ExchangeRate.com Logo
Login | Register |  My Account |   |   |   |  Suggest XR to your friends Print this page
Exchange Rate Home >> Currency Information >> Schilling

   | Post | View

Schilling Coin Schilling Banknote

The schilling was the currency of Austria from 1924 to 1938 & 1945 to 1999, and the circulating currency until 2002. The euro was introduced at a fixed parity of €1 = 13.7603 schilling to replace it. The schilling was divided into 100 groschen.

First schilling
The schilling was established by the Schilling Act (Schillingrechnungsgesetz) of December 20, 1924 at a rate of 1 schilling to 10,000 Austro-Hungarian Kronen & issued on March 1, 1925. The schilling was abolished in the wake of the Anschluss (1938), when it was exchanged at a rate of 2 German Reichsmark to 3 schilling.

Second schilling
The schilling was reintroduced after World War II on November 30, 1945 by the Allied Military, who issued paper money (dated 1944) in denominations of 50 groschen up to 100 schilling. The exchange rate to the Reichsmark was 1:1, limited to 150 schilling per person. The Nationalbank also began issuing schilling notes in 1945 & the 1st coins were issued in 1946.

With a second "schilling" law in November 21, 1947, new banknotes were introduced. The earlier notes could be exchanged for new notes at par for the first 150 schilling and at a rate of 1 new schilling for 3 old schilling thereafter. Coins were not affected by this reform. The currency stabilised in the 1950s, with the schilling being tied to the U.S. 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 and then, in July 1976, the schilling was coupled to the Deutsche Mark.

Although the euro became the official currency of Austria in 1999, euro coins & notes were not introduced until 2002. Old schilling denominated coins & notes were phased out from circulation because of the introduction of the euro by 28 February of that year. Schilling banknotes & coins which were valid at the time of the introduction of the euro will remain exchangeable for euros at any branch of the (Oesterreichische Nationalbank) indefinitely.

Coins
First schilling
In 1925, bronze 1 and 2 groschen, cupro-nickel 10 groschen,and silver 1/2 and 1 schilling coins were introduced, followed by cupro-nickel 5 groschen issues in 1931. In 1934, cupro-nickel 50 groschen and 1 schilling were introduced, together with silver 5 schilling. Coins were issued until 1938.

Second schilling
Between 1947 and 1952, coins in denominations of 1, 2, 5, 10, 20, and 50 groschen; and 1, 2, and 5 schilling were introduced. The 2 and 50 groschen; 1, 2, and 5 schilling were struck in aluminium, as was the second type of 10 groschen coin. The 1 and 5 groschen and the first type of 10 groschen were in zinc, with the 20 groschen struck in aluminium-bronze. The 1 groschen was only struck in 1947, while the 20 groschen and 2 schilling coins were suspended from production in 1954 and 1952, respectively. 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. Thus, the 5 schilling coins went from an aluminium composition to a silver one, a highly unusual event made possible by the substantial improvement of the Austrian economy in the 1950s. Cupro-nickel replaced silver in the 5 and 10 schilling coins in 1969 and 1974, respectively. An aluminium-bronze 20 schilling coin was introduced in 1980.

At the time of the changeover to the euro, coins in circulation were the following. Coins under 10 groschen were rarely seen in circulation during the final years of validity.

The text on this page has been made available under the Creative Commons Attribution-ShareAlike License and Creative Commons Licenses

Got something to say on this page? Feel free to post your comments ! Please limit your comments to discussions about the subject matter of the content. To report bugs or problems with the ExchangeRate.com web site, please use our contact form here. Thank You!

Content, information, data, material, services, or products comprising this web-site may not be published, broadcast, rewritten or redistributed without written permission from ExchangeRate.com Inc.. The information supplied by this web-site is believed to be accurate, but ExchangeRate.com Inc. does not warrant or guarantee such accuracy. Users are always advised to verify information with their financial and accounting advisors or with the appropriate government agencies before relying on any such information. Information contained in this web-site is intended for your personal, non-commercial use. All other uses are expressly unauthorized and prohibited to the maximum extent allowed by law.
Copyright © ExchangeRate.com Inc. 1998 - 2020