Lexi Webster
The Austrian schilling was the currency of Austria for most of the 20th century. It was first introduced in 1925, but its history goes back much further. The schilling was abolished in 1938 following Germany's annexation of Austria but was reintroduced in 1945. The Austrian schilling was replaced by the euro in 2002, and the Oesterreichische Nationalbank (OeNB) will still exchange unlimited amounts of schilling banknotes and coins of the last series into euros for an unlimited period. So, what is the Austrian schilling worth today?
| Characteristics | Values |
|---|---|
| Currency of Austria | 1925 to 1938, 1945 to 1999, and circulating currency until 2002 |
| Replaced by | Euro |
| Exchange rate | 1 Euro = 13.7603 Schilling |
| Exchange policy | The Oesterreichische Nationalbank (OeNB) will exchange unlimited amounts of schilling banknotes and coins of the last series into euros for an unlimited period |
| First schilling coins | Issued in December 1923, in denominations of half schilling, schilling, and double schilling |
| First schilling note | Issued in 1925, in denominations of 1, 5, 10, 20, 100 and 1,000 Schillinge |
| 20 schilling coins | Issued from 1980 |
| 500 schilling banknote | Issued in 1957 |
| 5,000 schilling notes | Added in 1988 |
| Current worth | 1 Austrian schilling is worth approximately $0.076, or £0.031 |
| Etymology | The word schilling comes from "scilling", an accounting term that dates back to Anglo-Saxon times |
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What You'll Learn
Austrian schilling history
The Austrian schilling was the currency of Austria for most of the 20th century. Its history, however, goes back much further. The word schilling is derived from the Anglo-Saxon phrase "Scilling", a monetary term meaning "a twentieth of a pound". In the 7th century, the Anglo-Saxon "scillingas" were small gold coins. In the 12th century, larger silver coins of multiple pfennig weight were minted, known as denarii grossi or groschen.
In the late medieval period, states of the Holy Roman Empire began minting similar silver coins of multiple pfennig weight, some of them denominated as schillings. The florin, the currency of the Holy Roman Empire since the 16th century, was divided into 8 schillings. In mediaeval Austria, there were short and long schilling coins, valued at 12 and 30 pfennigs respectively.
The Austrian schilling was first introduced in 1925, following the collapse of the Austro-Hungarian Empire after World War I. The first schilling coins were issued in December 1923, in denominations of half schilling, schilling, and double schilling. The first schilling note was issued two years later, in 1925, in denominations of 1, 5, 10, 20, 100 and 1,000 Schillinge. The schilling was abolished in 1938 following Germany's annexation of Austria and was exchanged at a rate of 1.50 schillings to one Reichsmark.
After World War II, the Allied Military reintroduced the schilling on 30 November 1945, issuing paper money in denominations ranging from 50 groschen to 1,000 schillings. The Nationalbank also began issuing schilling notes in 1945, and the first coins were issued in 1946. The schilling was the currency of Austria from 1945 to 1999 and was the circulating currency until 2002 when it was replaced by the Euro. 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 1 Euro = 13.7603 Schilling.
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Austrian schilling denominations
The Austrian schilling was the currency of Austria 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. 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 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.
In 1925, the Oesterreichische Nationalbank issued notes in denominations of 1, 5, 10, 20, 100 and 1,000 Schillinge. In 1927–1929 a second series was added with 5, 10, 20, 50 and 100 schilling notes. The one schilling was substituted by a coin. In 1945, the Allies introduced notes (dated 1944) in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100 and 1,000 schilling. The Oesterreichische Nationalbank also introduced notes in 1945, in denominations of 10, 20, 100 and 1,000 schilling. With the banknote reform of 1947, new notes were issued in denominations of 5, 10, 20, 50, 100 and 1,000 schilling.
Between 1947 and 1952, coins in denominations of 1, 2, 5, 10, 20, and 50 groschen; and 1, 2, and 5 schilling were introduced. In 1957, silver 10 schilling coins were introduced, followed in 1960 by silver 5 schilling coins. In 1959, aluminium-bronze 50 groschen and 1 schilling coins were introduced.
In 1980, 20 schilling coins were issued, and in 1988, 5,000 schilling notes were added. Until 1957, the first 500 schilling banknote was issued, and the 5 and 10 schilling notes were replaced by coins.
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Austrian schilling exchange rate
The Austrian schilling is a former currency of Austria, having been replaced by the euro in 2002. The currency was first introduced in 1925, but its history goes back much further.
