Old Austrian Schillings: Any Value Today?

Austrian schillings are now obsolete, having been replaced by the Euro in 2002. However, the currency still holds value and can be exchanged for euros at banks and online exchange services. The exchange rate is fixed at 1 Euro to 13.7603 Schillings. The Oesterreichische Nationalbank (OeNB) will exchange unlimited amounts of schilling banknotes and coins of the last series into euros indefinitely.

History of Austrian schillings

The Austrian schilling has a long history, dating back to the Carolingian coin reform in 794 AD. Initially, the schilling was a unit of account consisting of 12 silver pfennigs and was not a physical coin. Over time, however, it became an actual coin produced in many European countries.

The Medieval Schilling

In medieval Austria, there were short and long schilling coins, valued at 12 and 30 pfennigs respectively. Until 1857, the schilling was a currency unit for 30 pfennigs or 7.5 kreuzers. The Austrian groschen, or "emperor's groschen", was a silver coin worth 12 pfennigs = 3 kreuzers.

The First Austrian Schilling

The modern Austrian 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 note was issued on 1 March 1925, with coins and notes of all denominations following. The schilling became one of the most stable currencies in Europe, earning the nickname "Alpendollar". Unfortunately, the schilling was abolished in 1938 due to Germany's annexation of Austria and was replaced by the German Reichsmark.

The Second Austrian Schilling

After World War II, the schilling was reintroduced on 30 November 1945 by the Allied Military. Paper money in denominations of 50 groschen to 1000 schilling was issued, with the first coins being minted in 1946. A second "schilling" law in 1947 introduced new banknotes, with the earlier notes exchanged for new ones at a rate of 1 new schilling for 3 old schillings.

In the 1950s, the schilling stabilised further as it was tied to the US dollar at an exchange rate of $1 = 26 schilling. This link to the US dollar helped pave the way for Austria's membership in the International Monetary Fund. Following the breakdown of the Bretton Woods system in 1971, the schilling was initially tied to a basket of currencies before being coupled to the German mark in 1976.

Transition to the Euro

The schilling remained the official currency of Austria until 1999 when it was replaced by the euro. However, euro coins and notes were not introduced until 2002, and old schilling-denominated currency was gradually phased out. To this day, the Oesterreichische Nationalbank (OeNB) will still exchange unlimited amounts of schilling banknotes and coins of the last series into euros indefinitely. The exchange rate is €1 = 13.7603 schillings.

Exchange rates

The Austrian schilling was the currency of Austria from 1925 to 1938 and then again from 1945 to 1999, remaining in circulation until 2002 when it was replaced by the euro.

The schilling was introduced in 1925 at a rate of one schilling to 10,000 kronen. In 1938, the schilling was abolished following Germany's annexation of Austria and was exchanged at a rate of 1.5 schillings per one Reichsmark.

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 1,000 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.

In the 1950s, the schilling stabilised, with the currency being tied to the US dollar at a rate of $1 = 26 schillings. Following the breakdown of the Bretton Woods system in 1971, the schilling was initially tied to a basket of currencies until 1976 when it was coupled to the German mark at a rate of 1 German mark = 7.5840947 schillings.

The euro was introduced at a fixed parity of €1 = 13.7603 schillings. The Oesterreichische Nationalbank (OeNB) will still exchange unlimited amounts of schilling banknotes and coins of the last series into euros for an unlimited period.

Obsolete Austrian schillings

Austrian schillings are now obsolete. The currency was replaced by the euro in 2002, and is no longer legal tender. However, 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.

The 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 schilling was divided into 100 Groschen, and the Groschen is a subunit of the Schilling: 1 Schilling is equal to 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 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 schilling was reintroduced after World War II on 30 November 1945 by the Allied Military.

The Central Bank kept the value of the schilling stable by opting for a hard currency policy, which resulted in the tying of the schilling’s exchange rate to the Deutsche mark from 1976 onwards. By constantly adapting to changing market conditions, by the early 1990s Austria had achieved a high degree of monetary integration within the international economic community. The schilling enjoyed stability until it was eventually replaced by the euro in 2002.

Austrian schillings vs. euros

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

In 1999, the euro became the official currency of Austria, with euro coins and notes being introduced in 2002. The schilling was phased out of circulation and replaced by the euro at a fixed parity of €1 to 13.7603 schillings.

Austrian schilling banknotes and coins from the last series can be exchanged for euros at any branch of the Oesterreichische Nationalbank (OeNB) indefinitely. Schilling silver coins issued from 1955 to 2001 can also be exchanged at face value, although they may be sold for higher prices at coin dealers depending on the current silver price. However, the exchange period for schilling banknotes withdrawn before the introduction of the euro has expired, and these can no longer be exchanged.

Austrian schilling coins became obsolete in 2002 when they were replaced by the euro. However, pre-euro Austrian schilling and groschen coins issued by the Austrian Mint can still be exchanged for euros. One schilling is equal to 100 groschen.

Austrian schillings in other countries' currencies

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.

In 2002, the Austrian Schilling was replaced by the Euro, which was introduced at a fixed parity of €1 = 13.7603 schillings.

While the Austrian Schilling is now obsolete, there are still ways to exchange them for other currencies. The Oesterreichische Nationalbank (OeNB) will still exchange unlimited amounts of schilling banknotes and coins of the last series into euros for an unlimited period.

Additionally, there are third-party companies that offer to exchange Austrian Schillings for other currencies, such as Cash4Coins and Leftover Currency. These companies provide a fast, secure, and easy way to change Austrian Schillings into cash.

Frequently asked questions