The krone (alternatively crown; , , , , , , , , , ) was the official currency of Austria-Hungary from 1892 (when it replaced the gulden 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 was called a in the Austrian and a in the Hungarian part of the Empire. Unlike the preceding silver currency, it was established on a gold basis. One kilogram of fine gold was equivalent to 3,280 crowns. Gold coins, however, were struck only in the values of 10, 20, and 100 crowns, with a purity of 900/1000.
Name
thumb|left|150px|Indication of value in eight languages on a 50 Krone note of 1914
thumb|Two coin, 1913
The official name of the currency was (, pl. ) in Austria and in Hungary. The Latin form (plural ), abbreviated to on the smaller coins, was used for the coinage of the mostly German-speaking part of the empire known as Cisleithania. Banknotes had a Cisleithanian obverse side and a Hungarian reverse side. The Hungarian side was in Hungarian language, while on the Cisleithanian side, which was in German language, currency names in other ethnic languages were also recognised and appeared in a designated section of the banknote: (pl. ) in Czech, (pl. ) in Polish, , (pl. , ) in Ukrainian, (pl. ) in Italian, (pl. ) in Slovene, / (singular and plural) in Serbo-Croatian, (pl. ) in Slovak, and (pl. ) in Romanian. These terms all translate to the English word crown.
The symbol of the currency was the abbreviation K. or sometimes Kr.
History
Introduction
After several earlier attempts the Austro-Hungarian Empire adopted the gold standard in 1892 according to a plan drawn up by the Hungarian Minister of Finance Sándor Wekerle. 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. From 1900 onward, Krone notes were the only legal banknotes of the Empire.
First World War
The currency depreciated sharply as a result of the First World War, 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: this triggered a higher inflation rate than in other combatant countries.
After 1918
Austria
After the end of the First World War it was initially hoped that the Krone might remain the 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, limiting 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: the money supply increased from 12 to 30 billion Kronen in 1920, and 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-denomination banknote issued was the 500,000 Kronen note, issued in 1922. Faith in the currency had been lost, and people spent money as fast as they received it. 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 stabilized the currency at a rate of 14,400 paper Kronen to 1 gold Krone. On 2 January 1923 the Austrian National Bank (Österreichische Nationalbank) began operations, taking 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 5,000, 10,000, and 20,000-kronen coins which were to be designated half-Schilling, Schilling, and double Schilling. The Schilling became the official currency of Austria currency on 20 December 1924, at a rate of 10,000 Kronen to 1 Schilling.
Banknotes
{| class="wikitable"
|+ Banknotes of Austria-Hungary
|-style="text-align:center;background-color:black;color:white;"
! Pick No. !! Front !! Back !! Year of Issue !! Denomination !! Additional Notes
|-
| colspan=6 style="text-align:center;background-color:black;color:white;"| Issued by the Austro-Hungarian Bank
|-
| 1 || 200px || 200px|| 1880 || 10 Gulden ||
|-
| 4 || 200px || 200px || 1900-1902 || 10 Kronen ||
|-
| 5 || 200px || 200px || 1900-1902 || 20 Kronen ||
|-
| 6 || 200px || 200px || 1900-1902 || 50 Kronen ||
|-
| 7 || 200px || 200px || 1900-1902 || 100 Kronen ||
|-
| 8a || 200px || 200px|| 1900-1902 || 1000 Kronen || Gray-green underprint.
|-
| 8b || 200px || 200px || 1900-1902 || 1000 Kronen || Rose underprint. Later issue from Series #1440 onward.
|-
| 9 || 200px || 200px || 1904-1912 || 10 Kronen ||
|-
| 10 || 200px || 200px || 1904-1912 || 20 Kronen ||
|-
| 11 || 200px || 200px || 1904-1912 || 100 Kronen || Pictures woman with flowers.
|-
| 12 || 200px || 200px || 1904-1912 || 100 Kronen ||
|-
| 13 || 200px || 200px || 1913-1914 || 20 Kronen ||
|-
| 14 || 200px || 200px || 1913-1914 || 20 Kronen || Like #13 but with II AUFLAGE (2nd issue) at left border.
|-
| 15 || 200px || 200px || 1913-1914 || 50 Kronen ||
|-
| 17a || 200px || 200px|| 1914-1915 || 2 Kronen || Thin paper, series A or B. 2 serial # varieties.
|-
| 17b || || || 1914-1915 || 2 Kronen || Heavier paper, series C.
|-
| 19 || 200px || 200px || 1914-1915 || 10 Kronen ||
|-
| 20 || 200px|| 200px || 1916-1918 || 1 Krone ||
|-
| 21 || 200px || 200px || 1916-1918 || 2 Kronen ||
|-
| 23 || 200px || 200px || 1916-1918 || 25 Kronen ||
|-
| 24 || 200px || 200px || 1916-1918 || 200 Kronen ||
|-
| 25 || 200px || 200px || 1916-1918 || 10,000 Kronen ||
|-
| colspan=6 style="text-align:center;background-color:black;color:white;" | Issued by the Kriegsdarlehenskasse (War Loan Office)
|-
| 26 || || || 1914 || 250 Kronen ||
|-
| 27 || || || 1914 || 2000 Kronen ||
|-
| 28 || || || 1914 || 10,000 Kronen ||
|-
| 29 || || || 1918-1919 || 1,000 Kronen ||
|}
Coins
{| class="wikitable"
|+Coins of the Krone
|-
! Denomination !! Metal
|-
|1 heller || brass
|-
|2 heller || brass, iron (1916–8)
|-
|5 heller || nickel
|-
|10 heller || nickel
|-
|20 heller ||nickel, iron (1916–8)
|-
|}
Coins
Banknotes
Krone banknotes were designed and printed in Vienna from 1900 onward. These banknotes were used throughout the Monarchy. All banknotes issued by the Austro-Hungarian Bank were bilingual in German and Hungarian: the denomination was also indicated in other languages of the Monarchy. Until World War I, all banknotes had a German and a Hungarian side; during the war, some banknotes were issued with text in both languages on either side. The designers included Koloman Moser, Rudolf Rössler, Josef Pfeiffer and László Hegedűs. The engraver was Ferdinand Schirnböck.
References
Notes
Sources
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)