Ruqayyah Snyder
Vienna, the capital of Austria, has had a rich history of currency evolution, from the medieval era to the present day. Over the centuries, the city's currency has undergone several changes, reflecting the economic and political shifts in the region. From the schilling, which circulated from 1925 until 2002, to the introduction of the Euro in 1999, each form of currency has left its mark on the city's financial landscape. Today, Vienna boasts a cosmopolitan atmosphere, with most establishments accepting credit and debit cards, but understanding the historical context of its currency provides a deeper insight into the city's cultural heritage.
| Characteristics | Values |
|---|---|
| Current Currency | Euro |
| Currency Symbol | € |
| Currency Code | EUR |
| Previous Currency | Austrian Schilling |
| Previous Currency Symbol | ATS |
| Previous Currency Replaced | Krone |
| Previous Currency Replaced By | German Reichsmark |
| Year of Change to Current Currency | 1999 |
| Year of Introduction of Current Currency | 2002 |
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What You'll Learn
The Euro is the current currency of Vienna, Austria
The Euro is the second most traded currency on foreign exchange markets and is issued by the European Central Bank. It is also used by 18 other European countries within the Eurozone, including Belgium, Germany, Ireland, Greece, Spain, France, Italy, and the Netherlands.
Before the Euro, Austria used the Schilling from 1925 to 1938 and then from 1945 to 1999. The Schilling was introduced by the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924 and replaced the Krone, which was used during the monarchy. In 1938, the German Reichsmark became the official currency when Germany annexed Austria. After World War II, the Allies reintroduced the Schilling, issuing paper money in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 schillings.
Although the Euro is the primary form of currency in Vienna, credit and debit cards are widely accepted, especially in larger cities. Maestro cards (bank ATM cards) are commonly used, even for small amounts. ATMs, known as "bankomats" in Austria, are readily available and do not typically charge fees for withdrawals. However, banks may charge fees for overseas transactions and currency conversions. It is recommended to carry some Euro coins for shopping trolleys, lockers, and public toilets, as some of these services require a coin or a small fee.
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The Austrian Schilling was the currency from 1925 to 1999
The Austrian Schilling was the currency of Austria from 1925 until 1999, when it was replaced by the Euro. The Schilling was divided into 100 groschen and was established by the Schilling Act (Schillingrechnungsgesetz) on 20 December 1924, at a rate of one schilling to 10,000 kronen. It was issued on 1 March 1925, with bronze 1 and 2 groschen, cupro-nickel 10 groschen, and silver 1/2 and 1 schilling coins. In 1931, cupro-nickel 5 groschen issues were introduced, followed by cupro-nickel 50 groschen and 1 schilling in 1934, along with silver 5 schilling. Gold and silver coins were also issued, with values ranging from 2 to 1,000 schillings.
The Oesterreichische Nationalbank introduced notes in denominations of 1, 5, 10, 20, 100, and 1,000 schillings in 1925. A second series of notes was added between 1927 and 1929, with denominations of 5, 10, 20, 50, and 100 schillings. The one-schilling note was later substituted by a coin.
During World War II, the Allies introduced notes dated 1944 in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1,000 schillings. These notes were issued on 30 November 1945, after the Schilling was abolished in 1938 due to Germany's annexation of Austria. At that time, the German Reichsmark became the official currency, with an exchange rate of 1.50 schillings to one Reichsmark.
Following World War II, the Schilling was reintroduced, and it circulated until 2002. The transition to the Euro went relatively smoothly, despite an unfavourable exchange rate of 13.7603 Schillings to 1 Euro. Old Schilling-denominated coins and notes were phased out from circulation by 28 February 2002, and they can still be exchanged for Euros at any branch of the Oesterreichische Nationalbank.
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The German Reichsmark was the official currency from 1938 to 1945
Vienna, the capital of Austria, has had a rich history of currency evolution. From the medieval times' short and long schilling coins to the modern-day Euro, the city has witnessed a dynamic journey of monetary transformation. One significant period in this journey occurred between 1938 and 1945 when the German Reichsmark became the official currency of Vienna and Austria.
