Commemorative stamp presentation, 100-year anniversary of the Austrian schilling

In March 1925, the Schilling was introduced in Austria as part of a currency reform. For many decades, it accompanied Austrians in their daily lives and would have celebrated its 100th anniversary this year. To mark this occasion, Austrian Post is issuing a dedicated miniature sheet.
 
Walter Oblin, CEO, Austrian Post:“Throughout its history, Austrian Post has witnessed and commemorated several currencies on its stamps. With the Schilling, we are not only honouring one of the most stable currencies in Europe, but also the longstanding collaboration between Austrian Post and the National Bank. This stamp symbolises the historical significance of the Schilling and the role both institutions have played in Austria’s economic development. It allows us to preserve a very special story.”
 
Robert Holzmann, Governor, Austrian National Bank: “Following the collapse of the Habsburg monarchy, the newly established Austrian National Bank succeeded in restoring public confidence in a stable currency with the introduction of the Schilling on 1 March 1925, after overcoming the hyperinflation of the early 1920s. The Schilling proved its worth again during the Second Republic and was eventually succeeded by the euro—first as electronic currency in 1999, and since 1 January 2002 also in cash form. Today, people hold in their hands one of the most stable and secure currencies in the world.”

THE AUSTRIAN SCHILLING  

The hyperinflation following the end of the First World War and the dissolution of the Habsburg monarchy led to a dramatic rise in prices in the newly founded Republic of Austria. Government loans significantly increased the money in circulation, drastically devaluing the Austrian Krone. A currency reform brought the urgently needed economic stability: on 1 March 1925, the Austrian Schilling was introduced as the new currency. 10,000 Kronen could be exchanged for one Schilling, and prices gradually stabilised.

Despite the global economic crisis, the Schilling went on to become one of Europe’s most stable currencies, earning the nickname “Alpine dollar”. One Schilling was subdivided into 100 Groschen. During Austria’s annexation by Nazi Germany from 1938 to 1945, the Schilling was replaced by the Reichsmark. After the Second World War, it was reintroduced and remained in circulation until the adoption of the euro: since 1999 the euro has served as electronic currency, and since 2002 also in cash form, as the official currency of the euro area.

 

Where? 
Austrian National Bank, Otto-Wagner-Platz 3, 1090 Vienna

Group pictures:
Picture of presentation: © OeNB
Picture 1 (left to right): Walter Oblin, CEO, Austrian Post, with Robert Holzmann, Governor, Austrian National Bank, at the presentation of the commemorative stamp "100-year anniversary of the Austrian  Schilling" (© OeNB)