Still 6.8 billion schillings not exchanged for euros

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Almost 7 billion schillings are still in circulation. The value has only fallen marginally compared to 2023. While 6.8 billion schillings worth a reasonable 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 schillings “hiding.” A total of 18.4 million schillings were exchanged for 1.3 million euros this year, the National Bank announced.

According to the National Bank (OeNB), three billion schillings are banknotes, and 3.8 billion schillings are coins. Most “blue ones” (1,000 schillings), “Mozarts” (5,000 schillings), and the like are found in clothes 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 schillings are exchanged for euros every month
Around 1.5 million schillings are still exchanged at the OeNB every month. 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 picture of Eugen Böhm von Bawerk. But it can also be small: this year alone, 850,000 1 schilling notes were exchanged.

1 euro forever 13.7603 schillings, alias Alpendollar
The euro was introduced on 1 January 1999 as book money. In 2002, it became a “real,” i.e. tangible, means of payment. It 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 schilling is divided into 100 groschen. The smallest coin in circulation until recently was the “Zehnerl”—i.e.”., ten groschen. Such a “Zehnerl” has the equivalent value of 0.007 euros (i.e., 0.7 cents).

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 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 disintegrated.