Austro-Hungarian krone
Encyclopedia
The Krone or korona was the official currency of the Austro-Hungarian Empire
from 1892 (when it replaced the Gulden/forint
as part of the adoption of the gold standard
) until the dissolution of the empire in 1918. The subunit was one hundredth of the main unit, and it was called Heller
in the Austrian and fillér
in the Hungarian part of the Empire.
The official name of the currency was Krone (pl.
Kronen) in Austria and korona in Hungary. However, currency names in other ethnic languages were also recognised and appeared on the banknotes: koruna (pl. korun) in Czech
, korona (pl. koron) in Polish
, корона (pl. корон) in Ukrainian
, corona (pl. corone) in Italian
, krona (pl. kron) in Slovenian
, kruna (pl. kruna) in Croatian
, круна (pl. круна) in Serbian
, and coroană (pl. coroane) in Romanian
. Sometimes corona (pl. coronae), its Latin
name was used as well. Its counterpart in English
is crown.
The symbol of the currency was its abbreviation: K. or sometimes Kr.
adopted the gold standard
in 1892 according to the plan of Sándor Wekerle
minister of finance. This plan included the introduction of the new currency, the Krone. It consisted of 100 Heller (Austria) or Fillér (Hungary). The value of the Krone was set at 2 Kronen = 1 Gulden
(Florin, or forint in Hungarian) of the previous silver-based currency. From 1900 onwards, Krone notes were the only legal banknotes of the Empire.
, which was financed mostly by the issue of War Bonds rather than through taxation. Consumer prices rose sixteenfold during the war, as the government had no hesitation in running the Austro-Hungarian Bank's printing presses to pay its bills and triggering a higher inflation rate than in the other combatant countries.
After the end of the First World War it was initially hoped that the Krone could continue as a common currency of the Empire's successor states, but in January 1919 the Kingdom of Serbs, Croats, and Slovenes (later Yugoslavia
) became the first successor state to overstamp the Austro-Hungarian Bank's notes to limit their validity to its own territory. Czechoslovakia
followed suit in February 1919, and on 12 March 1919 the new Republic of Austria
stamped the notes circulating in its territory with "DEUTSCHÖSTERREICH".
The Austrian economy did not stabilise after the war, and a period of hyperinflation
followed: money supply
increased from 12 to 30 billion Kronen in 1920, to about 147 billion Kronen at the end of 1921. In August 1922, consumer prices were 14 000 times greater than before the start of the war eight years earlier. The highest value banknote issued was for 500 000 Kronen, in 1922. Faith in the currency had been lost, and money was spent as fast as it was received. In October 1922 Austria secured a loan of 650 million gold Kronen from the League of Nations
, with a League of Nations Commissioner supervising the country's finances. This had the effect of stabilizing the currency at a rate of 14,400 paper Kronen to 1 gold Krone. On 2 January 1923 the Austrian National Bank (Österreichische Nationalbank) started operations, and took over control of the currency from the Austro-Hungarian Bank which had gone into liquidation.
In December 1923 the Austrian Parliament authorised the government to issue silver coins of 5000, 10 000, and 20 000 kronen which were to be designated half-Schilling, Schilling, and double Schilling. The Schilling
became the official Austrian currency on 20 December 1924, at a rate of 10 000 Kronen to 1 Schilling.
the Austro-Hungarian currency was overstamped and then replaced by the Hungarian korona
at par. This new currency was in circulation only for a few years and was subject of hyperinflation - due to the consequences of World War I and the Treaty of Trianon
. The currency was replaced by the pengő
on 21 January 1927, at a rate of 12 500 korona to 1 pengő.
, the currency was superseded by the koruna
, at par. The name of the Austro-Hungarian Krone and Heller currency is still echoed in the contemporary koruna and haléř currency of the Czech Republic
as well as the pre-2009 koruna and halier currency of Slovakia
.
) in 1918, Krone banknotes were stamped by the new authorities and became issues of the Serb, Croat and Slovene krone
. This was replaced in 1920 by the dinar
at the rate of 1 dinar = 4 Kronen.
