Austrian schilling

Schilling (German)

File:Austria-coin-1992-20S-Kärnten-RS.jpg 20 schilling note, issued in 1986 20 schilling coin
ISO 4217
Code	ATS
Unit
Plural	Schilling
Symbol	S or öS‎
Denominations
Subunit
1/100	groschen
Plural
groschen	Groschen
Banknotes	20, 50, 100, 500, 1000 & 5000 schilling
Coins
Freq. used	10 & 50 groschen, 1, 5 & 10 schilling
Rarely used	1, 2 & 5 groschen, 20 & 50 schilling
Demographics
User(s)	None, previously: Austria
Issuance
Central bank	Oesterreichische Nationalbank
Website	www.oenb.at
Mint	Münze Österreich
Website	austrian-mint.com
Valuation
Inflation	2%
Source	CIA World Factbook 2001
EU Exchange Rate Mechanism (ERM)
Since	19 June 1989
Fixed rate since	31 December 1998
Replaced by euro, non cash	1 January 1999
Replaced by euro, cash	1 January 2002
1 € =	S 13.7603

The schilling (German: Schilling) was the currency of Austria from 1925 to 1938 and from 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.

History

First schilling

The schilling was established by the schilling Act (Schillingrechnungsgesetz) of December 20, 1924 at a rate of 1 schilling to 10,000 kronen and issued on March 1, 1925. The schilling was abolished in the wake of Germany's annexation of Austria in 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 and the first coins were issued in 1946.

With a second "schilling" law on 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 schillings 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 German mark.

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

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.

Also issued gold and silver coins: 2 schillings (1937) – 64% silver, 5 schillings (1934) – 83% silver, 25 schillings (1926) – 90% gold, 100 schillings (1924) – 90% gold.

Second schilling

50 schilling
File:50schilling.jpg
Value encircled by the Austrian coat-of-arms (at top) and coats of arms of the nine states of Austria	International Garden Exhibition
64% silver, 20 g. The first year of reduced silver content in a 50 schilling coin

10 Austrian schilling (1979).
File:10 Austrian schilling (Austria).jpg
Obverse: Coat of arms of Austria with the lettering: "REPUBLIK ÖSTERREICH" (Republic of Austria)	Reverse: Head of a woman wearing the traditional headgear of Lower Austria, with the year and face value of the coin. "WELZ" engraved at bottom
Made of Copper-nickel and plated in Nickel, total 333,459,500 coins minted from 1974 to 2001

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.

Silver coins were in the value of 25, 50, 100, 200 and 500 schilling, but gold coins also existed for 500 and 1,000 schilling. They were considered legal currency, but were rarely found in actual transactions.

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

Last Circulating Coins
Image	Value	Equivalent in euros (€)	Technical parameters			Description			Date of
			Diameter	Mass	Composition	Edge	Obverse	Reverse	first minting	first issue	last minting	end of legal tender status
	1 Groschen	0.07 cent	17 mm	1.8 g	100% zinc	Smooth	State title, coat of arms	Value, year of minting	1947	5 April 1948	1950	31 December 2001
2 Groschen	2 Groschen	0.15 cent	18 mm	0.9 g	98.5% aluminium 1.5% magnesium		Coat of arms	State title, value, year of minting	1950	15 July 1950	1991	31 December 2001
5 Groschen	5 Groschen	0.36 cent	19 mm	2.5 g	100% zinc	Notched	State title, coat of arms	Value, year of minting	1948	17 June 1948	1992	31 December 2001
10 Groschen	10 Groschen	0.73 cent	20 mm	1.1 g	98.5% aluminium 1.5% magnesium	Smooth	Coat of arms	Value, year of minting	1951	27 November 1951	1998	31 December 2001
	50 Groschen	3.63 cent	19.5 mm	3 g	91.5% copper 8.5% aluminium	Serrated	Shield, state title	Value, gentian flower, year of minting	1959	1 October 1959	1997	31 December 2001
1 Schilling	S 1	7.27 cent	22.5 mm	4.2 g		Smooth	State title, value, year of minting	Edelweiss flowers, value	1959	1 September 1959	1998	31 December 2001
5 Schilling	S 5	36.34 cent	23.5 mm	4.8 g	Cupronickel1 75% copper 25% nickel	Smooth	State title, horse rider	Shield, value, year of minting	1968	15 January 1969	1998	31 December 2001
10 Schilling	S 10	72.67 cent	26 mm	6.2 g		Serrated	State title, coat of arms	Woman, value, year of minting	1974	17 April 1974	1998	31 December 2001
20 Schilling	S 20	1.45	27.7 mm	8 g	Aluminium bronze 92% copper 6% aluminium 2% nickel	Smoothly with 19 pits / Since 1993: Smooth 2	State title, the nine Austrian provinces	Value, year of minting	1980	10 December 1980	1993	31 December 2001
20 Schilling	S 20						State title, value, shield, year of minting	Various commemorative subjects	1982	27 March 1982	2001	31 December 2001
50 Schilling	S 50	3.63	26.5 mm Core: 18.5 mm	8.15 g	Ring: Aluminium bronze (as S 20) Center: Magnimat 7	Smooth	State title, value encircled by the coats-of-arms of the states of Austria	Various commemorative subjects	1996	23 October 1996	2001	31 December 2001
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

1. 10 Schilling has pure nickel core
2. Smoothly with 19 pits until 1992. In 1993, all previous 20 Schilling coins were reissued with smooth edges.

