Damon Mcknight
Austria's currency has changed several times over the past century. The country's current official currency is the euro, which was introduced in 1999 and replaced the Austrian schilling. The schilling was the country's official currency from 1925 to 1938 and again from 1945 to 1999, with a brief period from 1938 to 1945 when the German Reichsmark was the official currency. The schilling replaced the Krone, which had been used since 1892. The Krone was the currency of Austria and Liechtenstein after the dissolution of the Austro-Hungarian Empire in 1919.
| Characteristics | Values |
|---|---|
| Currency name | Austrian schilling |
| Currency symbol | ATS |
| Year introduced | 1925 |
| Year phased out | 1938 |
| Reintroduction | 1945 |
| Year phased out again | 1999 |
| Year replaced by the Euro | 2002 |
| Exchange rate with the Euro | 1 Euro = 13.7603 Schillings |
| Subunit | 1 schilling = 100 groschen |
| Coins | 1, 2, 5, 10, 20, 50, 100, 200, 500 schilling |
| Gold coins | 500, 1,000 schilling |
| Notes | 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, 1,000 schilling |
| Preceding currency | Austrian krone |
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What You'll Learn
- The Austrian schilling was the country's currency on and off during the 20th century
- The schilling was divided into 100 groschen
- The Austro-Hungarian krone was introduced in 1892
- The Austrian krone was the currency after the dissolution of the Austro-Hungarian Empire in 1919
- The Euro became the official currency of Austria in 1999
The Austrian schilling was the country's currency on and off during the 20th century
The Austrian schilling was the country's official currency from 1924 to 1938 and then again from 1945 to 1999. It was introduced as a national fiat currency by the Schilling Act (Schillingrechnungsgesetz) on 20 December 1924, at a rate of one schilling to 10,000 kronen, and issued in 1925. The schilling was divided into 100 groschen.
The schilling was abolished in 1938 following Germany's annexation of Austria, when it was exchanged at a rate of 1.50 schilling for one Reichsmark. After World War II, the Allied Military reintroduced the schilling on 30 November 1945, issuing 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 issued in 1946.
In 1947, a second "schilling" law led to the introduction of new banknotes. 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. This reform did not affect coins. The currency stabilised in the 1950s, with the schilling being tied to the U.S. dollar.
The schilling remained the official currency of Austria until 1999 when the country adopted the euro. However, euro coins and notes were not introduced until 2002, and old schilling-denominated coins and notes were phased out from circulation by 28 February of that year.
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The schilling was divided into 100 groschen
The schilling was the official currency of Austria from 1925 to 1938 and again from 1945 to 1999. It was phased out in 2002 with the introduction of the Euro. The schilling was divided into 100 smaller units of currency called groschen.
The Austrian groschen, also known as the Kaisergroschen or "emperor's groschen/groat", was a silver coin. The name "groschen" comes from the Latin "grossus", meaning "thick", and was originally used to refer to a thick silver coin known as the tornose or "thick denarius of Tours". The name was introduced in 13th-century France and spread to other parts of Europe, including Austria.
In the German-speaking world, the groschen was usually worth 12 pfennigs. However, there were many regional variations, with some smaller groschen worth between 2.5 and 10 pfennigs. The Austrian groschen was worth 12 pfennigs, or 3 kreuzers. In 1925, bronze 1 and 2 groschen coins were introduced, followed by cupro-nickel 5 groschen coins in 1931 and cupro-nickel 50 groschen coins in 1934.
Groschen coins were rarely seen in circulation towards the end of their use. In 1992, all previous 20-schilling coins were reissued with smooth edges, and in 1993, the first 500-schilling banknote was issued. The last schilling coins were issued in 1998, and the schilling was replaced by the euro in 2002.
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The Austro-Hungarian krone was introduced in 1892
The Austro-Hungarian krone, also known as the 'crown', was introduced in 1892 when the Austro-Hungarian Empire adopted the gold standard. The currency was abbreviated to K or Kr, and 100 heller (in Austria) or 100 filler (in Hungary) made up one krone. The krone replaced the Austro-Hungarian gulden, and its value was set at 2 kronen = 1 gulden. From 1900 onwards, krone notes were the only legal tender in the Empire.