(Corona Fiumana) - (Cor., FIUK), introduced in 18.04.1919 by stamping the previous Austro-Hungarian krone notes by the Italian National Council of Fiume who exercised power in the City. In September 1920 the Italian Lira
was introduced as the official currency. The unofficial exchange rate to the lira was at 2,5 FIUK for one Lira.
from 1900. All banknotes issued by the Austro-Hungarian Bank were bilingual
, and the denomination was indicated in ethnic languages, too. The same banknotes were used all over the Monarchy. Until World War I, all banknotes had a German and a Hungarian side; under the war, some banknotes were issued with text in both languages on one side. Most important designers: Koloman Moser
, Rudolf Rössler, Josef Pfeiffer
, László Hegedűs. Engraver
: Ferdinand Schirnböck.
Austria-Hungary
Austria-Hungary , more formally known as the Kingdoms and Lands Represented in the Imperial Council and the Lands of the Holy Hungarian Crown of Saint Stephen, was a constitutional monarchic union between the crowns of the Austrian Empire and the Kingdom of Hungary in...
from 1892 (when it replaced the Gulden/forint
Austro-Hungarian gulden
The Gulden or forint was the currency of the Austrian Empire and later the Austro-Hungarian Empire between 1754 and 1892 when it was replaced by the Krone/korona as part of the introduction of the gold standard. In Austria, the Gulden was initially divided into 60 Kreuzer, and in Hungary, the...
as part of the adoption of the gold standard
Gold standard
The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold. There are distinct kinds of gold standard...
) until the dissolution of the empire in 1918. The subunit was one hundredth of the main unit, and it was called Heller
Heller (money)
The Heller or Häller was originally a German coin valued at half a pfennig and named after the city of Hall am Kocher...
in the Austrian and fillér
Fillér
The fillér was the name of various small change coins throughout Hungarian history. It was the subdivision of the Austro-Hungarian and the Hungarian korona, the pengő and the forint. The name derives from the German word Vierer that means 'number four' in English. Originally it was the name of the...
in the Hungarian part of the Empire.
Name
Plural
In linguistics, plurality or [a] plural is a concept of quantity representing a value of more-than-one. Typically applied to nouns, a plural word or marker is used to distinguish a value other than the default quantity of a noun, which is typically one...
Kronen) in Austria and korona in Hungary. However, currency names in other ethnic languages were also recognised and appeared on the banknotes: koruna (pl. korun) in Czech
Czech language
Czech is a West Slavic language with about 12 million native speakers; it is the majority language in the Czech Republic and spoken by Czechs worldwide. The language was known as Bohemian in English until the late 19th century...
, korona (pl. koron) in Polish
Polish language
Polish is a language of the Lechitic subgroup of West Slavic languages, used throughout Poland and by Polish minorities in other countries...
, корона (pl. корон) in Ukrainian
Ukrainian language
Ukrainian is a language of the East Slavic subgroup of the Slavic languages. It is the official state language of Ukraine. Written Ukrainian uses a variant of the Cyrillic alphabet....
, corona (pl. corone) in Italian
Italian language
Italian is a Romance language spoken mainly in Europe: Italy, Switzerland, San Marino, Vatican City, by minorities in Malta, Monaco, Croatia, Slovenia, France, Libya, Eritrea, and Somalia, and by immigrant communities in the Americas and Australia...
, krona (pl. kron) in Slovenian
Slovenian language
Slovene or Slovenian is a South Slavic language spoken by approximately 2.5 million speakers worldwide, the majority of whom live in Slovenia. It is the first language of about 1.85 million people and is one of the 23 official and working languages of the European Union...
, kruna (pl. kruna) in Croatian
Croatian language
Croatian is the collective name for the standard language and dialects spoken by Croats, principally in Croatia, Bosnia and Herzegovina, the Serbian province of Vojvodina and other neighbouring countries...
