Lexi Webster
Austrian coins have a long history, with the first coins circulating in the area that is now Austria being minted by Celtic tribes in the 2nd century BC. Over the centuries, Austrian coins have been made from various metals, including gold, silver, and copper. Today, the Austrian Mint produces a variety of high-grade coins, including the popular Vienna Philharmonic coin and the Maria Theresa Thaler. These coins are known for their purity and high quality, making them popular investment options.
| Characteristics | Values |
|---|---|
| Metal | Gold, Silver |
| Coin names | Vienna Philharmonic, Maria Theresa Thaler |
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What You'll Learn
History of Austrian coins
Austrian coins have a long history that dates back to the Carolingian coin reform in 794 AD, when the schilling was introduced as a unit of account. The schilling consisted of 12 silver pfennigs and was used in many European countries. Over time, the schilling evolved from a coin of account to an actual coin in circulation.
In the 16th century, the florin was the currency of the Holy Roman Empire, with 8 schillings equalling 60 Kreuzer, or 240 pfennigs. This was followed by the introduction of the Austro-Hungarian gulden in 1857, which was divided into 100 Neukreuzer. The Austro-Hungarian krone, introduced in 1892 with the adoption of the gold standard, further added to the diversity of Austrian coinage.
However, the Austrian schilling as a distinct currency came into existence in 1924, established by the Schilling Act (Schillingrechnungsgesetz). The schilling was issued on 1 March 1925, with an exchange rate of one schilling to 10,000 kronen. This introduction of the schilling as the official currency of Austria marked a significant shift in the country's monetary system.
Unfortunately, the schilling's early years were marked by instability due to historical events. It was abolished in 1938 following Germany's annexation of Austria, and exchanged at a rate of 1.50 schillings per Reichsmark. 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 Nationalbank also began issuing schilling notes in 1945, with the first coins being issued in 1946.
In the following years, various denominations of coins were introduced, including those made of aluminium, zinc, and aluminium-bronze. The currency stabilised in the 1950s, with the schilling being tied to the US dollar at a rate of $1 = 26 schillings. However, with the breakdown of the Bretton Woods system in 1971, the schilling's value fluctuated until it was coupled to the German mark in 1976.
The schilling remained the official currency of Austria until 1999 when the country adopted the euro. However, physical euro coins and notes were not introduced until 2002, and old schilling coins and notes were gradually phased out of circulation. Today, Austrian euro coins feature unique designs for each denomination, showcasing Austrian flowers, architecture, and famous Austrians, along with the standard EU symbols.
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Austrian Mint
The Austrian Mint, or Münze Österreich, is renowned for producing high-grade precious metal coins. The mint's history dates back to the 10th century when the first coins were struck on Austrian territory. Over the centuries, various coins were introduced, such as the Kreuzer, Groschen, Ducats, and Gulden. The Judenburg mint produced the first Austrian Gold Gulden coins during the revival of gold coins in the 14th and 15th centuries.
The Thaler, a silver coin, became the predominant means of payment in the 18th century due to increased silver production in Europe and the influx of American gold. The Austrian Mint's reputation for quality and craftsmanship has led to a high demand for its coins, particularly the Vienna Philharmonic Gold, which meets the 24-karat pure gold standard. The Vienna Philharmonic Gold coin was first minted in 1989 to honour Austria's rich musical history and is one of the purest bullion coins available.
The Maria Theresa Thaler is another well-known coin produced by the Austrian Mint. The introduction of the Convention coinage standard, copper coins, and paper money are all a result of the mercantilist reforms under Empress Maria Theresa. The Corona served as Austria's currency following the collapse of the Austro-Hungarian Empire in 1919 until the Schilling was introduced in 1925. The Schilling was abolished during Germany's annexation of Austria in 1938 but was reintroduced after World War II in 1945 by the Allied Military.
The Schilling remained Austria's currency until the introduction of the Euro in 2002. Old Schilling-denominated coins and banknotes were gradually phased out and replaced by Euro coins and notes. The Vienna Philharmonic coins were issued in Austrian Schilling until 2002, after which they were given a Euro value. The weight, purity, and face value of these coins are guaranteed by the Central Bank of Austria.
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Vienna Philharmonic coins
Austrian coins are made from various metals, including silver, gold, and platinum. The Vienna Philharmonic coins, for instance, are offered in these three metals.
The Vienna Philharmonic coins are a tribute to Austria's rich musical heritage, celebrating the world-renowned Vienna Philharmonic Orchestra. The inaugural gold version of the coin was released in 1989, with a face value of 2,000 Austrian schillings. The coin's obverse design features iconic musical instruments, including violins, a cello, a harp, a Vienna horn, and a bassoon, encapsulating the spirit of classical music. The reverse side of the coin displays an image of the Great Pipe Organ from the Golden Hall in Vienna's concert hall, the Musikverein, where the orchestra performs. The Austrian Mint, located in Vienna, releases the Philharmonic coin annually.
