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Austria Banknotes: History, Notable Notes & Collecting Guide
From the imperial Austro-Hungarian krone, through the "Alpendollar" schilling, to the euro, Austria's paper money traces an empire, a hyperinflation, and a hard-currency comeback.
Last updated: July 2026
Austria uses the euro today. It replaced the Austrian schilling at a fixed rate of 13.7603 schilling per euro when euro cash entered circulation on 1 January 2002. The schilling was withdrawn on 28 February 2002, leaving the euro as sole legal tender from 1 March 2002 (Oesterreichische Nationalbank). Austria's two historic national paper currencies are the Austro-Hungarian krone (crown), issued by the Austro-Hungarian Bank from 1892 to 1918, and the Austrian schilling, issued by the Oesterreichische Nationalbank from 1925 to 1938 and again from 1945 to 2002.
Euro since 2002 Schilling 1925 to 2002 Krone 1892 to 1918
What currency does Austria use, and what came before it?
Austria has used the euro since euro banknotes and coins entered circulation on 1 January 2002, replacing the schilling at a fixed conversion of 13.7603 schilling to one euro (Oesterreichische Nationalbank). For collectors, that makes Austria a "closed chapter" market: no new schilling or krone notes will ever be printed, so the supply is fixed and every note in circulation among collectors is historical.
Two national currencies came before the euro. The Austro-Hungarian krone (also written "crown," and subdivided into 100 heller) was the money of the Habsburg empire from 1892 until the empire dissolved in 1918. The Austrian schilling (subdivided into 100 groschen) then served the First and Second Austrian Republics from 1925 to 1938 and again from 1945 to 2002. Between those two currencies sits one of the twentieth century's notable monetary collapses, the Austrian hyperinflation of the early 1920s.
How did Austria's krone and schilling come to be?
The krone was adopted in 1892 when Austria-Hungary moved onto the gold standard, replacing the earlier gulden (florin). It was issued by the Austro-Hungarian Bank and circulated across the whole empire, so imperial-era notes are typically ornate and multilingual, reflecting the many peoples of the Habsburg lands (Wikipedia, "Austro-Hungarian krone").
When the empire broke apart in 1918, the successor states began overprinting krone notes to restrict them to their own territory. Austria did so in March 1919, and the German-Austrian rump state was left with a separate Austrian krone and a shattered economy.
Austria's post-World War I hyperinflation is one of the classic cases economists study alongside Germany's. The European Center of Austrian Economics Foundation reports an annual inflation rate of roughly 10,000 percent between January 1921 and August 1922. Note circulation ballooned as the money supply grew from about 12 billion kronen at the start of 1920 to roughly 147 billion by the end of 1921, and by August 1922 consumer prices were about 14,000 times their pre-war level (Wikipedia, "Austro-Hungarian krone"). The Cato Institute's Hanke-Krus World Hyperinflation Table lists Austria among the world's documented hyperinflation episodes, peaking in 1922. See how it ranks in our guide to every hyperinflation, ranked.
The spiral was broken through international intervention. Under the Geneva Protocol of October 1922, the League of Nations arranged a stabilization loan on the condition that Austria end deficit spending and set up a central bank independent of the government. The Oesterreichische Nationalbank was established by statute on 14 November 1922 and began operations on 1 January 1923, and it remains Austria's central bank today (Oesterreichische Nationalbank).
With prices stabilized, Austria retired the ruined krone. The Schilling Conversion Act (Schillingrechnungsgesetz) of 20 December 1924 created the schilling effective 1 January 1925, and notes entered circulation from 1 March 1925 at a rate of 10,000 kronen to one schilling. The Oesterreichische Nationalbank issued the first schilling notes in denominations of 1, 5, 10, 20, 100, and 1,000 schilling. The currency proved so steady in the following decades that it earned the nickname "Alpendollar," or Alpine dollar, as one of Europe's more reliable currencies.
