Damon Mcknight
The Austrian Schilling was the currency of Austria before the Euro. It was first introduced in 1925 and was in use until 1938 when Germany annexed Austria and the German Reichsmark replaced the schilling. The Austrian Schilling was reintroduced in 1945 after World War II and was in use until 2002 when it was replaced by the Euro. The Euro became the official currency of Austria in 1999, but Euro coins and notes were not introduced until 2002. The Austrian National Bank continues to exchange Austrian Schillings for Euros indefinitely.
| Characteristics | Values |
|---|---|
| Name of the currency | Austrian Schilling |
| Currency subunit | Groschen |
| Value of a Groschen in pfennigs | 12 pfennigs |
| Value of a Groschen in kreuzers | 3 kreuzers |
| Number of Groschen in a Schilling | 100 |
| Date of introduction of the Schilling | 1 March 1925 |
| Date of abolition of the Schilling | 1938 |
| Date of reintroduction of the Schilling | 30 November 1945 |
| Date of adoption of the Euro | 1999 |
| End of dual circulation of the Schilling and the Euro | 28 February 2002 |
| Exchange rate of Schilling to the Euro | 1 Euro = 13.7603 Schilling |
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What You'll Learn
The Austrian schilling was the pre-euro currency
The history of the Austrian schilling can be traced back to the Carolingian coin reform in 794 AD, when new units of account were introduced, including the schilling. Initially, the schilling was only a coin of account, but it later became an actual coin produced in many European countries. In medieval Austria, there were short and long schilling coins, valued at 12 and 30 pfennigs respectively. Until 1857, the schilling was a currency unit for 30 pfennigs or 7.5 kreuzers.
The Austrian schilling was established by the Schilling Act (Schillingrechnungsgesetz) of 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 0.5 and 1 schilling coins. The schilling was divided into 100 groschen, and silver coins were issued in denominations of 25, 50, 100, 200, and 500 schillings. Gold coins also existed for 500 and 1,000 schillings, but they were rarely used in transactions.
In 1945, following World War II, the Allies introduced paper money in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1,000 schillings. The Oesterreichische Nationalbank also introduced notes in denominations of 10, 20, 100, and 1,000 schillings. With the banknote reform of 1947, new notes were issued in denominations of 5, 10, 20, 50, 100, and 1,000 schillings. The first 500 schilling banknote was issued in 1957, and the 5 and 10 schilling notes were replaced by coins.
Austria formally adopted the euro in 1999, but the schilling was still used alongside the euro until 2002. The dual circulation period ended on 28 February 2002, when euro banknotes and coins were introduced and the schilling was phased out of circulation. The Österreichische Nationalbank (Austrian National Bank) continues to exchange schilling banknotes and coins for euros indefinitely at a rate of 1 euro to 13.7603 schillings.
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The schilling was divided into groschen
The Austrian schilling was the country's official currency from 1925 to 1938 and then again from 1945 until 2002. The schilling was divided into subunits called groschen, with 100 groschen making a schilling.
In 1925, bronze 1 and 2 groschen, cupro-nickel 10 groschen, and silver 1/2 and 1 schilling coins were introduced. In 1931, cupro-nickel 5 groschen issues were added, and in 1934, cupro-nickel 50 groschen and 1 schilling were introduced, along with silver 5 schilling. These coins were issued until 1938.
In 1945, following 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 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.
Coins under 10 groschen were rarely seen in circulation during their final years. The schilling was replaced by the euro in 2002, and the dual circulation period ended on February 28, 2002. However, the Oesterreichische Nationalbank continues to exchange schilling banknotes and coins for euros indefinitely.
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The schilling was abolished in 1938
The Austrian schilling was the currency of Austria from 1925 to 1938, and then from 1945 to 1999, continuing to circulate until 2002 when it was replaced by the euro. The schilling was divided into 100 groschen.
The Anschluss began on March 12, 1938, when German troops crossed the border into Austria. This was done with the support of many Austrians, including members of the Austrian Nazi Party. Austrian Chancellor Kurt Schuschnigg resigned, and Austrian Nazis took control of the government. Adolf Hitler, who was born in Austria, then declared that Austria was a part of Germany. This was met with widespread support in both countries. However, the annexation was condemned by the international community and is now seen as a key event in the lead-up to World War II.
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 first coins were issued in 1946. The schilling continued to be the official currency of Austria until 1999 when it was replaced by the euro. However, euro coins and notes were not introduced until 2002. The Oesterreichische Nationalbank continues to exchange schilling banknotes and coins for euros at any of its branches.
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The schilling was reintroduced in 1945
The Austrian schilling was the country's official currency before the euro. The schilling was first introduced in 1925, but it was abolished in 1938 when Germany annexed Austria and the German Reichsmark replaced it. However, the schilling was reintroduced in 1945 after World War II, when the Allies issued paper money in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 schillings. The Oesterreichische Nationalbank also introduced notes in 1945, in denominations of 10, 20, 100, and 1000 schillings, and these remained valid until 1947.
The schilling was subdivided into subunits called groschen, with 100 groschen making one schilling. The Austrian groschen, also known as the Kaisergroschen, was a silver coin worth 12 pfennigs or 3 kreuzers. The schilling itself had existed in medieval Austria as a coin worth 12 or 30 pfennigs.
In 1947, a banknote reform was implemented, and new notes were issued in denominations of 5, 10, 20, 50, 100, and 1000 schillings. The first 500-schilling banknote was issued in 1957, and the 5 and 10 schilling notes were replaced by coins. The schilling remained the official currency of Austria until 1999 when the country formally adopted the euro. However, the schilling continued to be used alongside the euro until 2002, when the dual circulation period ended, and the euro became the sole legal tender.
The Österreichische Nationalbank (Austrian National Bank) continues to exchange schilling banknotes and coins for euros indefinitely, at a rate of 1 euro to 13.7603 schillings.
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The euro became the official currency in 1999
The Austrian Schilling was the pre-euro currency of Austria. Introduced in 1925, the schilling was abolished in 1938 when Germany annexed Austria and the German Reichsmark replaced it. However, the schilling was reintroduced in 1945 after World War II. The schilling was divided into 100 groschen.
In 1999, Austria formally adopted the euro as its official currency. However, the euro banknotes and coins were not introduced until 2002. During the transition period, the euro was used alongside the schilling for banking, travellers' cheques, and online transactions. The dual circulation period ended on 28 February 2002, and the schilling was completely replaced by the euro.
The Austrian National Bank continues to exchange schilling banknotes and coins for euros indefinitely. The exchange rate is €1 = 13.7603 schillings.
The euro's introduction in Austria followed a three-year transition period during which it existed as 'book money'. The euro's introduction in Austria was part of a broader shift across Europe, with countries like Belgium also joining the eurozone digitally in 1999.
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Frequently asked questions
The Austrian Schilling was the country's currency before the Euro.
The Austrian Schilling was first introduced in 1925 and was in use until 1938. It was reintroduced in 1945 and was in use until 2002 when it was replaced by the Euro.
The Austrian Schilling was issued in both coins and banknotes. The coins were made of bronze, cupro-nickel or silver and came in denominations of 1, 2, 5, 10, 20, 25, 50, 100, 200, 500 and 1000 Groschen or Schillings. The banknotes were issued in denominations of 50 Groschen, 1, 2, 5, 10, 20, 25, 50, 100 and 1000 Schillings.
Yes, the Austrian National Bank continues to exchange unlimited amounts of Austrian Schilling banknotes and coins for Euros indefinitely. The exchange rate is €1 = 13.7603 schillings.
