Austrian Schilling Value: Is It Worth Anything Now?

The Austrian schilling was the currency of Austria for most of the 20th century. Introduced in 1925, the schilling was the country's official currency until 1938 when it was abolished following Germany's annexation of Austria. It was reintroduced after World War II in 1945 and remained in circulation until 2002 when it was replaced by the euro. Today, Austrian schillings are obsolete but can still be exchanged for euros at the Oesterreichische Nationalbank (OeNB). The exchange rate is €1 to 13.7603 schillings.

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.

The First Austrian Schilling

Following the Carolingian coin reform in 794 AD, new units of account were introduced, including the schilling, which consisted of 12 silver pfennigs. Initially, it was only a coin of account, but it later became an actual coin produced in many European countries.

In the aftermath of World War I and the collapse of the Austro-Hungarian Empire, the Austrian government secured financial aid from the League of Nations in 1922, leading to the foundation of the Austrian Central Bank. This was the first major step in the country's economic reconstruction programme.

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.

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 currency stabilised in the 1950s, with the schilling 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 it was coupled with the German mark in 1976.

The End of the Austrian Schilling

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.

Exchange rate with the Euro

The Austrian schilling was replaced by the Euro in 2002. The official exchange rate is €1 to 13.7603 ATS.

The Oesterreichische Nationalbank (OeNB) will exchange unlimited amounts of schilling banknotes and coins of the last series into euros for an unlimited period. However, schilling banknotes withdrawn before the introduction of the Euro on 1 January 1999 can no longer be exchanged.

Private currency exchange services, such as Leftover Currency, also offer exchange services for obsolete currencies like the Austrian schilling. Their exchange rates differ from the official rate, for example, they offer £0.0308800000 for 1 ATS.

Where to exchange Austrian schillings

The Austrian schilling was replaced by the euro in 2002. However, you can still exchange your old schillings for euros at the following places:

Oesterreichische Nationalbank (OeNB)

The Oesterreichische Nationalbank (OeNB) will 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).

Leftover Currency

Leftover Currency is a specialist online exchange service that offers 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.

The first Austrian schilling

The Austrian schilling was the currency of Austria for most of the 20th century. Its history, however, goes back much further.

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 Austrian schilling was reintroduced after World War II on 30 November 1945. This second Austrian schilling was issued by the Allied Military, who introduced 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.

On 21 November 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.

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.

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