History
The introduction of the schilling was part of Austria's economic reconstruction programme following the collapse of the Austro-Hungarian Empire after World War I. In 1922, the Austrian government secured financial aid from the League of Nations, which led to the foundation of the Austrian Central Bank.
The schilling was abolished in 1938 following Germany's annexation of Austria and 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.
The euro was introduced at a fixed parity of €1 = 13.7603 schillings. The Oesterreichische Nationalbank (OeNB) will still exchange unlimited amounts of schilling banknotes and coins of the last series into euros for an unlimited period.
As of November 2024, 1 Austrian schilling is worth approximately $0.076, or £0.031, in exchange. The exchange rate depends on the amount of schillings being exchanged. For example, for 20 Austrian schillings, you will get £0.0396200000, whereas for 1 Austrian schilling, you will get £0.0310900000.
Austrian Schilling Denominations
The Austrian schilling was divided into 100 groschen. Coins in denominations of 1, 2, 5, 10, 20, and 50 groschen; and 1, 2, and 5 schilling were introduced between 1947 and 1952. The 20 schilling coin was introduced in 1980, but the 20 schilling note continued to be produced.
Silver coins were in the value of 25, 50, 100, 200 and 500 schilling, but gold coins also existed for 500 and 1,000 schilling. They were considered legal currency but were rarely found in actual transactions.
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Austrian schilling coins
The Austrian schilling was the currency of Austria for most of the 20th century, from 1925 to 1938 and 1945 to 1999, and was in circulation until 2002 when it was replaced by the euro. The schilling was introduced as part of Austria's economic reconstruction programme following World War I and the collapse of the Austro-Hungarian Empire. The first schilling coins were issued in December 1923, in denominations of half schilling, schilling, and double schilling. The first schilling note, meanwhile, was issued two years later in 1925 at a denomination of 100 schillings.
In 1927-1929, a second series of notes was added with denominations of 5, 10, 20, 50 and 100 schillings. The one schilling note was substituted by a coin. In 1945, the Allies introduced notes in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100 and 1,000 schillings. The Oesterreichische Nationalbank (OeNB) also introduced notes in 1945, in denominations of 10, 20, 100 and 1,000 schillings. The first coins were issued in 1946.
In 1957, the 5 and 10 schilling notes were replaced by coins. In 1980, 20 schilling coins were issued, but the 20 schilling note continued to be produced. In 1993, all previous 20 schilling coins were reissued with smooth edges.
The Austrian schilling was one of the most stable currencies in Europe, earning it the nickname 'Alpendollar'. 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 1 Euro = 13.7603 Schilling. In addition, 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). As of November 2024, 1 Austrian schilling is worth approximately $0.076, or £0.031, in exchange.
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Austrian schilling banknotes
The Austrian schilling was the currency of Austria for most of the 20th century. It was first introduced in 1925, but its history goes back much further. 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 was issued two years later at a denomination of 100 schillings.
In 1925, the Oesterreichische Nationalbank issued notes in denominations of 1, 5, 10, 20, 100 and 1,000 Schillinge. In 1927–1929 a second series was added with 5, 10, 20, 50 and 100 schilling notes. The one schilling was substituted by a coin. In 1945, the Allies introduced notes (dated 1944) in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100 and 1,000 schilling. The Oesterreichische Nationalbank also introduced notes in 1945, in denominations of 10, 20, 100 and 1,000 schilling. With the banknote reform of 1947, new notes were issued in denominations of 5, 10, 20, 50, 100 and 1,000 schilling.
In 1957, the first 500 schilling banknote was issued and the 5 and 10 schilling notes were replaced by coins. In 1980, an aluminium-bronze 20 schilling coin was introduced, and in 1988, 5,000 schilling notes were added.
The Austrian schilling was replaced by the euro in 2002, and 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 1 Euro = 13.7603 Schilling. 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).
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Frequently asked questions
The Austrian schilling was the currency of Austria from 1925 to 1938 and from 1945 to 1999. It was the circulating currency until 2002 when it was replaced by the Euro. The exchange rate is 1 Euro = 13.7603 Schilling. As of November 2024, 1 Austrian schilling is worth approximately $0.076, or £0.031, in exchange.
Yes, the Oesterreichische Nationalbank (OeNB) will still exchange unlimited amounts of schilling banknotes and coins of the last series into euros for an unlimited period. However, the exchange period of 20 years for all schilling banknotes withdrawn before the introduction of the Euro (January 1, 1999) has expired, so these banknotes can no longer be exchanged.
The Austrian schilling was first introduced in 1925, but its history goes back much further. 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 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.
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