Austrian schilling explained

Austrian schilling
Local Name:	Schilling
Local Name Lang:	de
Image 1:	Austrian 20-Schilling note, circa 1988.jpg
Image Title 1:	20 schilling note, issued in 1986
Image Title 2:	20 schilling coin
Inflation Rate:	2%
Inflation Source Date:	CIA World Factbook 2001
Iso Code:	ATS
Using Countries:	None, previously:
Erm Since:	19 June 1989
Erm Fixed Rate Since:	31 December 1998
Euro Replace Non Cash:	1 January 1999
Euro Replace Cash:	1 March 2002
Replaced Currency:	Austrian krone
Erm Fixed Rate:	S 13.7603
Subunit Name 1:	groschen
Symbol:	S or öS
Plural:	Schilling
Plural Subunit 1:	Groschen
Frequently Used Coins:	10 & 50 groschen, 1, 5 & 10 schilling
Rarely Used Coins:	1, 2 & 5 groschen, 20 & 50 schilling
Frequently Used Banknotes:	20, 50, 100, 500 & 1000 schilling
Rarely Used Banknotes:	5000 schilling
Issuing Authority:	Oesterreichische Nationalbank
Mint:	Münze Österreich
Obsolete:	yes

The schilling (German: Schilling; pronounced as /de/) 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

Following the Carolingian coin reform in 794 AD, new units of account were introduced including the schilling which consisted of 12 silver pfennigs. It was initially only a coin of account but later became an actual coin produced in many European countries.

Before the modern Austrian schilling

The currencies predating the schilling include:

• The florin, in existence as a currency of the Holy Roman Empire since the 16th century, divided into 8 Schillings = 60 Kreuzer = 240 Pfennigs
• The Austro-Hungarian gulden after 1857, divided into 100 Neukreuzer
• The Austro-Hungarian krone, introduced in 1892 upon adoption of the gold standard; and
• The Austrian crown, introduced for Austria in 1919 upon the dissolution of the Austro-Hungarian Empire.

In mediaeval Austria there were short and long schilling coins, valued at 12 and 30 pfennigs respectively. Until 1857, the schilling was a currency unit for 30 pfennigs or kreuzers. The Austrian groschen (also known as the Kaisergroschen, lit. “emperor's groschen/groat”) was a silver coin worth 12 pfennigs = 3 kreuzers = schillings.^[1]

First Austrian schilling

The schilling was established by the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924, at a rate of one schilling to 10,000 kronen and issued on 1 March 1925. The schilling was abolished in the wake of Germany's annexation of Austria in 1938, when it was exchanged at a rate of 1.50 schilling for one Reichsmark.

Second Austrian schilling

The schilling was reintroduced after World War II on 30 November 1945 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 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 21 November 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 until July 1976, when it 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 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.^[2]

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 1, 5, 10, and 50 groschen were initially made from leftover blanks from the wartime pfennig issues. 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^[3] ^[4] ^[5]
Image	Value		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	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	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	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
	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
	S 5	36.34 cent	23.5 mm	4.8 g	Cupronickel^1 75% copper 25% nickel	Smooth	State title, horse rider	Shield, value, year of minting	1968	15 January 1969	1998	31 December 2001
	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
	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
	S 20						State title, value, shield, year of minting	Various commemorative subjects	1982	27 March 1982	2001	31 December 2001
		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

