The Krone ( pl. Kronen) was the currency of

Austria Austria, formally the Republic of Austria, is a landlocked country in Central Europe, lying in the Eastern Alps. It is a federation of nine Federal states of Austria, states, of which the capital Vienna is the List of largest cities in Aust ...

(then known as German-Austria) and

Liechtenstein Liechtenstein (, ; ; ), officially the Principality of Liechtenstein ( ), is a Landlocked country#Doubly landlocked, doubly landlocked Swiss Standard German, German-speaking microstate in the Central European Alps, between Austria in the east ...

after the dissolution of the Austro-Hungarian Empire (1919) until the introduction of the

Austrian schilling The schilling (German language, German: ''Schilling''; ) is a former currency of Austria from 1925 to 1938 and from 1945 to 1999, and the circulating currency until 2002. The euro was introduced at a fixed parity of €1 = 13.7603 schilling t ...

(1925), and, in Liechtenstein, the

Swiss franc The Swiss franc, or simply the franc, is the currency and legal tender of Switzerland and Liechtenstein. It is also legal tender in the Italian exclave of Campione d'Italia which is surrounded by Swiss territory. The Swiss National Bank (SNB) iss ...

Coins

Coins included 20 and 100 Krone gold coins minted with the same standard as their

Austro-Hungarian krone The krone (alternatively crown; , , , , , , , , , ) was the official currency of Austria-Hungary from 1892 (when it replaced the Austro-Hungarian gulden, gulden as part of the adoption of the gold standard) until the dissolution of the empire in ...

counterparts. To ease the introduction of the new currency, 100, 200 and 1000 Kronen coins were minted right before 1925 with the same parameters as the equivalent Groschen coins (1, 2 and 10 Groschen) that replaced them.

Paper money

According to the provisions of the Treaty of St. Germain the newly created

Republic of Austria Austria, formally the Republic of Austria, is a landlocked country in Central Europe, lying in the Eastern Alps. It is a federation of nine Federal states of Austria, states, of which the capital Vienna is the List of largest cities in Aust ...

had to overstamp the old paper money of the former

Austro-Hungarian Empire Austria-Hungary, also referred to as the Austro-Hungarian Empire, the Dual Monarchy or the Habsburg Monarchy, was a multi-national constitutional monarchy in Central Europe between 1867 and 1918. A military and diplomatic alliance, it consist ...

still circulating in its territory, then had to replace the overstamped banknotes with new ones, and finally had to introduce an entirely new currency. To fulfil the first step, circulating banknotes were overstamped with the inscription DEUTSCHÖSTERREICH (" German-Austria"), and new banknotes were also issued with this feature. Later, still under the name Oesterreichisch-ungarische Bank, banknotes were printed using the

German-language German (, ) is a West Germanic language in the Indo-European language family, mainly spoken in Western and Central Europe. It is the majority and official (or co-official) language in Germany, Austria, Switzerland, and Liechtenstein. It is a ...

clichés on both sides – and still bearing the DEUTSCHÖSTERREICH inscription. From 1920 on a new stamp appeared on banknotes: "Ausgegeben nach dem 4. Oktober 1920". In 1922 a new series of Krone banknotes was introduced with a completely new design to fulfil the second step. The series contained 1 Krone, 2, 10, 20, 100, 1000, 5000, 50 000, 100 000 and 500 000 Kronen, later 10 000 Kronen (1 000 000 Kronen was planned but not issued). In 1923 the

League of Nations The League of Nations (LN or LoN; , SdN) was the first worldwide intergovernmental organisation whose principal mission was to maintain world peace. It was founded on 10 January 1920 by the Paris Peace Conference (1919–1920), Paris Peace ...

Financial Committee, with support from the

Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker and debt manager, and still one ...

under

Montagu Norman Montagu Collet Norman, 1st Baron Norman DSO PC (6 September 1871 – 4 February 1950) was an English banker, best known for his role as the Governor of the Bank of England from 1920 to 1944. Norman led the bank during the toughest period in ...

, provided a loan to allow Austria to stabilize the krone against the U.S. dollar in exchange for

austerity In economic policy, austerity is a set of Political economy, political-economic policies that aim to reduce government budget deficits through Government spending, spending cuts, tax increases, or a combination of both. There are three prim ...

measures. In 1925, as the third step, the new

Schilling Schilling may refer to: * Schilling (unit), an historical unit of measurement * Schilling (coin), the historical European coin ** Shilling, currency historically used in Europe and currently used in the East African Community ** Austrian schilling ...

banknotes were emitted.

Historic exchange rates and prices

References

{{Crown Currencies of Austria 1919 establishments in Austria 1920s in economic history Economic history of Austria Crown (currency)