, круна (pl. круна) in Serbian
Serbian language
Serbian is a form of Serbo-Croatian, a South Slavic language, spoken by Serbs in Serbia, Bosnia and Herzegovina, Montenegro, Croatia and neighbouring countries....
, and coroană (pl. coroane) in Romanian
Romanian language
Romanian Romanian Romanian (or Daco-Romanian; obsolete spellings Rumanian, Roumanian; self-designation: română, limba română ("the Romanian language") or românește (lit. "in Romanian") is a Romance language spoken by around 24 to 28 million people, primarily in Romania and Moldova...
. Sometimes corona (pl. coronae), its Latin
Latin
Latin is an Italic language originally spoken in Latium and Ancient Rome. It, along with most European languages, is a descendant of the ancient Proto-Indo-European language. Although it is considered a dead language, a number of scholars and members of the Christian clergy speak it fluently, and...
name was used as well. Its counterpart in English
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
is crown.
The symbol of the currency was its abbreviation: K. or sometimes Kr.
Introduction
After several earlier attempts the Austro-Hungarian EmpireAustria-Hungary
Austria-Hungary , more formally known as the Kingdoms and Lands Represented in the Imperial Council and the Lands of the Holy Hungarian Crown of Saint Stephen, was a constitutional monarchic union between the crowns of the Austrian Empire and the Kingdom of Hungary in...
adopted the gold standard
Gold standard
The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold. There are distinct kinds of gold standard...
in 1892 according to the plan of Sándor Wekerle
Sándor Wekerle
Sándor Wekerle was a Hungarian politician who served three times as prime minister.He was born in Mór, in the comitatus of Fejér. His mother was Antónia Szép.After studying law at the University of Budapest he graduated doctor juris...
minister of finance. This plan included the introduction of the new currency, the Krone. It consisted of 100 Heller (Austria) or Fillér (Hungary). The value of the Krone was set at 2 Kronen = 1 Gulden
Austro-Hungarian gulden
The Gulden or forint was the currency of the Austrian Empire and later the Austro-Hungarian Empire between 1754 and 1892 when it was replaced by the Krone/korona as part of the introduction of the gold standard. In Austria, the Gulden was initially divided into 60 Kreuzer, and in Hungary, the...
(Florin, or forint in Hungarian) of the previous silver-based currency. From 1900 onwards, Krone notes were the only legal banknotes of the Empire.
WWI
The value of the currency depreciated sharply as a result of the First World WarWorld War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, which was financed mostly by the issue of War Bonds rather than through taxation. Consumer prices rose sixteenfold during the war, as the government had no hesitation in running the Austro-Hungarian Bank's printing presses to pay its bills and triggering a higher inflation rate than in the other combatant countries.
Austria
Kingdom of Yugoslavia
The Kingdom of Yugoslavia was a state stretching from the Western Balkans to Central Europe which existed during the often-tumultuous interwar era of 1918–1941...
) became the first successor state to overstamp the Austro-Hungarian Bank's notes to limit their validity to its own territory. Czechoslovakia
Czechoslovakia
Czechoslovakia or Czecho-Slovakia was a sovereign state in Central Europe which existed from October 1918, when it declared its independence from the Austro-Hungarian Empire, until 1992...
followed suit in February 1919, and on 12 March 1919 the new Republic of Austria
Austria
Austria , officially the Republic of Austria , is a landlocked country of roughly 8.4 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the...
stamped the notes circulating in its territory with "DEUTSCHÖSTERREICH".
The Austrian economy did not stabilise after the war, and a period of hyperinflation
Hyperinflation
In economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
followed: money supply
Money supply
In economics, the money supply or money stock, is the total amount of money available in an economy at a specific time. There are several ways to define "money," but standard measures usually include currency in circulation and demand deposits .Money supply data are recorded and published, usually...
increased from 12 to 30 billion Kronen in 1920, to about 147 billion Kronen at the end of 1921. In August 1922, consumer prices were 14 000 times greater than before the start of the war eight years earlier. The highest value banknote issued was for 500 000 Kronen, in 1922. Faith in the currency had been lost, and money was spent as fast as it was received. In October 1922 Austria secured a loan of 650 million gold Kronen from the League of Nations
League of Nations
The League of Nations was an intergovernmental organization founded as a result of the Paris Peace Conference that ended the First World War. It was the first permanent international organization whose principal mission was to maintain world peace...
