Currencies/Austrian schilling

Introduction

The Austrian schilling (German: Schilling) was the currency of Austria in two periods: from 1925 to 1938 and from 1945 until 1999/2002. It was subdivided into 100 groschen. The schilling replaced the Austro-Hungarian krone after hyperinflation and later gave way to the euro.

History

First schilling (1925–1938)

The schilling was introduced by the Schilling Act of 1924, effective 1 March 1925, replacing the Austrian krone at 10,000 krone = 1 schilling. Known as the “Alpine dollar” for its stability, it circulated until Austria’s annexation by Nazi Germany in 1938, when it was replaced by the Reichsmark at 1 Reichsmark = 1.50 schilling.

Second schilling (1945–2002)

The schilling was reintroduced on 30 November 1945 by the Allied occupation authorities. New coins appeared from 1946, and currency reform in 1947 stabilized the system. The schilling remained Austria’s currency throughout the second half of the 20th century, with later banknote issues including denominations up to 5,000 schilling. It was replaced by the euro: non-cash use began on 1 January 1999, and cash circulation ended on 1 March 2002.

Coins

Coins were issued in both schilling periods.

First schilling (1925–1938): 1, 2, 5, 10, 50 groschen; 1 and 2 schilling; higher commemorative issues in silver and gold (e.g., 25 and 100 schilling).

Second schilling (1946–2001): 1, 2, 5, 10, 20, 50 groschen; 1, 2, 5, 10, 20, 50 schilling. Compositions ranged from aluminum to cupro-nickel, with silver used for higher denominations before being withdrawn.

Banknotes

1925 series: 1, 5, 10, 20, 100, 1,000 schilling. Early issues included overstamped krone notes.

Post-1945 series: Notes began at 50 groschen and went up to 1,000 schilling; later additions included the 500 schilling (1953) and 5,000 schilling (1988). The final series (1997) featured modern security elements and remained in use until the euro transition.

Currency

ISO code: ATS.

1 schilling = 100 groschen.

Conversion rate to euro: €1 = 13.7603 schilling (fixed in 1999).

Replacement

The schilling ceased to be legal tender on 1 March 2002, when euro banknotes and coins entered circulation. Austrian schillings remain indefinitely exchangeable at the Oesterreichische Nationalbank.