Schilling bargains: So much money is unused in our cupboards!

It has been almost 100 years since the Schilling was introduced as a new currency in Austria. The Austrian National Bank (OENB) looks back on the challenges of hyperinflation that the country shook after the First World War. On December 20, 1924, the Schilling calculation law was adopted, which turned 10,000 crowns a shilling. On March 1, 1925, the new era for the Austrian currency began when the euro was still in the distant future and the Schilling brought people back the lost trust in money, as OENB director Eduard Schock reported.

But while the currency history has unfolded, almost 7 billion shillings are currently in circulation, which are the equivalent of over 495 million euros, but have not been exchanged. This is confirmed by the OENB, whereby the value has only dropped marginally in the year. From January to November 2024, 18.4 million Schilling were exchanged for 1.3 million euros. The banknotes collectors have once again brought up topics for discussion, since many shillings and notes are discovered in old clothing or when clearing out houses. The "blue" (1,000 schilling) and the "Mozarts" (5,000 Schilling) are particularly common.

memories and exhibitions

For shilling lovers there is also light at the end of the tunnel: The OENB monetary museum in Vienna is planning a special exhibition to celebrate the 100th anniversary of the shilling in 2025. From 1925 to 1938 and then from 1945 until the introduction of the euro, the Schilling was the currency of the Alpine Republic, which replaced the devalued crown. The nostalgia around the old currency remains alive, because many remaining shilling banknotes are part of today and awaken memories of earlier days.

In summary, it can be said that even decades after its dismissal of the Schilling in the hearts of many Austria, a special place still takes up, with a stable conversion course - 1 euro always corresponds to 13,7603 Schilling.