Lyla Lindsey
Austria's currency is the euro, which has been in use since 2002. The euro is used by 20 out of 27 EU member countries, which together constitute the Eurozone. Before the euro, the Austrian schilling was the national currency from 1925 to 1938 and from 1945 to 2002.
| Characteristics | Values |
|---|---|
| Current currency | Euro |
| Currency code | EUR |
| Symbol | € |
| Denominations of banknotes | 5, 10, 20, 50, 100, 200, 500 |
| Denominations of coins | 1, 2, 5, 10, 20, 50 cents, 1 and 2 euros |
| Previous currency | Austrian Schilling |
| Currency before Austrian Schilling | Austro-Hungarian krone |
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What You'll Learn
Austria's current currency is the euro
Before the introduction of the euro, Austria used the schilling as its currency, which was in circulation from 1925 to 2002, with a break between 1938 and 1945 when the German Reichsmark was the official currency. The schilling was replaced by the euro at a fixed parity of 1 euro to 13.7603 schillings.
The euro is divided into 100 cents, and both euro coins and banknotes are used in Austria. Euro coins are available in denominations of one, two, five, 10, 20, and 50 cents, as well as one and two euros. Euro banknotes come in denominations of five, 10, 20, 50, 100, 200, and 500 euros.
When visiting Austria, it is recommended to carry some euro notes and coins, especially for places like museum lockers and public toilets, which often require coins. While debit and credit cards are accepted in many larger establishments, smaller shops and eateries may require cash payments. ATMs, known as "Bankomaten" locally, are commonly available in Austrian towns and cities, although some may have a withdrawal limit.
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The euro was introduced in 2002
Austria's currency is the euro, which was introduced in 2002. The euro is divided into 100 cents, and the currency code is EUR. Euro banknotes are available in denominations of 5, 10, 20, 50, 100, 200, and 500, while coins are available in 1 and 2 euros, as well as 1, 2, 5, 10, 20, and 50 cents.
The euro was introduced in Austria on January 1, 2002, following a three-year transition period during which the euro was the official currency but existed only as 'book money'. During this time, both the schilling and the euro had legal tender status until February 28, 2002, when the dual circulation period ended. The Austrian National Bank continues to exchange schilling banknotes and coins indefinitely.
The euro was introduced at a fixed parity of 1 euro to 13.7603 schillings, replacing the schilling as Austria's official currency. The schilling was previously divided into 100 groschen and had been in use since 1925, with a brief interruption from 1938 to 1945. The schilling was reintroduced after World War II and remained in circulation until 2002.
The introduction of the euro in Austria brought the country in line with other European countries that had adopted the common currency. The euro had been introduced in non-physical form in 1999, and its value initially rose during its first day of trading. By the end of 1999, however, it had dropped to parity with the US dollar, leading to emergency support measures from the G7 in 2001.
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The Austrian schilling was the country's currency from 1925 to 1938 and 1945 to 1999
The Austrian schilling was the country's currency for two distinct periods in its history: from 1925 to 1938, and again from 1945 to 1999. The schilling was subdivided into 100 groschen, and its history can be traced back to the Carolingian coin reform in 794 AD, which introduced new units of account, including the schilling.
The first iteration of the Austrian schilling as a modern currency began in 1925, following the passage of the Schilling Act (Schillingrechnungsgesetz) in December 1924. This act established the schilling at a rate of one schilling to 10,000 kronen, with the first schilling notes issued in 1925. Silver coins in denominations of half schilling, schilling, and double schilling were also authorised by the Austrian parliament in December 1923. The schilling was abolished in 1938 following Germany's annexation of Austria, when it was exchanged for the German Reichsmark at a rate of 1.50 schillings to one Reichsmark.
The second iteration of the schilling as Austria's official currency began after World War II, in 1945, when the Allied Military reintroduced the schilling as paper money. These notes were dated 1944 and issued in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1,000 schillings. The Oesterreichische Nationalbank also began issuing schilling notes in 1945, with the first coins issued in 1946. A second "schilling" law in 1947 led to the introduction of new banknotes, with the earlier notes exchanged for new ones at a rate of 1 new schilling for 3 old schillings.
