AUSTRIA (1945-2002) - Austrian Schilling [ATS]

1 Schilling = 100 Groschen

Austrian Schilling [ATM] came back to circulation after World War 2 in its temporary form by the decision of Allied Occupation Council from November 30, 1945. Austrians were allowed to exchange German marks [DER] that were circulating during the war in ratio 1:1, but only up to amount of 150 ATM per person. Newly founded Central Bank of Austria issued temporary banknotes first and later coins in 1947. On December 4, 1947 a reformed Schilling was introduced [ATS]. Again the exchange ratio 1:1 was applied and again up to the amount of 150 ATS per person. Above this value the ratio was falling to 1 ATS for 3 ATM. Coins were not affected by the exchange limits, but there were few of them in circulation at that time. The reform brought stability of currency so in 1950 Austrians pegged Schilling to American dollar [USD] in ratio 1 USD for 26 ATS and in 1971 with the Special Drawing Rights [XDR]. In July 1976 Schilling was unofficially corrected towards German mark [DEM], because already back then Germany was the largest trade partner of Austria. On January 1st, 1999 the official currency for accounting became euro [EUR], but Schilling remained in circulation until February 28, 2002.