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The Austrian schilling was the country's currency 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 composed of bronze, cupro-nickel, silver and gold. But what did the coins look like?
What You'll Learn
The Austrian schilling coin's history
The Austrian schilling has a long history that dates back to the Middle Ages. In medieval Austria, there were short and long schilling coins, valued at 12 and 30 pfennigs respectively. The schilling was a unit of currency in various historical European states and was the name of a coin in many German-speaking states of the Holy Roman Empire, including Hamburg, Lübeck, Brandenburg, Bavaria, Mecklenburg, and Württemberg.
In 794 AD, the Carolingian coin reform introduced new units of account, including the schilling, which consisted of 12 silver pfennigs. The schilling was initially only a coin of account but later became an actual coin produced in many European countries.
The Austrian schilling was first established by the Schilling Act (Schillingrechnungsgesetz) on 20 December 1924, replacing Austria's previous currency at an exchange rate of 1 schilling to 10,000 kronen. The first schilling was issued on 1 March 1925 and was in use until 1938 when it was abolished following Germany's annexation of Austria. During this period, various denominations of coins were introduced, including bronze, cupro-nickel, and silver coins.
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 up to 1000 schilling. The Nationalbank began issuing schilling notes and coins in 1945 and 1946, respectively. 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 following decades, the schilling's value was tied to the U.S. dollar and later to a basket of currencies before being coupled to the German mark in 1976. The schilling remained the circulating currency of Austria until the introduction of the euro in 2002. Old schilling-denominated coins and notes were phased out, but pre-euro schilling banknotes and coins can still be exchanged for euros at any branch of the Oesterreichische Nationalbank.
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The Austrian schilling coin's value
The Austrian schilling was a former currency of Austria, in use at various points from 1925 to 2002. The history of the schilling can be divided into two periods: the first Austrian schilling from 1925 to 1938, and the second Austrian schilling from 1945 to 1999. The euro replaced the schilling as the official currency of Austria in 1999, and schilling coins and notes were phased out from circulation in 2002.
The value of the Austrian schilling varied over time, but some general trends can be observed. During the first period of the schilling's existence, from 1925 to 1938, the currency was introduced at a rate of one schilling to 10,000 kronen. The schilling was abolished following the annexation of Austria into the German Third Reich, and it was exchanged at a rate of two German Reichsmarks to three Schillings.
The second Austrian schilling was reintroduced after World War II by the Allied Military, who issued paper money in denominations of 50 groschen up to 1000 schillings. The exchange rate to the Reichsmark was one to one, with a limit of 150 schillings per person. Over time, the value of the schilling increased, and in the 1950s, the currency stabilised with the schilling being tied to the US dollar at a rate of one dollar to 26 schillings.
In the 1970s, the schilling's exchange rate was linked to the Deutsche Mark, and by the early 1990s, Austria had achieved a high degree of monetary integration within the international economic community. The schilling remained stable until it was replaced by the euro in 2002. The exchange rate at the time of the changeover was approximately one euro to 14 schillings.
Today, 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 one euro to 13.7603 schillings. Additionally, the OeNB also exchanges all silver schilling coins issued from 1955 to 2001 at their face value. However, it is important to note that the actual value of these silver coins may be higher, depending on the current silver price, and they may sell for higher prices at professional coin dealers.
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The Austrian schilling coin's design
The Austrian schilling coin has undergone several design changes over the years. The schilling was first established as a currency in 1924, with the first schilling coins being issued in 1925. These early schillings featured a woman in folk clothing on the obverse side, with the words 'Republik Österreich' inscribed on the coin. The reverse side of the coin featured the Austrian coat of arms.
In the years that followed, the design of the schilling coin continued to evolve. For example, in 1936, a 5 schilling silver coin was introduced, featuring a shield on the obverse side and the text 'Republik Österreich' on the reverse. The 10 schilling coin, introduced in 1957, featured a horse and rider on the obverse side, with a striped shield on the reverse. The schilling coins also included commemorative editions, such as the 1964 25 schilling coin, which commemorated Franz Grillparzer.
The schilling was also available in denominations higher than 10. For example, the 25 and 100 schilling coins were made of gold and featured different designs. The 25 schilling coin, for instance, featured a simple design with the value of the coin and two edelweiss sprays. The 100 schilling coin featured St. Leopold, the patron saint of Austria.
