The schilling was the official currency of Austria from 1925 to 1938 and from 1945 to 1999. The official currency symbol: S or öS. The first schilling was established in 1924, after the pronouncement of the Schilling Act. The following year the Oesterreichische Nationalbank issued coins in denominations of 1, 2, 10 groschen, and ½ and 1 schilling, followed by 5 groschen in 1931, 50 groschen, and 1 and 5 schilling in 1934.
Then in the wake of Germany’s annexation of Austria in 1938, the schilling was abolished. After World War II, Allied Military reintroduced the schilling in 1945. Coins in denominations of 1, 2, 5, 10, 20, and 50 groschen, and 1, 2, and 5 schilling were emitted between 1947 and 1952. The 10 schilling coin was introduced in 1957, followed by the 50 groschen and 1 schilling in 1959, and the 5 schilling coin the following year. The 20 schilling coin was introduced to replace the banknote in 1980; however, the banknote and coin circulated at par for a couple of years.
Because of the collapse of the Bretton Woods system (Bretton Woods Agreement of 1944: established the rules for trade and financial relations between the United States, Canada, Western European countries, Australia, and Japan) in 1971, the shilling had tied to a series of different currencies, a situation that ended in 1976, when it was tied to the German mark.
The euro became the official currency of Austria in 1999; however, the euro coins and notes were not introduced until 2002. Old shilling coins and banknotes were gradually withdrawn from circulation; those valid during the introduction of the euro can be exchanged for euros at any branch of the Oesterreichische Nationalbank indefinitely.
The 2 Austrian groschen coin front design features the denomination, the country’s name, and the issue date. The reverse of the coin presents the National Coat of Arms. This coin is part of the 1950 – 1994 series, its rim is plain, and its color is silver.
Text: · REPUBLIK · ÖSTERREICH 2 GROSCHEN 1968