The Austro-Hungarian krone was the official currency of Austria-Hungary from its introduction in 1892 until the dissolution of the empire in 1918. The currency was also used in Liechtenstein after the dissolution of the Austro-Hungarian Empire in 1919. The krone was further used in successor states of the empire until 1925, when the Austrian schilling was introduced. In 1924, the schilling became the official currency of Austria at a rate of 10,000 kronen to 1 schilling.
The paper money of the Austro-Hungarian krone was bilingual, with text in both German and Hungarian. The value of the banknotes was indicated in eight other languages: Czech, Polish, Croatian, Slovene, Serbian, Italian, Ruthenen (Ukrainian), and Romanian. The currency names in these ethnic languages were also recognised and appeared on the banknotes. For example, the name of the currency in Czech was koruna, in Polish was korona, and in Romanian was coroană.
The krone depreciated sharply as a result of the First World War, which was financed mostly by the issue of war bonds. After the war, the krone was replaced in several successor states of the Austro-Hungarian Empire. In 1919, the Kingdom of Serbs, Croats, and Slovenes (later Yugoslavia) became the first successor state to overstamp the Austro-Hungarian krone. This was followed by Czechoslovakia, which introduced the Czechoslovak koruna, and the new Republic of Austria, which stamped the notes circulating in its territory with "DEUTSCHÖSTERREICH".
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The Austrian krone was the currency after the dissolution of the Austro-Hungarian Empire in 1919
The Austrian krone (also known as the Austro-Hungarian krone) was the official currency of Austria from 1892 until the dissolution of the Austro-Hungarian Empire in 1918. The dissolution of the empire was catalysed by the collapse of its multi-ethnic army, the worsening state of its economy, and rising nationalist sentiments. The empire's remaining territories were divided into existing or newly formed states, including the Republic of German Austria, which became the First Austrian Republic.
The Austrian krone was introduced in 1892 upon the adoption of the gold standard. It replaced the Austro-Hungarian gulden, which had been the currency of the Holy Roman Empire since the 16th century. The krone was divided into 100 subunits, called a Heller in the Austrian part of the Empire and a fillér in the Hungarian part. Banknotes were bilingual, with denominations indicated in German and Hungarian, and also featured the denomination in eight other languages.
In 1919, the Austrian krone was replaced by the Austrian schilling, which became the official currency in 1925. The schilling was introduced to ease the transition from the krone, with 100, 200, and 1000 Kronen coins minted with the same parameters as the Groschen coins that replaced them. The schilling was further replaced by the euro in 2002, which remains the current currency of Austria.
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The Euro became the official currency of Austria in 1999
Austria's old currency was the Austrian schilling, which was in use from 1925 to 1938 and then from 1945 to 2002. The schilling replaced the Krone, which was the currency of Austria-Hungary (then known as German-Austria) and Liechtenstein after the dissolution of the Austro-Hungarian Empire in 1919. The schilling was divided into 100 groschen.
In 1995, Austria joined the European Union and became one of the first countries to adopt the euro on 1 January 1999. However, the euro banknotes and coins were not introduced in Austria until 1 January 2002, after a three-year transitional period during which the euro was the official currency but only existed as 'book money'. During this time, the schilling and the euro had dual legal tender status, and old schilling-denominated coins and notes were gradually phased out of circulation.
The euro was introduced at a fixed parity of €1 = 13.7603 schillings. The transition to the euro went relatively smoothly, although the exchange rate made calculations difficult. The Austrian National Bank continues to exchange schilling banknotes and coins for euros indefinitely.
Austria's adoption of the euro was part of a wider shift towards a single European currency. In 1999, the majority of EU members began to replace their national currencies with the euro, and by 2002, Austria retired the schilling, with its economy once again among the strongest in Europe.
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Frequently asked questions
Austria's old currency was the Austrian schilling.
The Austrian schilling was in use from 1925 to 1938 and from 1945 to 1999. The schilling was the circulating currency until 2002 when it was replaced by the euro.
The Austrian schilling's symbol was ATS.
The euro was introduced at a fixed parity of €1 = 13.7603 schillings.
The Austrian schilling replaced the Krone, which had been used since 1892.
