 March 1925. The schilling was reintroduced after World War II on 30 November 1945 by the Allied Military, who issued paper money in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 schillings. The first coins were issued in 1946.

The schilling was abolished in 1938 in the wake of Germany's annexation of Austria, when it was exchanged at a rate of 1.50 schillings to one Reichsmark. The currency was stabilised in the 1950s, with the schilling being tied to the US dollar at a rate of $1 = 26 schillings.

• 50 Austrian Schilling coin: This bimetallic coin weighs 8.15g and measures 26.5mm across. The coin has a common front side and several different versions of the backside. The text reads ‘Republik Österreich’.
• 20 Austrian Schilling coin: This coin has a common front side and several different commemorative editions on the back. The text reads ‘Republik Österreich’.
• 10 Austrian Schilling coin: This coin features a woman in folk clothing and the words ‘Republik Österreich’.
• 5 Austrian Schilling coin: This coin features a shield, the Austrian coat of arms, and the text ‘Republik Österreich’.
• 1 Austrian Schilling coin: This coin shows the edelweiss flower that grows in the Austrian mountains and the text ‘Republik Österreich’.
• 50 Groschen coin: This aluminium-bronze coin features the Austrian shield.
• 10 Groschen coin: This coin features the text ‘Republik Österreich’. There are 100 groschen in one Austrian schilling, so 10 groschen is equal to 0.10 Austrian schilling.
• 5 Groschen coin: This coin displays the text ‘Republik Österreich’. The groschen is the 1/100 subdivision of the Austrian schilling, so 5 groschen has a value of 0.05 Austrian schilling.
• 2 Groschen coin: This coin is imprinted with the text ‘Republik Österreich’. The Austrian schilling is subdivided into 100 groschen, so 2 groschen is equal to 0.02 Austrian schilling.
• 1 Groschen coin: This coin is made from zinc and is the equivalent of 1/100th of a schilling. It has the Austrian coat of arms, which consists of an eagle and escutcheon.
• 50 Groschen coin (aluminium): The obverse side of this coin shows the Austrian escutcheon emblem surrounded by the text, ‘REPUBLIK ÖSTERREICH’, which translates to ‘Republic of Austria’. The reverse side of this silver-coloured 0.50 ATS coin shows a stemless gentian flower. The piece of 50 Groschen is the equivalent of half an Austrian schilling.
• 1 Austrian Schilling coin (aluminium): A sower is pictured on the obverse side of the coin, and the Austrian coat of arms is on the reverse. The aluminium coin of one schilling weighs only 2 grams and it can be made to float on water.

Austrian schilling exchange rate

The Austrian schilling is now obsolete. It was replaced by the euro on 1 January 1999, at a rate of €1 to 13.7603 schillings. The schilling was the currency of Austria from 1925 to 1938 and from 1945 to 1999, and it continued to circulate until 2002.

The schilling has had two distinct periods of existence. The first was from 1925 to 1938, when it was established at a rate of one schilling to 10,000 kronen. This first iteration of the schilling was abolished following Germany's annexation of Austria in 1938, when it was exchanged at a rate of 1.5 schillings to one Reichsmark.

The second period was from 1945 to 1999. The schilling was reintroduced after World War II in 1945 by the Allied Military, who issued paper money in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 schillings. The exchange rate to the Reichsmark was 1:1, limited to 150 schillings per person.

In 1947, a second "schilling" law was passed, introducing new banknotes. The earlier notes could be exchanged for new notes at par for the first 150 schillings, and at a rate of 1 new schilling for 3 old schillings thereafter. This reform did not affect coins.

In the 1950s, the schilling stabilised, and was tied to the US dollar at a rate of $1 to 26 schillings. Following the breakdown of the Bretton Woods system in 1971, the schilling was initially tied to a basket of currencies until July 1976, when it was coupled to the German mark.

Although the euro became the official currency of Austria in 1999, euro coins and notes were not introduced until 2002. Old schilling-denominated coins and notes were phased out from circulation by February 2002.

As of November 2024, 1 Austrian schilling is worth approximately $0.076, or £0.031, in exchange.

Frequently asked questions