"Alpine Dollar" with History: 100 Years Ago the Schilling Came to Austria
After the collapse of the monarchy and massive currency devaluation, Austria faced a financial new beginning. The Oesterreichische Nationalbank (OeNB), founded in 1923, was tasked with creating a stable currency. With the support of the League of Nations and an international aid loan, the currency reform was finally successful.
100 Years of the Schilling: Austria's "Alpine Dollar" Celebrates Anniversary
On December 20, 1924, the Schilling Accounting Act was passed, which set the introduction of the Schilling for March 1, 1925. The exchange rate: 10,000 Kronen equaled 1 Schilling. The new currency gradually restored people's trust in money, emphasizes OeNB Director Eduard Schock.
Parallel to the introduction of the new currency, the new headquarters of the Oesterreichische Nationalbank at Otto-Wagner-Platz was also opened in 1925. The simple building in Alsergrund was intended to convey stability and security, in contrast to the monumental plans from the monarchy.
The Schilling was Austria's official currency from 1925 to 1938 and after World War II from 1945 to 2002. From the 1970s, it was firmly pegged to the Deutsche Mark and became known as a "hard currency." In 1999, the Euro was introduced initially as book money, and from 2002 as cash. The official exchange rate remains: 1 Euro = 13.7603 Schilling.
Almost 7 Billion Schilling Still in Circulation
For nostalgics: The Schilling was divided into 100 Groschen. Particularly popular was the "Zehnerl" – a 10-Groschen coin, equivalent to a current value of 0.7 cents.
Although the Schilling has not been a legal tender for over 20 years, around 495 million Euros (almost 7 billion Schilling) have not been exchanged to this day.
Money enthusiasts can also look forward to a special exhibition: In the fall of 2025, the OeNB's Money Museum will dedicate its own exhibition to the Schilling and its history.
(APA/Red)
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