Leslie Massey
Before the Euro, Austria used the Austrian Schilling as its official currency. The Schilling was introduced in 1925 and was in use until 2002 when it was replaced by the Euro. The Schilling was divided into 100 groschen and was circulated in both coin and banknote form. The Euro was introduced at a fixed parity of €1 = 13.7603 schilling.
| Characteristics | Values |
|---|---|
| Name of currency | Austrian schilling |
| Official currency | 1925-1938, 1945-1999 |
| Circulating currency | Until 2002 |
| Exchange rate | 1 Euro = 13.7603 schillings |
| Divided into | 100 groschen |
| Coins | 1 and 2 groschen, 10 groschen, 1⁄2 and 1 schilling, 5 groschen, 50 groschen, 2 schillings, 5 schillings, 25 schillings, 100 schillings |
| Notes | 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, 1000 schillings, 500 schilling, 5000 schilling |
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What You'll Learn
The Austrian krone
The krone, or 'crown', was the official currency of Austria (then known as German-Austria) and Liechtenstein after the dissolution of the Austro-Hungarian Empire in 1918. The subunit of the krone was called a Heller in Austria and a fillér in the Hungarian part of the Empire. The symbol of the currency was the abbreviation K or sometimes Kr.
The Austro-Hungarian Empire adopted the gold standard in 1892, which included the introduction of the krone as its new currency. The value of the Krone was set at 2 kronen = 1 gulden. The krone was the only legal banknote of the Empire from 1900 onwards.
The Austrian economy did not stabilise after the war, and a period of hyperinflation followed. In 1922, consumer prices were 14,000 times greater than before the start of the war. In October 1922, Austria secured a loan of 650 million gold Kronen from the League of Nations, which stabilised the currency at a rate of 14,400 paper Kronen to 1 gold Krone. In 1923, the Austrian National Bank began operations, taking over control of the currency from the Austro-Hungarian Bank.
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The Austro-Hungarian gulden
The K. K. Staats Central Casse ("Imperial and Royal State Central Cashier") issued banknotes from 1866, and from 1881 the K. K. Reichs Central Casse issued the final Gulden banknotes, dated 1888. The banknotes issued by the Austro-Hungarian Bank after the Austro-Hungarian Compromise of 1867 were guaranteed in value by gold, as outlined in the Banking Act.
The history of the Austro-Hungarian gulden's standards can be traced back to 1690, when it was valued in grams of silver. In the 1730s, the gulden departed from the Leipzig standard when the gold-to-silver ratio dropped from 15 to 14.5, prompting several states to reissue their gulden in cheaper gold. This led to the Austro-Hungarian gulden departing from its South German counterpart, with the former valuing the Carolin d'or of 7.51g fine gold at 9 Austrian gulden, compared to 11 gulden in Southern Germany.
The Wiener Stadt Banco issued paper money denominated in gulden between 1759 and 1811. During the Turkish and Napoleonic Wars, token issues in various denominations were made, including a 12-kreuzer coin containing only 6 kreuzers worth of silver, which was later overstruck to produce a 7-kreuzer coin. In 1807, the Wiener Stadt Banco issued copper coins in denominations of 15 and 30 kreuzers, tied in value to its paper money.
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The florin
The Austro-Hungarian gulden, also known as the florín, forint, or zloty, was the currency of the lands of the House of Habsburg between 1754 and 1892. The florin was derived from the city of Florence, Italy, where the first florins were minted from 1252 to 1533. In Austria, the florin was initially divided into 60 kreuzers. The currency was decimalised in 1857, with the florin now being divided into 100 kreuzers. The florin was replaced by the Austro-Hungarian krone in 1892 when the gold standard was introduced.
The Austrian florin was replaced by the krone in 1892, which was then replaced by the schilling in 1925. The schilling was worth 10,000 kronen and was issued in denominations of 1, 5, 10, 20, 50, and 1000 schillings. The schilling was abolished in 1938 when Germany annexed Austria, and the German Reichsmark became the official currency. The schilling was reintroduced after World War II in 1945 and was used until 2002 when Austria adopted the euro.
The euro became the official currency of Austria in 1999, but euro coins and banknotes were not introduced until 2002. The transition to the euro went relatively smoothly, although the exchange rate of 13.7603 schillings to 1 euro was difficult to calculate. The Austrian National Bank continues to exchange schilling banknotes and coins for euros indefinitely.
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The schilling
The Austrian schilling was the currency of Austria on and off during the 20th century. It was introduced in 1925 to replace the krone, which had been used since 1892. The schilling was divided into 100 groschen.
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, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 schillings. The schilling was used as the official currency of Austria until 1999 when the euro was introduced, although euro coins and notes were not introduced until 2002. The dual circulation period, when both the schilling and the euro had legal tender status, ended on 28 February 2002. The Österreichische Nationalbank (Austrian National Bank) continues to exchange schilling banknotes and coins for euros indefinitely at a rate of 1 Euro = 13.7603 schillings.
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The transition to the euro
The Austrian schilling (German: Schilling) was the country's currency from 1925 to 1938 and again from 1945 to 1999, with the coins and notes remaining in circulation until 2002. The schilling was divided into 100 groschen.
The euro became the official currency of Austria in 1999, but euro coins and notes were not introduced until 2002. During the three-year transition period, the euro existed as 'book money'. The dual circulation period, when both the schilling and the euro had legal tender status, ended on 28 February 2002. The euro was introduced at a fixed parity of €1 = 13.7603 schillings.
The Austrian National Bank (Oesterreichische Nationalbank) continues to exchange schilling banknotes and coins for euros, with no expiration date. Schilling banknotes and coins that were valid at the time of the euro's introduction can be exchanged for euros at any branch of the Austrian National Bank.
The adoption of the euro in Austria was part of a broader shift towards a shared currency in the Eurozone, which includes several other European countries such as Belgium, Germany, France, Italy, and Spain. Austria's transition to the euro was relatively smooth, but the exchange rate between the schilling and the euro made calculations challenging for some.
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Frequently asked questions
Before the Euro, Austria used the Austrian Schilling, which replaced the Krone in 1925. The Schilling was abolished in 1938 when the German Reichsmark became the official currency, but it was reintroduced after World War II in 1945.
The exchange rate of the Austrian Schilling to the Euro is 1 Euro = 13.7603 Schillings.
Austria switched from the Austrian Schilling to the Euro in 2002, after a three-year transitional phase when the Euro was the official currency but only existed as "book money".
