Austria's Currency: What's It Called And Why?

Austria's currency is the euro, which it adopted in 1999. Euro notes and coins were introduced in the country in 2002, and the euro is also the official currency of 12 other countries. Before the euro, the Austrian currency was the schilling, which was in circulation from 1925 to 1938, and again from 1945 to 1999.

The current Austrian currency is the euro

Austria's previous currency was the schilling, which was replaced by the euro at a fixed parity of €1 = 13.7603 schillings. The schilling was used in Austria from 1925 to 1938, and then from 1945 to 2002. The schilling was divided into 100 groschen and was replaced by the euro during a three-year transitional period. The dual circulation period, when both the schilling and the euro had legal tender status, ended on 28 February 2002.

The euro symbol is € and its currency code is EUR. The euro banknotes are available in denominations of €5, €10, €20, €50, €100, €200, and €500, although the €200 and €500 notes are rarely used. The euro coins are available in denominations of €2, €1, 50 cents, 20 cents, 10 cents, 5 cents, 2 cents, and 1 cent.

The euro is managed and administered by the European Central Bank and the Eurosystem, which is composed of the central banks of the eurozone countries. The Eurosystem is responsible for printing, minting, and distributing euro banknotes and coins in all member states, as well as operating the eurozone payment systems.

The previous Austrian currency was the schilling

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

In July 1976, the schilling was coupled to the German mark after the breakdown of the Bretton Woods system in 1971. 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.

The Austrian National Bank continues to exchange schilling banknotes and coins for an unlimited period. 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.

The schilling was subdivided into 100 groschen

The schilling was the currency of Austria from 1925 to 1938 and from 1945 to 1999, and the circulating currency until 2002. The schilling was subdivided into 100 groschen. The Austrian groschen, also known as the Kaisergroschen, was a silver coin worth 12 pfennigs = 3 kreuzers.

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 replaced the Krone, which was used largely during the time of the monarchy. The schilling was abolished in the wake of Germany's annexation of Austria in 1938, when it was exchanged at a rate of 1.50 schilling for one Reichsmark.

The schilling was reintroduced after World War II on 30 November 1945 by the Allied Military, who issued paper money (dated 1944) in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 schillings. The Nationalbank also began issuing schilling notes in 1945 and the first coins were issued in 1946.

In 1925, bronze 1 and 2 groschen, cupro-nickel 10 groschen, and silver 1⁄2 and 1 schilling coins were introduced, followed by cupro-nickel 5 groschen issues in 1931. In 1934, cupro-nickel 50 groschen and 1 schilling were introduced, together with silver 5 schilling. Coins were issued until 1938.

The euro was introduced at a fixed parity of €1 = 13.7603 schillings to replace the schilling. The schilling was replaced by the Euro (symbol: €) and has been ever since January 1st, 2002. One Euro is made up of 100 cents.

The euro is also the currency of many other European countries

The currency in Austria is the euro, which has been the case since 2002. One euro is made up of 100 cents, and there are coins to reflect this. Euro banknotes come in denominations of €5, €10, €20, €50, €100, €200, and €500. The euro is also the currency of many other European countries. In fact, it is the official currency of 20 out of 27 member states of the European Union, and this group is officially known as the eurozone. The euro is also used by four European microstates that are not EU members, and unilaterally by Montenegro and Kosovo. Outside of Europe, several special territories of EU members also use the euro as their currency. In total, over 350 million people in Europe use the euro, and the currency is used by over 200 million people worldwide in currencies pegged to the euro.

The euro was introduced to world financial markets as an accounting currency in 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1. Euro coins and banknotes entered circulation on 1 January 2002, and by March 2002, it had completely replaced the former currencies. The euro is managed and administered by the European Central Bank and the Eurosystem, which is composed of the central banks of the eurozone countries.

The following countries use the euro as their official currency:

• Belgium
• Germany
• Ireland
• Greece
• Spain
• France
• Italy
• Cyprus
• Luxembourg
• Malta
• The Netherlands
• Portugal
• Slovenia
• Slovakia
• Croatia
• Finland
• Estonia
• Latvia
• Lithuania

The euro is divided into 100 cents

The currency in Austria is the euro, which has been the case since 2002. Each euro is divided into 100 cents.

Euro banknotes come in denominations of €5, €10, €20, €50, €100, €200, and €500, though the two highest denominations are rarely used. There are also €1 and €2 coins. Cents come in coins of 1c, 2c, 5c, 10c, 20c, and 50c.

Austria was one of the first countries to adopt the euro as its official currency on 1 January 1999, though physical euro coins and banknotes did not enter circulation until 1 January 2002. The euro replaced the Austrian schilling, which was the country's currency from 1925 to 1938 and from 1945 to 1999, and the circulating currency until 2002. The euro was introduced at a fixed parity of €1 = 13.7603 schillings.

The euro is the official currency of 20 of the 27 member states of the European Union, and is also used by various institutions and territories outside of the EU. It is the second-largest reserve currency and the second-most traded currency in the world after the US dollar.

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