On March 1, 1925, Austria introduced the Schilling as its official currency following the collapse of the monarchy and the hyperinflationary devaluation of its predecessor, the Krone. The Austrian Schilling was the official currency from 1925 to 1938 and from 1945 until the introduction of the Euro. The Euro was first introduced as book money on January 1, 1999, and became tangible currency in Austria and over 20 other EU countries in 2002.
The Austrian National Bank (OeNB), founded in 1923, inherited the difficult task from the former monarchy’s central bank to curb hyperinflation and stabilize the currency. After Austria received a credit from the League of Nations with the condition of major economic reforms, the currency reform was successfully carried out. The Schilling Law was passed on December 20, 1924.
10,000 Kronen for 1 Schilling
The law established the introduction of the Schilling on March 1, 1925, with a conversion rate of 10,000 Kronen to 1 Schilling. 1 Euro will always be equal to 13.7603 Schilling.
“OeNB Director Eduard Schock, in charge of payment transactions, noted that while the new currency did not immediately restore people’s trust in money after hyperinflation, it gradually did so over time.”
For the Younger Generation: One Schilling was divided into 100 Groschen. The smallest and most commonly circulated coin was the “Zehnerl” (10 Groschen), equivalent to 0.007 Euro (0.7 cents). It was often collected.
As reported by the APA at the turn of the year, nearly 7 billion Schilling are still in circulation, amounting to roughly 495 million Euros that have yet to be exchanged.
Schilling Nostalgia and Collectors’ Interest
Schilling enthusiasts can look forward to the second half of 2025 when the OeNB’s Money Museum in Vienna will dedicate an exhibit to the Schilling and its introduction 100 years ago. The “hard currency,” which was pegged solely to the Deutsche Mark from the mid-1970s, was Austria’s currency from 1925-1938 and from 1945 until the Euro replaced it.
The OeNB’s New Headquarters in 1925
The desire for stability was also reflected in the design of the OeNB’s new headquarters on Otto-Wagner-Platz. Its opening on March 22, 1925, occurred almost simultaneously with the issuance of the first Schilling banknote, the 100 Schilling note, on March 26, 1925. The simple building, which was seen by the National Bank as providing “security,” was the result of a radical overhaul of the original plans from the monarchy, which had envisioned a massive bank palace with a tower on Alserstraße.