Over time, the schilling became one of the most stable currencies in Europe, earning the nickname 'Alpendollar'. This stability was due to Austria's strict hard-currency policy, which resulted in the schilling's exchange rate being tied to the Deutsche mark from 1976 onwards. Eventually, the schilling was replaced by the euro in 2002, at a fixed parity of 1 euro to 13.7603 schillings.
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The German Reichsmark was Austria's official currency from 1938 to 1945
The history of Austria's currency is closely linked to its political history. In 1938, Germany annexed Austria, and the country became part of the Third Reich through the Anschluss. This had a significant impact on Austria's monetary system.
Before the annexation, the Austrian schilling was the country's official currency. Introduced in 1925, the schilling was divided into 100 groschen and existed as both coins and banknotes. However, with the annexation, the schilling was abolished, and Austria's monetary system was incorporated into that of the Third Reich.
On March 17, 1938, just days after the invasion of German troops, a decree was issued introducing the German Reichsmark as the official currency in Austria. The exchange rate was set at 1.5 Austrian schillings to one Reichsmark. This meant that all financial transactions, including postal services, had to be conducted in Reichsmarks, even if payments were still being made in schilling notes and coins.
During this period, the Oesterreichische Nationalbank, Austria's central bank, was also affected. It was liquidated, and its gold holdings and foreign currency reserves were transferred to Berlin. The National Socialists seized power, leading to significant upheaval in Austrian society, including arrests, abductions, and suicides of prominent individuals, particularly Jewish Austrians.
The Reichsmark remained the official currency in Austria until the end of World War II in 1945. After the war, the schilling was reintroduced 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 Austrian economy had suffered greatly during the war, and the country's productive capacity had significantly decreased.
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The schilling was divided into 100 groschen
The Austrian schilling was a former currency of Austria from 1925 to 1938 and from 1945 to 1999. It was the circulating currency until 2002 when it was replaced by the euro. The schilling was divided into 100 smaller units of currency called groschen. The name schilling comes from the Anglo-Saxon phrase "Scilling", a monetary term meaning "twentieth of a pound". The word "Scilling" is mentioned in the earliest recorded Germanic law codes, the Law of Æthelberht, from around 600. The Germanic root of the term, (s)kelH, means "to cut" or "to split". The schilling was one-twentieth of a pound or about 20.3 grams of silver. One schilling had 12 denarii or deniers ("pennies").
The groschen was also a silver coin used in parts of Europe, including France, some of the Italian states, England, and various states of the Holy Roman Empire. The name is derived from the late Latin description of a tornose, a "grossus denarius Turnosus", or "thick denarius of Tours". Groschen was frequently abbreviated in old documents to "gl", and later it was written as "Gr" or "g". The name was introduced in 13th-century France as "denarius grossus", or "thick penny". The groschen was minted in Bohemia as early as 1300, and in the 14th century, it appeared as the Old Czech groš.
In Germany, the name Groschen replaced Schilling as the common name for a 12 pfennig coin. In the 19th century, a new currency system was introduced in which the Groschen, often under a new name, was worth 1/30 of a Thaler or Taler. In 1821, Prussia introduced the Silbergroschen, worth 12 pfennigs, and Saxony followed in 1840 with the Neugroschen, also worth 1/30 of a thaler but subdivided into 10 (new) pfennigs. After German unification and decimalisation, the groschen was replaced by the 10 pfennig coin, but the term "groschen" remained a nickname for the 10 pfennig coin until the introduction of the euro.
In Austria, the Oesterreichische Nationalbank issued notes in 1925 in denominations of 1, 5, 10, 20, 100, and 1,000 schillings. 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. In 1931, cupro-nickel 5 groschen issues were introduced, followed by cupro-nickel 50 groschen and 1 schilling in 1934, along with silver 5 schilling. In 1937, 2 schilling coins were introduced, containing 64% silver. In 1945, 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.
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Frequently asked questions
The official currency of Austria is the Euro.
The Euro was introduced in Austria on 1 January 2002.
The Schilling was the currency of Austria from 1925 to 1938 and from 1945 to 1999. There was a brief period between 1938 and 1945 when the German Reichsmark was the official currency.
The symbol for the Euro is €.
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