Austrian schilling

Austrian Schilling is the currency that was used in Austria before the adoption of the euro. It was first introduced in 1924 after the hyperinflation of the Austro-Hungarian krone at the end of the World War I. The Austrian Schilling was reintroduced in 1945, after the World War II, replacing the Reichsmark.

History

The Austrian Schilling was introduced in Austria in 1924 as a replacement for the unstable Austro-Hungarian krone. This was a result of the economic instability following World War I. The Schilling was pegged to the Gold Standard and was divided into 100 groschen.

During World War II, Austria was annexed by Nazi Germany and the Schilling was replaced by the Reichsmark. After the end of the war and the restoration of Austrian independence, the Schilling was reintroduced in 1945.

The Austrian Schilling remained in circulation until 2002, when it was replaced by the Euro. The exchange rate was set at 13.7603 Schilling to 1 Euro.

Coins and Banknotes

Throughout its history, the Austrian Schilling was issued in both coin and banknote form. Coins were issued in denominations of 1, 2, 5, 10, 20, 50 groschen and 1, 5, 10, 20, 50, 100, 200, 500, 1000, 2000, 5000 schilling. Banknotes were issued in denominations of 20, 50, 100, 200, 500, 1000, 5000 schilling.

Legacy

Even though the Austrian Schilling is no longer in circulation, it still holds a significant place in Austrian history and culture. It is often used as a symbol of national identity and is frequently referenced in Austrian literature and media.

See Also

• Economy of Austria
• History of Austria
• Euro
• Austro-Hungarian krone
• Reichsmark

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