, with a League of Nations Commissioner supervising the country's finances. This had the effect of stabilizing the currency at a rate of 14,400 paper Kronen to 1 gold Krone. On 2 January 1923 the Austrian National Bank (Österreichische Nationalbank) started operations, and took over control of the currency from the Austro-Hungarian Bank which had gone into liquidation.
In December 1923 the Austrian Parliament authorised the government to issue silver coins of 5000, 10 000, and 20 000 kronen which were to be designated half-Schilling, Schilling, and double Schilling. The Schilling
Austrian schilling
The schilling was the currency of Austria from 1924 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 to replace it...
became the official Austrian currency on 20 December 1924, at a rate of 10 000 Kronen to 1 Schilling.
Hungary
In HungaryHungary
Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
the Austro-Hungarian currency was overstamped and then replaced by the Hungarian korona
Hungarian korona
The Hungarian korona was the replacement currency of the Austro-Hungarian Krone/korona amongst the boundaries of the newly created post-World War I Hungary. It suffered a serious inflation and was replaced by the pengő in 1925...
at par. This new currency was in circulation only for a few years and was subject of hyperinflation - due to the consequences of World War I and the Treaty of Trianon
Treaty of Trianon
The Treaty of Trianon was the peace agreement signed in 1920, at the end of World War I, between the Allies of World War I and Hungary . The treaty greatly redefined and reduced Hungary's borders. From its borders before World War I, it lost 72% of its territory, which was reduced from to...
. The currency was replaced by the pengő
Hungarian pengo
The pengő was the currency of Hungary between 1 January 1927, when it replaced the korona, and 31 July 1946, when it was replaced by the forint. The pengő was subdivided into 100 fillér...
on 21 January 1927, at a rate of 12 500 korona to 1 pengő.
Czechoslovakia
In CzechoslovakiaCzechoslovakia
Czechoslovakia or Czecho-Slovakia was a sovereign state in Central Europe which existed from October 1918, when it declared its independence from the Austro-Hungarian Empire, until 1992...
, the currency was superseded by the koruna
Czechoslovak koruna
The Czechoslovak koruna was the currency of Czechoslovakia from April 10, 1919 to March 14, 1939 and from November 1, 1945 to February 7, 1993...
, at par. The name of the Austro-Hungarian Krone and Heller currency is still echoed in the contemporary koruna and haléř currency of the Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
as well as the pre-2009 koruna and halier currency of Slovakia
Slovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
.
Croatia, Slovenia and Bosnia and Hercegovina
In these parts of Austria-Hungary, which became part of the Kingdom of the Serbs, Croats and Slovenes (later YugoslaviaYugoslavia
Yugoslavia refers to three political entities that existed successively on the western part of the Balkans during most of the 20th century....
) in 1918, Krone banknotes were stamped by the new authorities and became issues of the Serb, Croat and Slovene krone
Yugoslav krone
The krone was a short-lived, provisional currency used in parts of the then newly formed Kingdom of Serbs, Croats, and Slovenes which had previously been part of the Austro-Hungarian Empire.-History:...
. This was replaced in 1920 by the dinar
Yugoslav dinar
The dinar was the currency of the three Yugoslav states: the Kingdom of Yugoslavia , the Socialist Federal Republic of Yugoslavia and the Federal Republic of Yugoslavia between 1918 and 2003. The dinar was subdivided into 100 para...
at the rate of 1 dinar = 4 Kronen.
Fiume
The Fiume KroneFiume Krone
The Fiume Krone was introduced in the Free State of Fiume on 18 April 1919 by the stamping the previous Austro-Hungarian krone notes by the Italian National Council of Fiume who effectively exercised power in the City...
