The schilling (German: Schilling; German pronunciation: [ˈʃɪliŋ] ) 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.

Austrian schilling
Schilling (German)
20 schilling note, issued in 1986
ISO 4217
CodeATS
Unit
PluralSchilling
SymbolS or öS
Denominations
Subunit
1100groschen
Plural
groschenGroschen
Banknotes
 Freq. used20, 50, 100, 500 & 1000 schilling
 Rarely used5000 schilling
Coins
 Freq. used10 & 50 groschen, 1, 5 & 10 schilling
 Rarely used1, 2 & 5 groschen, 20 & 50 schilling
Demographics
ReplacedAustrian krone
User(s)None, previously:
 Austria
Issuance
Central bankOesterreichische Nationalbank
 Websitewww.oenb.at
MintMünze Österreich
 Websiteaustrian-mint.com
Valuation
Inflation2%
 SourceCIA World Factbook 2001
EU Exchange Rate Mechanism (ERM)
Since19 June 1989
Fixed rate since31 December 1998
Replaced by euro, non cash1 January 1999
Replaced by euro, cash1 March 2002
1 € =S 13.7603
This infobox shows the latest status before this currency was rendered obsolete.

History edit

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 edit

The currencies predating the schilling include:

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 7+12 kreuzers. The Austrian groschen (also known as the Kaisergroschen, lit. “emperor's groschen/groat”) was a silver coin worth 12 pfennigs = 3 kreuzers = 25 schillings.[1]

First Austrian schilling edit

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 edit

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 edit

First schilling edit

In 1925, bronze 1 and 2 groschen, cupro-nickel 10 groschen, and silver 12 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 edit

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 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 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 Cupronickel1
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
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 edit

First schilling edit

 
1 Schilling (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 edit

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
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

See also edit

References edit

  1. ^ Eissenbeiss, Philipp (1830). 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. Hinrichs. p. 483.
  2. ^ "Gold and silver shillings of Austria". Knowledge base - GoldAdvert. 14 June 2018. Retrieved 15 June 2018.
  3. ^ Oesterreichische Nationalbank. "Gesamtverzeichnis der Schillingmünzen von 1947 bis 2001" (PDF) (in German). Archived from the original (PDF) on 10 November 2006. Retrieved 23 October 2006.
  4. ^ Münze Österreich. "Coin Catalogue". Archived from the original on 5 February 2008. Retrieved 23 October 2006.
  5. ^ Oesterreichische Nationalbank. "Circulation Coinage". Archived from the original on 17 March 2005. Retrieved 23 October 2006.
  6. ^ Allied Military Currency Archived July 21, 2011, at the Wayback Machine
  7. ^ Oesterreichische Nationalbank. "From the Schilling to the Euro". Archived from the original on 24 September 2006. Retrieved 23 October 2006.

External links edit

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
30 November 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 – 31 December 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