Leslie Massey
Austria adopted the euro on 1 January 1999, becoming one of the first countries to do so. However, the euro banknotes and coins were not introduced until 1 January 2002, after a three-year transition period. During this time, the euro was the official currency but only existed as 'book money', being used alongside the Austrian schilling for banking purposes, travellers' cheques, and online transactions. The schilling was phased out of circulation by 28 February 2002.
| Characteristics | Values |
|---|---|
| Date Austria adopted the euro | 1 January 1999 |
| Date banknotes and coins were introduced in Austria | 1 January 2002 |
| Date Austria joined the EU | 1 January 1995 |
| Date of referendum indicating Austrians' desire to join the EU | June 1994 |
| Date the euro was created | 1 January 1999 |
| Date Austria retired the schilling | 2002 |
| Exchange rate of schilling to euro | €1 = 13.7603 schilling |
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What You'll Learn
Austria joined the EU in 1995
Austria was one of the first countries to adopt the euro as its official currency on 1 January 1999. 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 existed only as 'book money'. During this time, the euro was used alongside the Austrian schilling for banking purposes, travellers' cheques, and online transactions. The schilling was the former currency of Austria from 1925 to 1938 and from 1945 to 1999 and was the circulating currency until 2002. The euro was introduced at a fixed parity of €1 = 13.7603 schillings.
The dual circulation period, when both the schilling and the euro had legal tender status, ended on 28 February 2002. The Austrian National Bank continues to exchange schilling banknotes and coins for an unlimited period, and old schilling-denominated coins and notes were phased out from circulation by this date.
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The euro was introduced in 1999
Austria adopted the euro on 1 January 1999, becoming one of the first countries to do so. However, the euro banknotes and coins were not introduced until 1 January 2002, after a three-year transition period. During this time, the euro was the official currency but only existed as 'book money'. The Austrian schilling was still used alongside the euro until 28 February 2002, when the dual circulation period ended.
Austria's adoption of the euro came four years after it joined the European Union in 1995. In the intervening years, the country prepared to meet the EU criteria for financial stability by implementing austerity measures. In 1997, the European Council adopted the Stability and Growth Pact, which was designed to ensure budgetary discipline after the creation of the euro.
The euro was created to replace the Austrian schilling, which was the country's currency from 1925 to 1938 and again from 1945 to 1999. The schilling was divided into subunits called groschen, with 100 groschen making up one schilling. The euro was introduced at a fixed parity of €1 to 13.7603 schillings.
Austria was one of the original 11 EU members to adopt the euro on 1 January 1999. The other ten countries were Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain.
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Euro banknotes and coins were introduced in 2002
Austria adopted the euro as its official currency in 1999, becoming one of the first countries to do so. However, physical euro banknotes and coins were not introduced until three years later, on 1 January 2002. During the transitional period, the euro was used as book money and existed alongside the Austrian schilling, which was the country's circulating currency.
The euro's introduction in 2002 marked the end of the dual circulation period, during which both the schilling and the euro had legal tender status. The schilling was phased out of circulation by 28 February 2002, and the euro became the sole currency in Austria.
The introduction of euro banknotes and coins in 2002 was a significant milestone in the adoption of the single European currency in Austria. The euro replaced the schilling at a fixed parity of €1 to 13.7603 schillings. The Austrian National Bank continues to exchange schilling banknotes and coins for euros indefinitely, providing a seamless transition for individuals with savings in the former currency.
The adoption of the euro in Austria was part of a broader initiative to establish a monetary union within the European Union. In the late 1990s, several EU member states began replacing their national currencies with the euro, fostering greater economic integration and uniformity across the bloc. Austria's adoption of the euro reflected its commitment to European cooperation and its recovery to become one of Europe's strongest economies by 2002.
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The Austrian schilling was the previous currency
The Austrian schilling was the official currency of Austria from 1925 to 1938 and from 1945 to 1999, with the circulating currency finally being replaced in 2002. The schilling was divided into 100 groschen.
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. In 1927–1929, a second series was added with 5, 10, 20, 50 and 100 schilling notes. The one schilling was substituted by a coin.
The schilling was abolished in 1938 in the wake of Germany's annexation of Austria, when it was exchanged at a rate of 1.50 schillings for one Reichsmark. 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 Oesterreichische Nationalbank also introduced notes in 1945, in denominations of 10, 20, 100 and 1,000 schillings.
In 1947, the currency was reformed with new banknotes 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. This reform did not affect coins. The currency stabilised in the 1950s, with the schilling being tied to the U.S. dollar at a rate of $1 = 26 schillings.
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. In 1976, the Austrian Mint issued 1000 schilling gold coins to commemorate the Babenberg Dynasty.
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$20.98 $24.95
The euro replaced the schilling at a rate of 13.7603 to 1
Austria adopted the euro on 1 January 1999, becoming one of the first countries to do so. However, the euro only existed as "book money" during a three-year transitional period when the euro was the official currency but did not physically exist in Austria. Euro banknotes and coins were introduced in Austria on 1 January 2002, and the dual circulation period ended on 28 February 2002.
The euro replaced the Austrian schilling at a rate of 13.7603 to 1. The schilling was divided into 100 groschen. The schilling was a former currency of Austria from 1925 to 1938 and from 1945 to 1999, and the circulating currency until 2002. The currency stabilised in the 1950s, with the schilling being tied to the US dollar at a rate of $1 = 26 schilling. 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 joined the European Union in 1995 after a referendum in June 1994 indicated that Austrian voters desired to join the EU. In 1999, the majority of EU members began to replace their national currency with the euro. Austria was one of the original 11 EU members to adopt the euro on 1 January 1999.
The Österreichische Nationalbank (Austrian National Bank) continues to exchange schilling banknotes and coins for euros for an unlimited period.
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Frequently asked questions
Austria adopted the euro on 1 January 1999, although the euro banknotes and coins were introduced in 2002.
Before the euro, the Austrian currency was the Austrian schilling, which was in circulation from 1925 to 1938 and from 1945 to 1999.
The euro was introduced at a fixed parity of €1 = 13.7603 schilling.
