Leslie Massey
Austria has used several different currencies throughout its history, including the florin, the gulden, the krone, the crown, and the schilling. The schilling was the country's currency from 1925 until 1938, when it was abolished following Germany's annexation of Austria, and again from 1945 until 1999, with some coins remaining in circulation until 2002. The schilling was replaced by the euro, which is Austria's current currency.
| Characteristics | Values |
|---|---|
| Currency of Austria before the adoption of the Euro | Austrian Schilling |
| Currency of Austria after the adoption of the Euro | Euro |
| Currency of the Holy Roman Empire in the 16th century | Florin |
| Currency of the Austro-Hungarian Empire after 1857 | Austro-Hungarian Gulden |
| Currency of the Austro-Hungarian Empire introduced in 1892 | Austro-Hungarian Krone |
| Currency of Austria introduced in 1919 | Austrian Crown |
| Metal used in coins | Gold, Silver, Pewter, Cupro-nickel, Aluminium, Aluminium-bronze, Zinc |
| Austrian Mint issues limited editions of these coins | Proof-quality Euro coins |
| Face value of Austrian Euro coins | 5 Euro to 100 Euro |
| Austrian Euro coin designer | Josef Kaiser |
| Austrian Euro coin themes | Flowers, Architecture, Famous People in History |
| Portrait on the €2 coin | Bertha von Suttner |
| Portrait on the €1 coin | Wolfgang Amadeus Mozart |
| Architectural work on the 10-cent coin | Spires of St Stephen's Cathedral |
| Architectural work on the 20-cent coin | Belvedere Palace |
| Architectural work on the 50-cent coin | 'Sezession' building in Vienna |
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Austrian schilling
The Austrian schilling was the official currency of Austria from 1925 to 1938 and again from 1945 to 1999. It was established by the Schilling Act (Schillingrechnungsgesetz) on 20 December 1924 and issued on 1 March 1925, at a rate of one schilling to 10,000 kronen. The schilling was divided into 100 groschen.
The schilling was abolished in 1938 following Germany's annexation of Austria and was exchanged at a rate of 1.50 schillings per one Reichsmark. It 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 1,000 schillings. The first coins were issued in 1946.
The schilling remained in circulation until 2002 when it was replaced by the euro at a fixed parity of €1 = 13.7603 schillings. The euro coins issued by the Austrian Mint feature Austrian flowers on the minor coins, examples of architecture from Vienna on the middle coins, and famous Austrians on the two major coins.
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Groschen
The tradition of Groschen was eventually dropped in most states, while others continued to mint only coins smaller than the original. In Poland, for example, from 1526 these included coins of 1+1⁄2 grosz, 2 grosz, 3 grosz, 4 grosz, and 6 grosz. In Germany, the name Groschen replaced "Schilling" as the common name for a 12 pfennig coin. In the 19th century, a new currency system was introduced in Prussia, where the coin was called the Silbergroschen (Sgr), worth 12 pfennigs.
The Prague groschen, or groš, was minted in Kuttenberg (now known as Kutná Hora in the Czech Republic) around 1300, after silver mines were discovered in the area during the reign of the Bohemian king Wenceslaus II. The Meissen groschen, minted in Freiberg's National Mint in the Margraviate of Meissen around 1338-1339, also gained national importance and influenced German coinage. The Polish groschen, or grosz, was worth only half as much as the Prague or Meissen groschen, at 6 pfennigs, and was commonly used in Silesia as a groschl or greschl worth 2+1⁄2 to 3 pfennigs.
In the years 1547-1548, after the defeat of the Bohemian Estates' Revolt, King Ferdinand I ended the minting of Prague groschen as part of his centralization efforts in the Bohemian Crown lands. They remained valid and in circulation until 1644 when King Ferdinand III prohibited their further use.
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Kaisergroschen
The Austrian groschen, also known as the Kaisergroschen, was a silver coin worth 12 pfennigs or 3 kreuzers. The name Kaisergroschen translates literally to "emperor's groschen/groat". The Kaisergroschen was a coin minted in Austria since the middle of the 16th century, but it was not mentioned in the Reichsmünzordnungen (imperial minting ordinances). During the 17th century, it was used as the main subsidiary coin.
