Currencies/Austrian schilling
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Introduction
The Austrian schilling (German: Österreichischer Schilling, ISO code: ATS) was the official currency of Austria from 1925 to 1938 and again from 1945 until 2002. It was subdivided into 100 groschen. The schilling replaced the hyperinflated Austrian krone in 1925, was abolished during the Nazi annexation of Austria in 1938, reintroduced in 1945, and finally replaced by the euro in 2002.
History
The schilling was introduced by the Schilling Act of 1924, becoming effective on 1 March 1925 at the rate of 1 schilling = 10,000 kronen. It became known as the Alpendollar due to its stability. In 1938, following the Anschluss, the schilling was replaced by the German Reichsmark at 1.50 schilling = 1 Reichsmark.
After World War II, the schilling was restored on 30 November 1945 by the Allied occupation authorities. It remained the Austrian national currency until the adoption of the euro: non-cash conversion occurred in 1999, and coins and notes were withdrawn on 28 February 2002.
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Banknotes
First Republic (1925–1938) 1, 5, 10, 20, 100, 1000 schilling notes.
Second Republic (from 1945) denominations included 5, 10, 20, 50, 100, 500, 1000, and later 5000 schilling. The Austrian National Bank (Oesterreichische Nationalbank) oversaw the issues.
Currency
The schilling was a decimal system currency:
100 groschen = 1 schilling
On adoption of the euro in 1999 (non-cash) and 2002 (cash), the fixed rate was set at
1 euro = 13.7603 schilling
Replacement
The schilling was withdrawn from circulation on 28 February 2002. It remains redeemable at the Oesterreichische Nationalbank indefinitely at the fixed euro conversion rate.