Austria's Pre-Euro Currency: A Historical Perspective

Before the introduction of the euro, Austria used the Austrian schilling as its national currency. The schilling was first introduced in 1925 and was in use until 1938 when Germany annexed Austria and the German Reichsmark replaced the schilling. After World War II, the schilling was reintroduced and was in use until 2002 when it was replaced by the euro.

The Austrian schilling was the country's currency before the euro

The Austrian schilling was divided into subunits called groschen, with 100 groschen making one schilling. The schilling was circulated in both coin and banknote form. The coins were issued in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, and 1000 schilling. The banknotes were issued in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 schilling.

Austria formally adopted the euro in 1999, but the schilling continued to be used alongside the euro until 2002. The dual circulation period ended on February 28, 2002, when the schilling was officially replaced by the euro at a fixed rate of 1 euro to 13.7603 schillings.

The Austrian National Bank (OeNB) continues to exchange schilling banknotes and coins for euros indefinitely. The OeNB will exchange unlimited amounts of schilling banknotes and coins from the last series into euros at the fixed rate.

The schilling was divided into 100 groschen

Before the Euro, Austria used the Austrian schilling as its national currency. Introduced in 1924, the schilling remained in circulation until the Euro was adopted in 1999, with coins and banknotes ceasing to be legal tender in 2002. During its long history, the schilling underwent several changes, but one consistent feature was its subdivision into smaller units. Indeed, the schilling was divided into 100 smaller units known as groschen (singular: groschen; plural: groschen).

The groschen served as a subunit of the schilling in both the original Austrian schilling, introduced in the First Austrian Republic in 1924, and the new schilling, introduced following World War II in 1947. In both iterations, the groschen played a crucial role in facilitating everyday transactions and providing a convenient unit for pricing goods and services. The name "groschen" is derived from the French word "gros," meaning "large," reflecting its value as a substantial fraction of the schilling.

Coins denominated in groschen were issued in various denominations throughout the history of the schilling. These included 1, 2, 5, 10, and 50 groschen coins, with each denomination having a unique design and composition. The 1 and 2 groschen coins, for instance, were typically made from bronze or copper-zinc alloys, while the higher denominations of 5, 10, and 50 groschen were often minted in cupronickel or other copper-nickel alloys, giving them a distinctive silver appearance.

The groschen coins featured a variety of designs, often incorporating important cultural and historical symbols of Austria. Common motifs included the Austrian coat of arms, portraits of prominent figures such as Franz Joseph I, and iconic landmarks like the Vienna Opera House. The intricate designs not only served as a form of national identification but also helped prevent counterfeiting and ensured the integrity of the currency.

The schilling was reintroduced after World War II

The Austrian schilling was reintroduced as the country's currency on 30 November 1945, following the defeat of Germany in World War II. The Allied Military 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, with a limit of 150 schillings per person. The Nationalbank also began issuing schilling notes in 1945, and the first coins were issued in 1946.

The reintroduction of the schilling in 1945 was actually the second time this currency had been used in Austria. The first Austrian schilling was established by the Schilling Act of 20 December 1924 and issued on 1 March 1925. It was abolished in 1938 following Germany's annexation of Austria, when it was exchanged at a rate of 1.50 schillings for one reichsmark.

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.

The schilling continued to be used in Austria until 1999, when the country formally adopted the euro as its official currency. However, euro coins and notes were not introduced until 2002, and the schilling continued to circulate alongside the euro until 28 February of that year. The Österreichische Nationalbank (Austrian National Bank) continues to exchange schillings for euros indefinitely at a rate of 1 euro to 13.7603 schillings.

The schilling was first used in Austria from 1925 to 1938

The Austrian schilling was the country's currency before the introduction of the euro. The schilling was first used in Austria from 1925 to 1938, and then again from 1945 until 2002.

The schilling was established by the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924, at a rate of one schilling to 10,000 kronen. The first schilling coins were issued on 1 March 1925. The schilling was divided into 100 groschen.

The schilling was abolished in 1938 following Germany's annexation of Austria. It was replaced by the German Reichsmark, with one Reichsmark being worth 1.50 schillings. 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 exchange rate to the reichsmark was set at 1:1, with a limit of 150 schillings per person.

The Austrian National Bank (OeNB) continues to exchange schilling banknotes and coins for euros indefinitely. The exchange rate is set at €1 to 13.7603 schillings.

The OeNB will exchange schillings for euros indefinitely

Before the introduction of the euro, the Austrian currency was the schilling, which was in use from 1925 to 1938 and then again from 1945 to 1999, remaining in circulation until 2002. The schilling was divided into 100 groschen.

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". However, the schilling was abolished in 1938 due to Germany's annexation of Austria and was replaced by the German Reichsmark.

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 schillings 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 schillings. 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.

The euro became the official currency of Austria in 1999, but euro coins and notes were not introduced until 2002, and old schilling-denominated currency was gradually phased out. The OeNB (Oesterreichische Nationalbank) will exchange unlimited amounts of schilling banknotes and coins of the last series into euros indefinitely. The exchange rate is fixed at 1 Euro to 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). However, depending on the current silver price, these silver coins may sell for higher prices at professional coin dealers.

While the Austrian Schilling is now obsolete, there are also third-party companies that offer to exchange them for other currencies, such as Cash4Coins and Leftover Currency.

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