More than two decades after the introduction of the Euro, Austrians still hold significant amounts of Schilling. According to the Austrian National Bank (OeNB), by the end of November 2024, there are still 6.8 billion Schilling, equivalent to 495.8 million Euros, that have not been exchanged.
In comparison to last year, when the total sum was 497 million Euros, this is a barely noticeable decline.
What’s particularly remarkable is that three billion Schilling are still “hidden” in the form of banknotes and 3.8 billion in the form of coins. The OeNB reports that the discovery of these funds is often accidental, found in old clothes, between book pages, or in dusty corners of attics and cellars.
Popular among the found items are the iconic 1,000-Schilling banknotes, known as “Blau”, and the 5,000-Schilling banknotes featuring Mozart’s portrait.
Between January and November 2024, a total of 18.4 million Schilling, equivalent to 1.3 million Euros, were exchanged. On average, 1.5 million Schilling changed hands each month.
Notably, a large number of old 20-Schilling banknotes with the portrait of Moritz M. Daffinger and 1-Schilling coins, of which 850,000 alone were exchanged this year, stood out.
The eternal value of the Schilling
Since January 1, 1999, the Euro has been in use as book money in Austria, and in 2002, it replaced the Schilling as cash. The exchange rate remains unshaken: one Euro is equivalent to 13.7603 Schilling.
For nostalgic citizens, the option to exchange banknotes and coins of the last Schilling series, free of charge and without time limit, remains at the OeNB in Euros.
The Schilling, once known as the “Alpendollar”, has its roots deep in Austrian history. Introduced in 1925, it replaced the devalued Krone and served as a symbol of stability and independence until 1938 and from 1945 until the introduction of the Euro.
For nostalgics, the year 2025 offers a special occasion: the OeNB plans an exhibition to mark the 100th anniversary of the Schilling at the Vienna Coin Museum.
The end of the Schilling?
Whether the remaining 6.8 billion Schilling will ever be fully accounted for, remains uncertain. A part might be irretrievably lost, either through destruction or simple forgetfulness.
At the same time, the fascination with the old currency seems unbroken – between nostalgia and practical exchange, the Schilling continues to live on.