Banknotes

First schilling

1 Schilling (1925)

File:Austria 5 S 1925 - 8.6.25-31.7.28.jpg

5 Schillinge (1925)

In 1925, the Oesterreichische Nationalbank issued notes in denominations of 1, 5, 10, 20, 100 and 1,000 Schillinge (note the different spelling of the plural on this first 1925-series of notes).

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.

Second schilling

File:20 Schilling Carl von Ghega obverse.jpg

20 schilling (1968)

File:1000 Schilling - Kaplan.jpg

1000 schilling (1961)

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 and the allied currency with small values up to 5 schilling remained valid until 1947. With the banknote reform of 1947, new notes were issued in denominations of 5, 10, 20, 50, 100 and 1,000 schilling. Until 1957, the first 500 schilling banknote was issued and the 5 and 10 schilling notes were replaced by coins. However, although 20 schilling coins were issued from 1980, the 20 schilling note continued to be produced, with 5,000 schilling notes added in 1988.

1983 Series
Image Front	Image Back	Value	Equivalent in euros (€)	Dimensions	Description		Date of
					Obverse	Reverse	printing	issue
File:20 Schilling Moritz Daffinger obverse.jpg	File:20 Schilling Moritz Daffinger reverse.jpg	S 20	1.45	123 × 61.5 mm	Moritz Daffinger	Albertina (Vienna)	1 October 1986	19 October 1988
File:50 Schilling Sigmund Freud obverse.jpg	File:50 Schilling Sigmund Freud reverse.jpg	S 50	3.63	130 × 65 mm	Sigmund Freud	Josephinum (Alsergrund, Vienna)	2 January 1986	19 October 1987
File:100 Schilling Eugen Boehm von Bawerk obverse.jpg	File:100 Schilling Eugen Boehm von Bawerk reverse.jpg	S 100	7.27	137 × 68.5 mm	Eugen von Böhm-Bawerk	Akademie der Wissenschaften	2 January 1984	14 October 1985
File:500 Schilling Otto Wagner obverse.JPG	File:500 Schilling Otto Wagner reverse.JPG	S 500	36.34	144 × 72 mm	Otto Wagner	Post Office Savings Bank, Vienna	1 July 1985	1986
File:1000 Schilling Erwin Schrödinger obverse.jpg	File:1000 Schilling Erwin Schrödinger reverse.jpg	S 1000	72.67	152 × 76 mm	Erwin Schrödinger	University of Vienna	3 January 1983	1983
File:5000 Schilling Mozart obverse.jpg	File:5000 Schilling Mozart reverse.jpg	S 5000	363.36	160 × 78 mm	Wolfgang Amadeus Mozart	Wiener Staatsoper	4 January 1988	17 October 1989
1997 Series
Image Front	Image Back	Value	Equivalent in euros (€)	Dimensions	Description		Date of
					Obverse	Reverse	printing	issue
File:500 Schilling Rosa Mayreder obverse.JPG	File:500 Schilling Rosa Mayreder reverse.JPG	S 500	36.34	147 × 72 mm	Rosa Mayreder	Rosa Mayreder	1 January 1997	20 October 1997
File:1000 Schilling Karl Landsteiner obverse.jpg	File:Tausend Schiling hinten ab 1997.jpg	S 1000	72.67	154 × 72 mm	Karl Landsteiner	Karl Landsteiner	1 January 1997	20 October 1997
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

See also

• Austrian euro coins
• Economy of Austria
• Edwin Grienauer
• shilling

References

• Krause, Chester L.; Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901–Present. Colin R. Bruce II (senior editor) (31st ed.). Krause Publications. ISBN 0873495934.
• Cuhaj, George S. (editor) (2006). Standard Catalog of World Paper Money: Modern Issues 1961-Present (12th ed.). Krause Publications. ISBN 0-89689-356-1. {{cite book}}: |author1= has generic name (help)

External links

• Overview of the Austrian Schilling from the BBC
• Library of Congress Country Studies Reports
• Banknotes Austria - Pictures of nearly all Austrian shilling banknotes
• colnect - catalogue by collectors > Coins > Austria (Österreich) > 1945~2002 - 2nd Republic (Schilling) Circulation (16), built 2003-2014
• The pre-Euro banknotes of Austria (in English and German)

Old Schilling

Preceded by: Austrian krone Reason: inflation Ratio: 1 Schilling = 10,000 Kronen

Currency of Austria 1925 – 1938

Succeeded by: German Reichsmark Reason: German annexation (Anschluss) Ratio: 1 Reichsmark = 1.5 Schilling

Allied Military Schilling

Preceded by: German Reichsmark Reason: restoration of sovereignty, under allied occupation Ratio: at par, limited to 150 schilling per person

Currency of Austria November 30, 1945 – November 1947

Succeeded by: New Schilling Reason: inflation Ratio: at par for the first 150 schilling per person, then 1 new Schilling = 3 Allied Military Schilling

New Schilling

Preceded by: Allied Military Schilling Reason: inflation Ratio: at par for the first 150 Schilling per person, then 1 Schilling = 3 allied military sSchilling

Currency of Austria 1947 – December 31, 2001 Note: euro existed as an accounting currency since 1 January 1999

Succeeded by: Euro Reason: deployment of euro cash Ratio: 1 euro = 13.7603 Schilling