The Vienna Philharmonic coins are composed of pure 24k (99.99%) gold, making them widely considered the standard by which other gold coins are measured. The coins have remained popular since their release due to their numismatic and bullion appeal, diverse sizes, and precious metal offerings. They are guaranteed by the Austrian Mint and are available in various denominations. The weight, face value, and year of issue can be found on the obverse of the coin, along with the inscriptions "REPUBLIK ÖSTERREICH" (Republic of Austria).
In addition to the gold version, the Vienna Philharmonic coins are also offered in silver and platinum. The silver version was introduced in 2008 and is composed of 1 oz fine silver, with a face value of 1.5 euros. The platinum version was introduced in 2016, with a face value of 100 euros. The platinum coin has a purity of 999.5 and the obverse reads "1 UNZE PLATIN 999.5."
The Vienna Philharmonic coins are highly sought-after by collectors and investors due to their beauty, historical significance, and precious metal content. They are considered one of the best-selling bullion coins in the world, with millions of coins sold. The coins are shipped in boxes of 500, called "monster boxes," each containing 25 tubes of 20 coins each.
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Maria Theresa Thaler
The Maria Theresa thaler (MTT) is a silver bullion coin that has been used in world trade continuously since it was first minted in 1741. It is named after Maria Theresa, who ruled Austria, Hungary, Croatia, and Bohemia from 1740 to 1780, and her likeness is depicted on the coin. The MTT is one of the most famous and well-known coins in the world and was the currency of the Austrian Empire.
The coin was very important for trade with the Levant (parts of modern-day Turkey, Lebanon, and Syria) and became the best-known and most popular silver coin in the Arabian world. Over time, the MTT became the unofficial currency in some areas of Africa and Asia and may still be used today as a "trade silver dollar" in some Arabian bazaars. The MTT was also formerly the currency of the Hejaz, Yemen, and the Aden Protectorate, as well as Muscat and Oman on the Arabian Peninsula.
The MTT is 39.5–41 mm (1.56–1.61 in) in diameter and 2.5 mm (0.098 in) thick, weighing 28.0668 grams (0.99003 oz). It contains 23.386 grams (0.752 troy ounces) of fine silver, with a silver content of .833 and a copper content of .166 of its total millesimal fineness. The coin has been restruck for trade purposes at Vienna, Austria, with the 1780 date unchanged since the death of Maria Theresa in that year. The 1780 taler was the only silver coin that the Arabs trusted and would accept.
The MTT is a protected coin in the United Kingdom under Part II of the Forgery and Counterfeiting Act 1981. It is also recognised as legal tender in Ethiopia, where it was first recorded as circulating during the reign of Emperor Iyasu II (1730-1755).
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Austrian currency post-WWII
The Austrian currency post-WWII was the schilling, which was divided into 100 groschen. The schilling 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 1000 schillings. The exchange rate to the Reichsmark was 1:1, limited to 150 schillings per person. The first coins were issued in 1946.
The Oesterreichische Nationalbank also introduced notes in 1945, in denominations of 10, 20, 100, and 1000 schillings, and the allied currency with small values up to 5 schillings remained valid until 1947. With the banknote reform of 1947, new notes were issued in denominations of 5, 10, 20, 50, 100, and 1000 schillings. Until 1957, the first 500 schilling banknote was issued, and the 5 and 10 schilling notes were replaced by coins.
In 1957, silver 10 schilling coins were introduced, followed in 1959 by aluminium-bronze 50 groschen and 1 schilling, and in 1960 by silver 5 schilling coins. As a result, the composition of the 5 Schilling coins changed from aluminium to silver in the 1950s, which was a highly unusual event. Cupro-nickel replaced silver in the 5 and 10 schilling coins in 1969 and 1974, respectively. An aluminium-bronze 20 schilling coin was introduced in 1980. Silver coins were in the value of 25, 50, 100, 200 and 500 schilling, but gold coins also existed for 500 and 1000 schilling. They were considered legal currency but were rarely found in actual transactions.
The currency stabilized in the 1950s, with the schilling being tied to the US dollar at a rate of $1 = 26 schillings. Following the breakdown of the Bretton Woods system in 1971, the schilling was initially tied to a basket of currencies until July 1976, when it was coupled to the German mark. Although the euro became the official currency of Austria in 1999, euro coins and notes were not introduced until 2002. Old schilling-denominated coins and notes were phased out from circulation due to the introduction of the euro by 28 February of that year.
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Frequently asked questions
Austrian coins have been made from various metals over the years, including gold, silver, copper, and aluminium bronze.
The Vienna Philharmonic Gold coin and the Maria Theresa Thaler are popular gold coins produced by the Austrian Mint.
Before the introduction of the Euro in 2002, Austrian coins were denominated in Austrian schillings. Coins in circulation included the 1, 2, 5, 10, 20, and 50 groschen, as well as the 1, 2, and 5 schilling.
