Ruqayyah Snyder
The Austrian schilling was the circulating currency of Austria from 1925 to 1938 and 1945 to 2002, when it was replaced by the euro. Although the euro became the official currency of Austria in 1999, euro coins and notes were not introduced until 2002. The Austrian schilling was considered one of the most stable currencies in Europe, earning it the nickname 'Alpendollar'. Today, several online platforms offer exchange services for Austrian schillings, providing individuals with an opportunity to convert their leftover currency into usable cash.
| Characteristics | Values |
|---|---|
| Currency Replaced By | Euro |
| Year of Replacement | 2002 |
| Fixed Parity | €1 = 13.7603 schilling |
| Current Exchange Rate | 1 ATS = 0.079055463 USD |
| Exchangeable | Yes |
| Exchanging Authority | Oesterreichische Nationalbank (OeNB) |
| Exchange Terms | Exchange unlimited amounts of schilling banknotes and coins of the last series into euros for an unlimited period |
| Exchange Rate | 1 Euro = 13.7603 Schilling |
| Exchangeable Coins | All silver Schilling coins issued from 1955 to 2001 at their face value (ATS 25, ATS 50, ATS 100 or ATS 500) |
| Exchangeable Notes | Schilling banknotes of the last series |
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What You'll Learn
Where to exchange Austrian schillings
The Austrian schilling is a former currency of Austria, which was replaced by the euro in 2002. 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 due to the introduction of the euro by 28 February 2002.
Schilling banknotes and coins that were valid at the time of the introduction of the euro will indefinitely remain exchangeable for euros at any branch of the Oesterreichische Nationalbank. The euro was introduced at a fixed parity of €1 = 13.7603 schillings.
If you do not live in Austria, you can exchange your Austrian schillings via specialist currency exchange companies, such as Leftover Currency. Such companies allow you to exchange your currency by adding it to your online wallet, placing an order, and then posting the currency to them. They will then send your money by bank transfer, PayPal, or cheque within 5 working days.
It is important to note that you will not receive the same rate as when the currency was active. The exchange rate is for informational purposes only, and you will not receive this rate when exchanging your currency.
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Exchange rates for Austrian schillings
The Austrian schilling was the currency of Austria from 1925 to 1938 and again from 1945 to 1999, with euro coins and notes being introduced in 2002. The schilling was replaced by the euro at a fixed parity of €1 = 13.7603 schillings.
In the past, the schilling has been tied to a number of different currencies. In the 1950s, the schilling was 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 tied to a basket of currencies until 1976, when it was coupled to the German mark.
Although the euro is now the official currency of Austria, some companies will still exchange old schilling coins and banknotes for euros. One such company states that it will exchange your old currency into "usable cash" within 5 working days.
There are also online currency calculators that can be used to find out the theoretical exchange rate of the Austrian schilling against other currencies.
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History of the Austrian schilling
The Austrian schilling was the currency of Austria for most of the 20th century. Its history, however, goes back much further.
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+1⁄2 kreuzers. The Austrian groschen (or Kaisergroschen, meaning "emperor's groschen/groat") was a silver coin worth 12 pfennigs or 3 kreuzers. The florin, the currency of the Holy Roman Empire since the 16th century, was divided into 8 schillings, 60 kreuzer, or 240 pfennigs.
The 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 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.
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 Nationalbank also began issuing schilling notes in 1945 and the first coins were issued in 1946. With a second "schilling" law on 21 November 1947, new banknotes were introduced. The earlier notes could be exchanged for new notes at par for the first 150 schilling and at a rate of 1 new schilling for 3 old schillings thereafter. This reform did not affect coins. The currency stabilised in the 1950s, with the schilling being tied to the U.S. dollar at a rate of $1 = 26 schillings.
In 1957, silver 10 schilling coins were introduced, followed in 1960 by silver 5 schilling coins. As a result, the composition of the 5 Schilling coins changed from aluminium to silver in the 1950s, which was a highly unusual event. Cupro-nickel replaced silver in the 5 and 10 schilling coins in 1969 and 1974, respectively. An aluminium-bronze 20 schilling coin was introduced in 1980. Silver coins were in the value of 25, 50, 100, 200 and 500 schilling, but gold coins also existed for 500 and 1,000 schilling.
