Austrian schilling

The schilling (German: Schilling; ˈʃɪliŋ) was the currency of Austria from 1925 to 1938 and from 1945 to 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. Following the Carolingian coin reform in 794 AD, new units of account were introduced including the schilling which consisted of 12 silver pfennigs. It was initially only a coin of account but later became an actual coin produced in many European countries. The currencies predating the schilling include: The florin, in existence as a currency of the Holy Roman Empire since the 16th century, divided into 8 Schillings = 60 Kreuzer = 240 Pfennigs The Austro-Hungarian gulden after 1857, divided into 100 Neukreuzer The Austro-Hungarian krone, introduced in 1892 upon adoption of the gold standard; and The Austrian crown, introduced for Austria in 1919 upon the dissolution of the Austro-Hungarian Empire. In mediaeval Austria there were short and long schilling coins, valued at 12 and 30 pfennigs respectively. Until 1857, the schilling was a currency unit for 30 pfennigs or kreuzers. The Austrian groschen (also known as the Kaisergroschen, lit. “emperor's groschen/groat”) was a silver coin worth 12 pfennigs = 3 kreuzers = schillings. The schilling was established by the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924, at a rate of one schilling to 10,000 kronen and issued on 1 March 1925. The schilling was abolished in the wake of Germany's annexation of Austria in 1938, when it was exchanged at a rate of 1.50 schilling for one Reichsmark. The schilling was reintroduced after World War II on 30 November 1945 by the Allied Military, who issued paper money (dated 1944) in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1000 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.