In addition to the standard circulation coins, the Austrian Mint also issued commemorative coins. These coins often featured unique designs and were made of silver or gold. For example, in 1976, the Austrian Mint issued a gold 1000 schilling coin to commemorate the 1000th anniversary of the Babenberg Dynasty. The mint also issued a silver 500 schilling coin in 1989, featuring Gustav Klimt and Art Nouveau.
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The Austrian schilling coin's production
The Austrian schilling was the currency of Austria between 1945 and 1999, before the country adopted the euro. During its circulation, the schilling was a stable and important currency, not just in Austria but also in neighbouring Germany immediately after World War II. The production of the Austrian schilling coins can be divided into several distinct periods, each with its own unique characteristics and design features.
The first schilling coins were introduced in 1947, just two years after the end of World War II. These early coins were struck in aluminium and featured a simple design with the denomination on one side and an eagle, the country's coat of arms, on the other. Due to the post-war economic situation, these coins were quite crude in appearance and were only produced for a short time until 1952.
From 1952 onwards, the schilling coins underwent a significant redesign. The new coins were made of cupronickel, a combination of copper and nickel, which gave them a more durable and attractive appearance. The obverse (heads) side of the coins featured a portrait of an Austrian ruler, either a prince or a monarch, along with the denomination. The reverse (tails) side depicted various iconic Austrian landmarks, such as the Vienna Opera House or the Belvedere Palace, depending on the coin's denomination.
During this period, several denominations were in circulation, including 1, 2, 5, 10, 20, and 50 schilling coins. Each denomination had a unique design, with the lower denominations featuring different rulers and landmarks, and the higher denominations depicting more intricate and detailed versions of the same themes. The production of these coins continued with minor variations in design until the early 1990s.
In the early 1990s, the schilling coins underwent another transformation. The compositions changed, with the lower denominations now being made of copper-plated steel and the higher denominations minted in brass-plated steel. The designs also evolved to feature more modern and abstract representations of Austrian culture and history. The final issue of the 50 schilling coin, for example, depicted a stylised version of the Austrian flag on the reverse side.
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The Austrian schilling coin's exchange
The Austrian schilling was a former currency of Austria, in use from 1925 to 1938, and again from 1945 to 1999, with coins and banknotes remaining in circulation until 2002. The currency was replaced by the euro, which was introduced at a fixed parity of €1 to 13.7603 schillings.
The schilling was divided into 100 groschen, with eight denominations of coins in circulation before the euro was introduced: 50 groschen, and 1, 2, 5, 10, 20, 50 and 100 schillings. The coins featured various designs, with the text 'Republik Österreich' and images such as the Austrian coat of arms, a woman in folk clothing, and edelweiss flowers. The 50 schilling coin was bimetallic, weighing 8.15g with a diameter of 26.5mm.
The Austrian Mint is one of the oldest in the world and is known for its advanced manufacturing techniques and high-quality production. Austrian schilling gold coins are among the most sought-after in the world, with a high numismatic quality and value to investors. The schilling was established by the Schilling Act (Schillingrechnungsgesetz) on 20 December 1924, replacing the Austro-Hungarian Krone at an exchange rate of one schilling to 10,000 kronen.
Although the euro became the official currency of Austria in 1999, 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 remains €1 to 13.7603 schillings. In addition, the OeNB also exchanges all silver schilling coins issued from 1955 to 2001 at their face value.
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Frequently asked questions
Austrian schilling coins featured various designs, with some depicting a woman in folk clothing, the Austrian coat of arms, the edelweiss flower, and others featuring commemorative themes. The coins were made from different materials, including bronze, cupro-nickel, silver, and gold.
The Austrian schilling was first introduced in 1925, following the Schilling Act of 1924, and was in use until 1938 when it was abolished after the annexation of Austria into the German Third Reich. The schilling was reintroduced after World War II in 1945 and circulated until it was replaced by the euro in 2002.
The Austrian schilling was divided into 100 groschen, with 1 schilling being equal to 100 groschen. Coins were issued in denominations of 1, 2, 5, 10, 20, and 50 groschen, and 1, 2, 5, 10, 20, and 50 schillings.
Austrian schilling coins are no longer legal tender as they were replaced by the euro in 2002. 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 value of Austrian schilling coins depends on their material, rarity, and historical significance. Gold and silver schilling coins are particularly sought-after by investors and collectors due to their high numismatic quality and limited mintage.