The Reichsmark (abbreviated as RM or ℛ︁ℳ︁) was introduced in 1924 as Germany's permanent replacement for the Papiermark. It served as the German currency until the fall of Nazi Germany in 1945. During its circulation, the Reichsmark was subdivided into 100 Reichspfennig. The name "Reichsmark" itself carries historical weight, with "Reich" deriving from the official name for the German state from 1871 to 1945, "Deutsches Reich."
The Reichsmark's presence in Vienna and Austria began in 1938 with Germany's annexation of Austria. This annexation led to the abolition of the Austrian schilling, which had been the country's currency since 1925. The transition from the schilling to the Reichsmark occurred at an exchange rate of 1.50 schilling for one Reichsmark.
During World War II, the quality of Reichsmark coins deteriorated, and misprints became more common. The inflationary pressures in the final months of the war further reduced the value of the Reichsmark against the US dollar. This depreciation gave rise to a barter economy alongside the official currency.
In November 1945, following World War II, the Reichsmark was superseded by the Second Austrian schilling, reintroduced by the Allied Military. The transition back to the schilling involved issuing paper money in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 schillings. The schilling remained in use until 1999 when it was officially replaced by the Euro, aligning Austria with the Eurozone.
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The Krone was the currency in the time of the monarchy
Vienna, the capital city of Austria, has had a dynamic monetary history. The city's currency has evolved over the centuries, reflecting the political and economic changes that have shaped the region. One notable chapter in Vienna's monetary history is the use of the Krone as the official currency during the monarchy.
The Krone, or Austro-Hungarian Krone, was introduced in 1892 upon the adoption of the gold standard by the Austro-Hungarian Empire. This empire encompassed a significant portion of Central and Eastern Europe, and the Krone served as the unified currency across these territories. The introduction of the Krone represented a standardization of currency, replacing the diverse array of coins and currencies that had previously circulated within the empire.
As the currency of the monarchy, the Krone played a crucial role in the economic life of Vienna. It facilitated trade and commerce, with prices of goods and services quoted in Krones. The value of the Krone was tied to the gold standard, which provided a degree of stability and facilitated international trade. The issuance and management of the Krone were overseen by the monetary authorities of the Austro-Hungarian Empire, ensuring its circulation and acceptance across the empire's territories.
The design of the Krone coins and banknotes bore the hallmarks of the monarchy. The intricate engravings often featured royal insignia, portraits of monarchs, or symbolic representations of the empire's power and influence. The metallic composition of the coins, whether gold, silver, or base metals, contributed to their aesthetic appeal and intrinsic value. The Krone not only served as a medium of exchange but also embodied the cultural and historical context of the monarchy.
The Krone remained the official currency of the Austro-Hungarian Empire until the empire's dissolution following World War I. The post-war period witnessed significant political and economic upheaval, and the currency landscape in Vienna underwent another transformation. The Krone was replaced by the Schilling in 1925, marking the end of the Krone's role as the monarchy's currency in Vienna and the beginning of a new chapter in the city's monetary history.
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The Schilling was divided into 100 Groschen
Vienna, the capital city of Austria, has used many different currencies throughout its history. The most recent currency before the Euro was the Schilling, which was used between 1925 and 2002. The Schilling was divided into 100 Groschen, and the exchange rate to the Euro was eventually fixed at €1 = 13.7603 Schillings.
The history of the Schilling currency unit goes back to the Carolingian coin reform in 794 AD, when new units of account were introduced, including the schilling, which consisted of 12 silver pfennigs. In mediaeval Austria, there were short and long schilling coins, valued at 12 and 30 pfennigs respectively. The Austrian Groschen (or Kaisergroschen, meaning "emperor's groschen/groat") was a silver coin worth 12 pfennigs or 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 was abolished in 1938 following Germany's annexation of Austria, when it was exchanged at a rate of 1.50 schillings for one Reichsmark. The Schilling was then 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.
In 1999, the Euro became the official currency of Austria, but Euro coins and notes were not introduced until 2002. Old Schilling-denominated coins and notes were phased out from circulation by 28 February of that year.
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Frequently asked questions
The current currency used in Vienna, Austria is the Euro. The symbol used to show prices is €.
Before the Euro, Vienna used the Austrian Schilling as its currency. The Schilling was replaced by the Euro on January 1st, 2002.
The Austrian Schilling was replaced by the Euro at a rate of 13.7603 Schillings to 1 Euro.