By the early 1990s, Austria had achieved a high degree of monetary integration within the international economic community, and the schilling enjoyed stability until it was eventually replaced by the euro in 2002. The euro became the official currency of Austria in 1999, but euro coins and notes were not introduced until 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.
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Austrian schilling coins
The Austrian schilling was the currency of Austria from 1925 to 1938 and again from 1945 to 1999, when it was replaced by the euro. The schilling was subdivided into 100 groschen, and from 1957, silver 10-schilling coins were introduced. This was followed by aluminium-bronze 50-groschen and 1-schilling coins in 1959, and then silver 5-schilling coins in 1960.
The 5-schilling Austrian coin features the Austrian coat of arms, with the text ‘Republik Österreich’ inscribed on the front side. The 1-schilling coin shows the edelweiss flower, which grows in the Austrian mountains, and also has the text ‘Republik Österreich’ on the front.
The 10-schilling Austrian coin features a woman in folk clothing, with the words ‘Republik Österreich’ inscribed. The 25-schilling coin, meanwhile, features an eagle with the Austrian shield on its breast, with the country name divided above and below.
Although the euro became the official currency of Austria in 1999, physical euro coins and notes were not introduced until 2002. Old schilling-denominated coins and notes were phased out from circulation by February 28, 2002. However, schilling banknotes and coins that were valid at the time of the introduction of the euro will remain exchangeable for euros indefinitely at any branch of the Oesterreichische Nationalbank.
If you have leftover Austrian schillings, you can exchange them for cash. The exchange rate for Austrian schillings to US dollars is 1 ATS = 0.079055463 USD.
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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 and was established by the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924, at a rate of one schilling to 10,000 kronen.
In 1945, the Allies introduced notes in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1,000 schillings. The Oesterreichische Nationalbank also introduced notes in 1945, in denominations of 10, 20, 100, and 1,000 schillings. The following year, the bank also issued notes in denominations of 5, 50, and 100 schillings.
In 1947, a second "schilling" law introduced new banknotes in denominations of 5, 10, 20, 50, 100, and 1,000 schillings. 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.
The 500 schilling banknote, introduced in 1957, featured Austrian inventor and forester Joseph Ressel on the front side, with a steam boat on the back. The 50 schilling banknote depicted Austrian playwright and actor Ferdinand Raimund, while the 10 schilling piece featured a woman in folk clothing. The 100 schilling note showed Austrian painter Angelika Kauffman on one side and a traditional Austrian ski chalet in the Alps on the other. The 1,000 schilling note featured Bertha von Suttner, an Austrian writer and Nobel Peace Prize winner, with a picture of Hohenzalzburg Castle in Leopoldskron, Austria, on the reverse.
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 28 February 2002. However, 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 = ATS13.7603.
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Frequently asked questions
The Oesterreichische Nationalbank (OeNB) will exchange unlimited amounts of schilling banknotes and coins of the last series into euros for an unlimited period. Banks, building societies, and bureaux de change will not convert Austrian schillings back to cash. However, some online currency exchange services, such as Cash4Coins and Leftover Currency, claim to provide a simple, fast, and easy way to exchange your foreign coins from Austria into cash.
The exchange rate is 1 Euro = 13.7603 Schilling.
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). It is virtually impossible to change Austrian Schilling coins or Austrian Groschen coins back into cash. However, Cash4Coins claims to accept any AUS currency, no matter what age or condition.
The fifty schilling banknote depicts the Austrian playwright and actor Ferdinand Raimund. The banknote of fünfzig schilling depicts Sigmund Freud, famous Austrian neurologist and the founder of psychoanalysis. The paper note contains the words ‘Öesterreichische nationalbank’. This Austrian 10 schilling piece features a woman in folk clothing. The words ‘Republik Österreich’ are inscribed on the coin. The olive green-coloured note of Hundert Schilling features Austrian painter Angelika Kauffman. The back of the old 100 schilling note features a traditional Austrian ski chalet in the Alps.