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

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

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.^[6] 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^[7]
Image Front	Image Back	Value	Equivalent in euros (€)	Dimensions	Description		Date of			Color
					Obverse	Reverse	printing	issue	withdrawal
		S 20	1.45	123 × 61.5 mm	Moritz Daffinger	Albertina (Vienna)	1 October 1986	19 October 1988	28 February 2002	Olive
		S 50	3.63	130 × 65 mm	Sigmund Freud	Josephinum (Alsergrund, Vienna)	2 January 1986	19 October 1987	28 February 2002	Pink
		S 100	7.27	137 × 68.5 mm	Eugen von Böhm-Bawerk	Akademie der Wissenschaften	2 January 1984	14 October 1985	28 February 2002	Green
		S 500	36.34	144 × 72 mm	Otto Wagner	Post Office Savings Bank, Vienna	1 July 1985	20 June 1986	20 April 1998	Orange
		S 1000	72.67	152 × 76 mm	Erwin Schrödinger	University of Vienna	3 January 1983	14 November 1983	20 April 1998	Blue
		S 5000	363.36	160 × 78 mm	Wolfgang Amadeus Mozart	Wiener Staatsoper	4 January 1988	17 October 1989	28 February 2002	Brown
1997 Series
Image Front	Image Back	Value	Equivalent in euros (€)	Dimensions	Description		Date of			Color
					Obverse	Reverse	printing	issue	withdrawal
		S 20	1.45	123 x 72 mm	Gustav Klimt		1 January 1995	1997 but never released in circulation due to Euro	never issued	Yellow
		S 50	3.63	130 × 72 mm	Ida Laura Pfeiffer		1 January 1995	1997 but never released in circulation due to Euro	never issued	Pink
		S 100	7.27	137 × 72 mm	Franz Schubert		1 January 1995	1997 but never released in circulation due to Euro	never issued	Green
		S 500	36.34	147 × 72 mm	Rosa Mayreder	Austrian Women's Associations federal conference in Vienna in 1911	1 January 1997	20 October 1997	28 February 2002	Orange
		S 1000	72.67	154 × 72 mm	Karl Landsteiner	Landsteiner at work in a laboratory	1 January 1997	20 October 1997	28 February 2002	Blue
		S 5000	363.36	160 × 72 mm	Marie von Ebner-Eschenbach		1 January 1995	1997 but never released in circulation due to Euro	never issued	Brown

See also

• Austrian euro coins
• Economy of Austria
• Edwin Grienauer
• Shilling
• Schilling (unit) - unit of coinage that preceded the Austrian schilling

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

Notes and References

1. Book: Eissenbeiss . Philipp . Neuer allgemeiner Contorist oder Handbuch zur Kenntniß der Wechsel- und Staatspapier-Preise: der Rechnungs- und geprägten Münzen, der Maasse und Gewichte aller Länder in und ausser Europa, mit ihren gehörigen Vergleichungen untereinander. vol. 2 . 1830 . Hinrichs . 483 .
2. News: Gold and silver shillings of Austria. 2018-06-14. Knowledge base - GoldAdvert. 2018-06-15. en-US.
3. Web site: Oesterreichische Nationalbank . Oesterreichische Nationalbank . Gesamtverzeichnis der Schillingmünzen von 1947 bis 2001 . 2006-10-23 . de . https://web.archive.org/web/20061110103954/http://www.oenb.at/en/img/schillingmuenzen_tcm16-774.pdf . 2006-11-10 . dead .
4. Web site: Münze Österreich . Coin Catalogue . 2006-10-23 . https://web.archive.org/web/20080205070615/http://austrian-mint.at/cms/cms.php?pageName=155 . 2008-02-05 . dead .
5. Web site: Oesterreichische Nationalbank . Oesterreichische Nationalbank . Circulation Coinage . 2006-10-23 . https://web.archive.org/web/20050317113502/http://www.austrian-mint.com/e/hartgdmen.html . 2005-03-17.
6. http://www.oenb.at/de/ueber_die_oenb/geldmuseum/064_Sammlung/alliierte_militaerschilling-noten_serie_1944_ausgabe_der_alliierten_militaerbehoerde_fuer_oesterreich.jsp#tcm:14-213895 Allied Military Currency
7. Web site: Oesterreichische Nationalbank . Oesterreichische Nationalbank . From the Schilling to the Euro . 2006-10-23 . https://web.archive.org/web/20060924043631/http://www.oenb.at/en/ueber_die_oenb/geldmuseum/oesterr_geldgeschich/schilling/from_the_schilling_to_the_euro.jsp . 2006-09-24 . dead .