Exchange rate forever the same

Still 6.8 billion schillings not exchanged

A fortune in schillings is apparently still hidden in cracks or long unworn items of clothing.

(Bild: APA/ROLAND SCHLAGER)

Almost seven billion schillings are still in circulation. The value has only fallen marginally compared to 2023. While 6.8 billion shillings worth a good 497 million euros had not been exchanged by the end of November last year, this figure was still 495.8 million euros at the same time in 2024 - and thus, rounded up, there are still 6.8 billion shillings "hiding". 

According to the National Bank, a total of 18.4 million schillings were exchanged for 1.3 million euros this year. According to the National Bank (OeNB), three billion of the billions of schillings are banknotes and 3.8 billion schillings are coins. Most of the "blues" (Schilling 1000s), "Mozarts" (5000s) and the like are found in items of clothing that have not been worn for a long time, in books between the pages and often also in many a hiding place in the attic or cellar during house clearances.

1.5 million shillings are exchanged for euros every month
Around 1.5 million schillings are still exchanged at the OeNB every month. In total, over 57,000 schilling banknotes and 2.8 million schilling coins were exchanged between January and November 2024. This resulted in a total of 18.4 million schillings or 1.3 million euros.

With 23,413 banknotes, the 20 schilling notes with the portrait of Moritz M. Daffinger were exchanged the most, followed by 20,983 exchanged 100 schilling notes with the portrait of Eugen Böhm von Bawerk. But it can also be small: this year alone, 850,000 one-schilling notes were exchanged.

One euro forever 13.7603 schillings aka the Alpine dollar
The euro was introduced as book money on January 1, 1999. In 2002, it became a "real", i.e. tangible, means of payment and replaced the schilling in Austria, the lire in Italy, the franc in France, the guilder in the Netherlands, the Deutschmark in Germany and other national currencies. 1 euro is forever worth 13.7603 schillings.

For the very young: One shilling is divided into 100 groschen. The smallest coin in circulation until the end was the "Zehnerl" - i.e. ten groschen. One such "Zehnerl" has the equivalent value of 0.007 euros (i.e. 0.7 cents).

Money museum takes you on a journey through time to the Alpendollar
Schilling nostalgics and money fans can also look forward to the second half of 2025, as the OeNB also announced: The central bank's Money Museum in Vienna will then be dedicated to the schilling, aka the Alpine dollar, and its introduction 100 years ago. The "hard currency", which was pegged solely to the D-Mark from the mid-1970s, was the currency of the Alpine republic from 1925 to 1938 and from 1945 until it was replaced by the euro.

The schilling had replaced the currency of the k.u.k. Monarchy, the crown. The crown was devalued after the First World War and its currency area collapsed.