AskDefine | Define schilling

Dictionary Definition

schilling n : formerly the basic unit of money in Austria [syn: Austrian schilling]

User Contributed Dictionary

see Schilling

English

Noun

schilling
  1. The old currency of Autria, divided into 100 groschen

Translations

See also

Extensive Definition

The Schilling was the currency of Austria between 1924 and 1938 and again between 1945 and 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

First Schilling

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.

Second Schilling

The Schilling was reintroduced after World War II on November 30, 1945 by the Allied Military, who issued paper money (dated 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. Coins were not affected by this reform. 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 Deutsche 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 because of the introduction of the euro 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

First Schilling

In 1925, bronze 1 and 2 Groschen, cupro-nickel 10 Groschen and silver ½ and 1 Schilling coins were introduced, followed by cupro-nickel 5 Groschen in 1931. In 1934, cupro-nickel 50 Groschen and 1 Schilling were introduced, together with silver 5 Schilling. Coins were issued until 1938.

Second Schilling

Between 1947 and 1952, coins in denominations of 1, 2, 5, 10, 20 and 50 Groschen, 1, 2 and 5 Schilling were introduced. The 1, 2 and 50 Groschen, 1, 2 and 5 Schilling were struck in aluminium, as was the second type of 10 Groschen coin. The 5 Groschen and first type of 10 Groschen were in zinc, with the 20 Groschen struck in aluminium-bronze. The 1 Groschen was only struck in 1947, whilst the 20 Groschen and 2 Shilling coins were suspended from production in 1954 and 1952, respectively. In 1957, silver 10 Schilling coins were introduced, followed, in 1959, by aluminium-bronze 50 Groschen and 1 Schilling, and, in 1960, by silver 5 Schilling coins. Thus, the 5 Schilling coins went from an aluminium composition to a silver one, a highly unusual event made possible by the substantial improvement of the Austrian economy in the 1950s. Cupro-nickel replaced silver in the 5 and 10 Schilling coins in 1969 and 1974, respectively. An aluminium-bronze 20 Schilling coin was introduced in 1980.
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.
  1. 10 Schilling has pure nickel core
  2. Smoothly with 19 points until 1992. In 1993, all previous 20 Schilling coins were reissued with smooth edges.

Banknotes

First Schilling

In 1925, notes were introduced by the Austrian National Bank in denominations of 5, 10, 20, 100 and 1000 Schillinge (note the different spelling of the plural on this first series of notes). 50 Schilling notes were added in 1929.

Second Schilling

In 1945, the Allies introduced notes (dated 1944) in denominations of 50 Groschen, 1, 2, 5, 10, 20, 25, 50, 100 and 1000 Schilling. The National Bank also introduced notes in 1945, in denominations of 5, 10, 20, 50, 100 and 1000 Schilling. With the banknote reform of 1947, new notes were issued in denominations of 10, 20, 100 and 1000 Schilling, with 50 Schilling notes reintroduced in 1951, followed by 500 Schilling in 1953. In 1957, the 10 Schilling note was replaced by a coin. However, although 20 Schilling coins were issued from 1980, the 20 Schilling note continued to be produced, with 5000 Schilling notes added in 1988.
schilling in Bavarian: Östareichischa Schilling
schilling in Bosnian: Austrijski šiling
schilling in Catalan: Xíling austríac
schilling in Danish: Schilling
schilling in German: Österreichischer Schilling
schilling in Modern Greek (1453-): Αυστριακό Σελίνι
schilling in Spanish: Chelín austriaco
schilling in Esperanto: Aŭstra ŝilingo
schilling in French: Schilling autrichien
schilling in Italian: Scellino austriaco
schilling in Hungarian: Osztrák schilling
schilling in Dutch: Oostenrijkse schilling
schilling in Polish: Szyling austriacki
schilling in Portuguese: xelim austríaco
schilling in Russian: Шиллинг (Австрия)
schilling in Slovak: Rakúsky šiling
schilling in Finnish: Itävallan šillinki
schilling in Turkish: Avusturya Şilini
schilling in Ukrainian: Австрійський шилінг
schilling in Chinese: 奧地利先令
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