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This article is about the currency. See Schilling of Solothurn for the Swiss family. The Schilling was the currency of Austria until 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 The Schilling was established by the Schilling Act (Schillingrechnungsgesetz) of December 20, 1924 at a rate of 1 Schilling to 10,000 Austro-Hungarian Kronen and issued on 1 March 1925. The Schilling was abolished in the wake of the Anschluss (1938), when it was exchanged at a rate of 1 German Reichsmark to 1.5 Schilling. The Schilling was reintroduced after World War II on November 30, 1945 by the Allied Military, who issued paper money (dates 1944) in denominations of 50 Groschen up to 100 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 in 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 Schilling thereafter. 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, and then in July 1976 the Schilling 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 by 28 February of that year. Schilling banknotes and coins which were valid at the time of the introduction of the euro will remain exchangeable for euros at any branch of the Austrian National Bank (Oesterreichische Nationalbank) indefinitely. Coins At the time of the changeover to the euro, coins in circulation were the following. Coins under 10 Groschen were rarely seen in circulation during the final years of validity. Note Banknotes The last two series of Austrian banknotes before euro. See also | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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