(Corona Fiumana) - (Cor., FIUK), introduced in 18.04.1919 by stamping the previous Austro-Hungarian krone notes by the Italian National Council of Fiume who exercised power in the City. In September 1920 the Italian Lira
Italian lira
The lira was the currency of Italy between 1861 and 2002. Between 1999 and 2002, the Italian lira was officially a “national subunit” of the euro...
was introduced as the official currency. The unofficial exchange rate to the lira was at 2,5 FIUK for one Lira.
Historic exchange rates and prices
| 1892 | :1 kg gold = 3280 Kr.
|
| 1896 |
Pound sterling The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence... = 24 Kr. |
| 1899 | :1 Kr = 0.7937 German marks. |
| 1900 | :1 Pound sterling = 23.97 Kr.
|
| 1907 | :1 Kr = 0.8471 German marks (26 March). |
| 1909 |
French franc The franc was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra . Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money... s = 1.05 Italian lire = 1.05 Romanian lei (Latin Monetary Union Latin Monetary Union The Latin Monetary Union was a 19th century attempt to unify several European currencies, at a time when most circulating coins were still made of gold and silver... ) |
| 1913 |
United States dollar The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies.... = 4.96 Kr. |
| 1914 | :1 US dollar = 5.08 Kr. |
| 1915 | :1 US dollar = 6.50 Kr.
|
| 1916 |
|
| 1917 |
|
| 1918 |
|
| 1919 |
Yugoslav dinar The dinar was the currency of the three Yugoslav states: the Kingdom of Yugoslavia , the Socialist Federal Republic of Yugoslavia and the Federal Republic of Yugoslavia between 1918 and 2003. The dinar was subdivided into 100 para... = 2 Romanian lei (November). |
| 1921 | :2,000 Kr = 1 Swiss franc (March) |
Banknotes
Krone / korona banknotes were designed and printed in ViennaVienna
Vienna is the capital and largest city of the Republic of Austria and one of the nine states of Austria. Vienna is Austria's primary city, with a population of about 1.723 million , and is by far the largest city in Austria, as well as its cultural, economic, and political centre...
from 1900. All banknotes issued by the Austro-Hungarian Bank were bilingual
Multilingualism
Multilingualism is the act of using, or promoting the use of, multiple languages, either by an individual speaker or by a community of speakers. Multilingual speakers outnumber monolingual speakers in the world's population. Multilingualism is becoming a social phenomenon governed by the needs of...
, and the denomination was indicated in ethnic languages, too. The same banknotes were used all over the Monarchy. Until World War I, all banknotes had a German and a Hungarian side; under the war, some banknotes were issued with text in both languages on one side. Most important designers: Koloman Moser
Koloman Moser
Koloman Moser was an Austrian artist who exerted considerable influence on twentieth-century graphic art and one of the foremost artists of the Vienna Secession movement and a co-founder of Wiener Werkstätte....
, Rudolf Rössler, Josef Pfeiffer
Josef Pfeiffer
Josef Pfeiffer was a Bohemian Olympic fencer. He competed in four events at the 1912 Summer Olympics.-References:...
, László Hegedűs. Engraver
Engraving
Engraving is the practice of incising a design on to a hard, usually flat surface, by cutting grooves into it. The result may be a decorated object in itself, as when silver, gold, steel, or glass are engraved, or may provide an intaglio printing plate, of copper or another metal, for printing...
: Ferdinand Schirnböck.
External links
bankjegy.szabadsagharcos.org (Hungarian banknote catalog) www.numismatics.hu (Roman and Hungarian related numismatic site) papirpenz.hu (pictures of Hungarian banknotes) www.eremgyujtok.hu (homepage of the Hungarian Coin Collectors' Society)- aes.iupui.edu/rwise (pictures of Austro-Hungarian banknotes at Ron Wise's World Paper Money Homepage)
- geldschein.at (nearly 1000 pictures of Austro-Hungarian banknotes + collectors information)
- austriannotes.com - paper money and history of Austria (Austrian banknotes explained and historical background information)