The first coins that circulated in Austria were Greek issued paid to Celtic warriors employed as mercenaries during the third century BC. Celtic coins circulated until the Roman conquest of current-day Austria around 15 BC. Silver mines in Carinthia provided the metal for the Freisacher pfennigs struc in the twelfth and thirteenth centuries by the Archbisop of Salzburg.
The Austrian Empire under the House of Hapsburgs ruled Austria from 1274 until the collapse of the Austrian-Hungarian Empire after World War I. Gold coins were introduced under Albert II (1359-58). Maximilian (1493-1519) reformed the coinage of the empire with one silver Taler equal to one gold Gulden/florin of 60 kreuzer, rising to 120 kreuzer by 1692. Maria Teresa Thalers became an important trade currency in Turkey, the Levant and Ethiopia and were struck until the 1960s.
The Austrian Empire (Kaisertum Österreich) was established on August 11, 1804, and in 1867 it was conjoined with Hungary to form the Austro-Hungarian Empire. The Republic of German-Austria (Deutsch-Osterreich, renamed the Republic of Austria in 1919) was established on November 12, 1918, it was annexed by Germany on March 13, 1938 as the state of Ostmark (dissolving into the Reichsgaue on May 1, 1939). The Republic of Austria was founded on April 27, 1945, though it remained under Allied occupation until 1955.
Austria followed the Holy Roman Empire’s monetary policies. Under the Edict of Ferdinand II in 1623, the Holy Roman Empire was divided into three currency areas. Austria and southwestern Germany (Bavaria, Swabia, Franconia and Rhineland) used the Gulden equal to 60 Kreuzer and 240 Pfennig, northern Germany used the Thaler of 30 Groschen and eastern Germany (Hamburg) used the Mark of 16 Schilling and 192 Pfennig. The Austrian Gulden was divisible into 60 Kreuzer and 240 Pfennig for Account Gulden (XATA), and also divisible into 480 Pfennige for coins.
The Conference of Leipzig in 1690 and the Convention of Vienna on September 21, 1753 reinforced these currency areas, the latter fixing the exchange rate between the Thaler and Convention Gulden (XATC) at 1 Thaler equal to 1.50 Gulden. There was no centralized issuing authority for the Holy Roman Empire. Each principality, bishopric or other political entity could issue its own coins. Specie rates and Unit of Account rates often fluctuated from one area to another, but the Gulden, Thaler and Mark were followed as standards for each area.
Austria began issuing banknotes (ATP) through the Banco-Zettel after the Convention of Vienna in 1753. The banknotes fluctuated in value relative to specie throughout the Eighteenth and Nineteenth Centuries. The paper Gulden fluctuated in value relative to specie money as Austria-Hungary made repeated attempts to stabilize its currency in the 1800s.
Austria-Hungary joined the Convention of Germanic Monetary union on January 24, 1857 issuing Monetary Union Gulden (XATG), then withdrew in 1867, but continued to issue Gulden (ATG). Austria-Hungary linked its currency to the Latin Monetary Union on March 9, 1870, though it was not a formal member of the Union. When Austria-Hungary moved to the Gold Standard on August 2, 1892, they replaced the Gulden with the Krone (ATK) with 2 Kronen equal to 1 Gulden. The Krone was divisible into 100 Heller.
When Austria became a republic after World War I, it continued to use the Krone. Post-war inflation led to the collapse of the Krone, and the Schilling (ATO) replaced the Krone at the rate of 10,000 Kronen equal 1 Schilling. When Austria was annexed by Germany, the German Reichsmark (DER) replaced the Austrian Schilling, and the Austrian Schilling ceased to be legal tender on April 25, 1938. When the Allies liberated Austria, an Allied Military Schilling (ATM) was issued.
The Schilling was reintroduced in December 1945, and people were allowed to convert Reichmarks into the new Schillings at par. The Post-war Schilling was introduced on December 4, 1947. Debts without limit and banknotes up to 150 Schillings were converted at par, but additional financial assets were converted at the rate of 1 new Schilling (ATS) equal to 3 old Schillings.
Austria adopted the Euro (EUR) as its currency on January 1, 1999 at the rate of 1 Euro equals 13.7603 Schillings. Euro banknotes began circulating in Austria on January 1, 2002, and the Austrian Schilling ceased to be legal tender in Austria on February 28, 2002. The Schilling was divisible into 100 Groschen and the Euro is divisible into 100 Cents.
Banknotes were issued by the Wiener Stadt Banco from 1759 until 1811, by the Oesterreichische National Zettel Bank from 1816 until 1825, by the Privilegirte Oesterreichische National-Bank from 1825 until 1863, by the Staats-Central-Casse from 1848 until 1892, by the Oesterreichisch-Ungarische Bank from 1880 until 1919, by the Austrian Government from 1922 until 1924, by the Oesterreichische Nationalbank from 1924 until 2002, and by the European Central Bank beginning in 2002.
Austria-Hungary occupied parts of Serbia, Montenegro, Romania and Italy during World War I, but did not issue separate banknotes during the occupation. The Austrian National Bank was absorbed into the German Reichsbank between 1938 and 1945.
To see my collection of Austrian Notegeld, please click here. |