The schilling was interrupted twice. After Germany annexed Austria in 1938, the schilling was withdrawn and exchanged for the German Reichsmark at 1.50 schilling per Reichsmark. Following World War II, the schilling was reintroduced on 30 November 1945, initially through Allied military notes dated 1944. It then served independent Austria until the euro arrived, first as an accounting currency in 1999 and then as physical cash in 2002.
Which Austrian banknotes do collectors look for?
Austrian collecting spans two currencies and several distinct eras, each with its own look and story. The table below is a general map of what circulates in the collector market. Specific catalog (Pick) numbers, scarcity, and value vary widely by issue, series, and condition, so treat this as an orientation rather than a price list.
| Era / issuer | Period | What collectors look for |
|---|---|---|
| Austro-Hungarian krone (Austro-Hungarian Bank) | 1892 to 1918 | Ornate, multilingual imperial-era crown notes from the Habsburg monarchy |
| Austrian krone, hyperinflation issues | 1919 to 1924 | High-denomination emergency notes and overprinted former imperial notes from the early-1920s inflation |
| First schilling (Oesterreichische Nationalbank) | 1925 to 1938 | Early "Alpendollar" schilling notes from the First Republic, a short series ended by the 1938 Anschluss |
| Reichsmark occupation period | 1938 to 1945 | German Reichsmark circulated in place of the schilling during annexation |
| Second schilling and Allied military issues | 1945 to 2002 | Postwar Allied military schillings (dated 1944) and later Oesterreichische Nationalbank schilling designs |
| Euro | 2002 to present | Shared euro banknotes; the schilling has been withdrawn from circulation |
How do I start collecting Austrian banknotes?
A few practical starting points make Austria an approachable and rewarding country to collect:
- Pick a lane. Many collectors specialize, for example imperial krone notes, hyperinflation-era issues, or the interwar and postwar schilling. A focus makes a collection coherent and easier to complete.
- Prioritize condition. Since schilling and krone notes can no longer be spent, they are collected for history and design, and grade drives value. Crisp, uncirculated examples command a premium over well-worn notes. See our banknote grading guide for the scale.
- Consider graded notes for scarce issues. For rarer or higher-value pieces, a note certified by a third-party grading service (such as PMG or PCGS) offers an independent opinion on authenticity and condition. Browse our graded banknotes.
- Learn the vocabulary. Terms like overprint, series, and denomination come up constantly with Austrian material. Our banknote glossary explains the basics.
If the hyperinflation angle draws you in, Austria pairs naturally with other collapse-era currencies. Our broader guide to collecting world banknotes shows how to build a themed set.
Where can I buy Austrian banknotes?
You can browse our current Austria selection at the Austria banknotes category. Every listing is described by era and condition so you know exactly what you are getting.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.
Austria banknotes FAQ
What currency does Austria use today?
Austria has used the euro since euro banknotes and coins entered circulation on 1 January 2002, replacing the Austrian schilling at a fixed rate of 13.7603 schilling to one euro.
What was Austria's currency before the euro?
Before the euro, Austria used the Austrian schilling from 1925 to 1938 and again from 1945 to 2002. Before the schilling, the Austro-Hungarian krone (crown) circulated from 1892 until the empire dissolved in 1918.
Did Austria have hyperinflation?
Yes. After World War I the Austrian krone collapsed in the early 1920s. The European Center of Austrian Economics Foundation reports an annual inflation rate of roughly 10,000 percent between January 1921 and August 1922, and the currency was stabilized only after a League of Nations loan led to the founding of the Oesterreichische Nationalbank.
Who issued Austrian banknotes?
The Austro-Hungarian krone was issued by the Austro-Hungarian Bank. The schilling was issued by the Oesterreichische Nationalbank (the Austrian National Bank), which began operations on 1 January 1923 and still serves as Austria's central bank within the euro system.
Are old Austrian schilling banknotes worth collecting?
Old schilling notes are collected for their history and design rather than face value, since the schilling can no longer be spent. Condition drives value, so collectors favor crisp, uncirculated examples and, for scarce issues, notes graded by a third-party service.