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Austria's currency is currently the euro, which has been in use since 2002. Before the introduction of the euro, Austria used the schilling, which was in circulation from 1925 to 1938 and then again from 1945 to 2002. The schilling was divided into 100 subunits called groschen. The euro was introduced at a fixed parity of €1 = 13.7603 schillings.
| Characteristics | Values |
|---|---|
| Name of the currency | Austrian Schilling |
| Official name | Guldengroschen |
| Currency symbol | S or öS |
| Currency subunit | Groschen |
| Number of Groschen in 1 Schilling | 100 |
| Date of introduction | 1 March 1925 |
| Date of abolition | 1938 |
| Date of reintroduction | 30 November 1945 |
| Date of replacement by Euro | 1 January 2002 |
| Exchange rate with Euro | 13.7603 Schillings = 1 Euro |
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What You'll Learn
The Austrian schilling was the pre-euro currency
The schilling was reintroduced after World War II on 30 November 1945 by the Allied Military. The currency stabilised in the 1950s, with the schilling being tied to the U.S. 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.
The euro became the official currency of Austria in 1999, but euro coins and notes were not introduced until 1 January 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. The exchange rate is 1 euro to 13.7603 schillings.
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The schilling was divided into 100 groschen
The Austrian schilling was the country's official currency between 1925 and 2002, with a small break between 1938 and 1945. During this period, the German Reichsmark was the official currency. The schilling was divided into 100 subunits called groschen. One schilling was, therefore, equivalent to 100 groschen.
The schilling was established by the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924, at an exchange rate of one schilling to 10,000 kronen. It was issued on 1 March 1925, replacing the krone that was largely used during the monarchy. In 1925, the Oesterreichische Nationalbank issued notes in denominations of 1, 5, 10, 20, 100 and 1,000 schillings. Bronze 1 and 2 groschen, cupro-nickel 10 groschen, and silver 1/2 and 1 schilling coins were also introduced in the same year.
The schilling was abolished in 1938 following Germany's annexation of Austria, and the German Reichsmark replaced it at an exchange rate of two reichsmarks for three schillings. The schilling was reintroduced after World War II on 30 November 1945. The exchange rate to the reichsmark was 1:1, limited to 150 schillings per person. The first coins were issued in 1946.
In 1999, Austria formally adopted the euro, but the schilling was still used alongside the euro until 2002. The euro banknotes and coins were introduced in Austria on 1 January 2002, after a three-year transition period during which the euro was the official currency but only existed as 'book money'. The Oesterreichische Nationalbank continues to exchange schilling banknotes and coins for euros indefinitely.
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The schilling was abolished after Germany annexed Austria in 1938
The Austrian schilling was the official currency of Austria from 1925 to 1938 and was then replaced by the Reichsmark after Germany annexed Austria. The schilling was valued at 1.50 to one Reichsmark. This was the first time the schilling was abolished.
The schilling was reintroduced after World War II in 1945 by the Allied Military. Paper money was issued 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 was finally replaced by the euro in 2002, and is no longer legal tender.
The history of the schilling dates 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. It was initially only a coin of account but later became an actual coin produced in many European countries. The name schilling is directly related to the English shilling, with both words gradually evolving from a unified original name.
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 currency was stabilised 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.
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.
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The German Reichsmark replaced the schilling
The Austrian schilling was the official currency of Austria from 1925 to 1938 and from 1945 to 1999, and it continued to circulate until 2002. The schilling was divided into 100 groschen.
The history of the schilling is closely tied to the political and economic events of the 20th century. It was established by the Schilling Act (Schillingrechnungsgesetz) on 20 December 1924 and issued on 1 March 1925, replacing the krone at a rate of one schilling to 10,000 kronen. However, the schilling's first iteration was short-lived. In 1938, Nazi Germany annexed Austria, and the schilling was abolished, exchanged at a rate of 1.50 schilling for one Reichsmark.
The Reichsmark was the currency of Germany from 1924 until the fall of Nazi Germany in 1945. It was introduced as a permanent replacement for the Papiermark, which had suffered from high inflation and hyperinflation. The exchange rate between the Papiermark and the Reichsmark was one Reichsmark to one trillion Papiermark. The Reichsmark was put on the gold standard, with the US dollar worth 4.20 Reichsmark.
After World War II, the Allied Military reintroduced the schilling in Austria on 30 November 1945. This was known as the Second Austrian schilling. The exchange rate to the Reichsmark was 1:1, with a limit of 150 schilling per person. The Nationalbank began issuing schilling notes in 1945, and the first coins were issued in 1946. The currency stabilised in the 1950s, with the schilling being tied to the US dollar at a rate of $1 = 26 schilling.
In 1971, following the breakdown of the Bretton Woods system, the schilling was no longer tied to the US dollar. Instead, it was coupled to the German mark. In 1999, the euro became the official currency of Austria, but euro coins and notes were not introduced until 2002. During this transitional period, both the schilling and the euro had legal tender status. The Oesterreichische Nationalbank continues to exchange schilling banknotes and coins for euros indefinitely.
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The schilling was reintroduced after World War II
The Austrian schilling was the country's official currency between 1925 and 1938, and then again from 1945 until 2002. The schilling was reintroduced after World War II on 30 November 1945 by the Allied Military, who issued paper money (dated 1944) 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 Nationalbank also began issuing schilling notes in 1945, and the first coins were issued in 1946.
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.
After World War II, the Allied Military introduced 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 the allied currency with small values up to 5 schillings remained valid until 1947. With a second "schilling" law on 21 November 1947, new banknotes were introduced. The earlier notes could be exchanged for new notes at par for the first 150 schillings and at a rate of 1 new schilling for 3 old schillings thereafter.
The currency stabilized in the 1950s, with the schilling being tied to the U.S. 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.
Austria formally adopted the euro in 1999, though the schilling was still used alongside the euro until 2002. The euro banknotes and coins were introduced in Austria on 1 January 2002, after a transitional period of three years when the euro was the official currency but only 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 Österreichische Nationalbank (Austrian National Bank) continues to exchange schilling banknotes and coins for euros at a rate of 13.7603 to one.
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Frequently asked questions
The Austrian Schilling was the country's currency before the Euro.
The Euro became the official currency of Austria in 1999, but Euro coins and notes were not introduced until 2002.
The Euro was introduced at a fixed parity of €1 = 13.7603 Austrian Schillings.
The Austrian Schilling was introduced in 1925 and was abolished in 1938 when Germany annexed Austria. It was reintroduced in 1945 after World War II.
During the Austro-Hungarian Monarchy, several currencies and coins were used, including the florin and the krone.