The Kaisergroschen was worth less than a good groschen, as it only held 3 kreuzers or 9 to 93/4 pfennigs. It was a coin minted in the Roman Emperor's own countries, worth 3 kreuzerstücke to 71/160 silver content. In Württemberg, 30 were worth a taler of 11/2 gulden. The Kaisergroschen was a 3-kreuzer piece worth 1/20 fl. or 1 florin, and 20 of them were worth 1 Reichsgulden.
The Schilling Act (Schillingrechnungsgesetz) of 20 December 1924 established the Austrian schilling, which was worth one schilling to 10,000 kronen. The schilling was introduced on 1 March 1925 and was a former currency of Austria from 1925 to 1938 and from 1945 to 1999. It continued to circulate until 2002 when it was replaced by the euro. The schilling was divided into 100 groschen, and after its introduction, smaller denomination coins were issued, including the 1/2 and 1 schilling coins, followed by cupro-nickel 5 groschen in 1931.
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Austrian euro coins
Austria has a large collection of euro commemorative coins, mainly in silver and gold, but they also use other materials like niobium. Their face value ranges from 5 euros to 100 euros. This is done as a legacy of the old national practice of minting gold and silver coins. Each year, the Austrian Mint issues a limited edition of its euro coins in proof quality.
Austria joined the European Union in 1995 and has actively participated in the development of the framework conditions for Europe's economic and monetary policy. On 1 January 1999, the 11 eurozone member states agreed on a single monetary policy and a fixed conversion rate between the euro and their national currencies.
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Austrian Mint
The Austrian Mint, officially known as the Münze Österreich, is a well-known producer of gold coins and bullion based in Vienna, Austria. With a history dating back to the 12th century, the mint has been operational for over 800 years.
History
The Austrian Mint was first established in 1194 by Duke Leopold V of Austria, who used 15 tonnes of silver paid to him by Richard the Lionheart as bounty to secure his release from prison. Leopold decided to strike coins from the silver, marking the beginning of the history of minting in Vienna. The mint was originally located near the Hoher Markt and subsequently relocated several times before moving to its present home at Heumarkt in central Vienna in the 19th century.
During the 18th and 19th centuries, the mint produced some of Europe's most beautiful and innovative coins, including the Maria Theresa thaler, which was widely used in international trade. In the early 20th century, the mint was nationalized and became state-owned. It continued to produce high-quality coins throughout the century, including the Austrian schilling, which was used from 1925 until Austria adopted the euro in 2002.
Operations
The Austrian Mint is responsible for designing, stamping, and producing Austrian coins. It was previously only responsible for minting the coins of the Austrian schilling but now produces the Austrian euro coins as well. The mint also creates other coins, such as gold bullion coins, commemorative issues, and coins for other countries. It supplies circulation coins and blanks to many nations worldwide. In addition to gold coins, the Austrian Mint produces silver and platinum coins, as well as bullions in various sizes.
Popular Coins
The Austrian Mint has produced several popular gold coins sought after by collectors and investors worldwide. Some of the most famous coins include:
- Maria Theresa Thaler: A historic coin first minted in 1741 featuring an image of Empress Maria Theresa on the obverse side and the Habsburg coat of arms on the reverse.
- Ducat: A gold coin introduced in 1612 featuring an image of Emperor Franz Joseph I on the obverse and the coat of arms of the Austrian Empire on the reverse.
- Austrian Philharmonic: A 24-karat gold coin introduced in 1989 featuring the Vienna Philharmonic Orchestra on the reverse and musical instruments on the obverse.
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Frequently asked questions
Austrian coins were called the schilling and were used from 1925 to 1938 and from 1945 to 1999. The schilling was replaced by the euro in 2002.
The schilling was divided into 100 groschen. The euro was introduced at a fixed parity of €1 = 13.7603 schillings.
Silver coins were in the value of 25, 50, 100, 200 and 500 schillings, while gold coins existed for 500 and 1,000 schillings.
Austrian euro coins have a unique design for each denomination, with a common theme for each of the three series of coins. The minor coins feature Austrian flowers, the middle coins feature examples of architecture from Vienna, and the two major coins feature famous Austrians.
The €2 coin features Bertha von Suttner, a radical pacifist who was awarded the Nobel Peace Prize in 1905. The €1 coin features Wolfgang Amadeus Mozart, the famous Austrian composer, and his signature.
