Austro-Hungarian krone
This article needs additional citations for verification. (October 2015) |
Österreichisch-ungarische Krone () | |||||
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Unit | |||||
Plural | kronen (in German) | ||||
Banknotes | 1, 2, 10, 20, 25, 50, 100, 200, 1,000, 10,000 Krone(n) | ||||
Coins |
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Demographics | |||||
Date of introduction | 1892 | ||||
Replaced | Austro-Hungarian gulden | ||||
Date of withdrawal | 1918/1919 | ||||
User(s) | |||||
Issuance | |||||
Central bank | Austro-Hungarian Bank | ||||
This infobox shows the latest status before this currency was rendered obsolete. |
The krone (alternatively crown;
Name
The official name of the currency was Krone (lit. 'crown', pl. Kronen) in Austria and korona in Hungary. The Latin form Corona (plural Coronæ), abbreviated to Cor. on the smaller coins, was used for the coinage of the mostly German-speaking part of the empire known as Cisleithania. Currency names in other ethnic languages were also recognised and appeared on the banknotes: koruna (pl. korun) in Czech, korona (pl. korony) in Polish, корона, korona (pl. корон, koron) in Ukrainian, corona (pl. corone) in Italian, krona (pl. krone) in Slovene, kruna/круна (singular and plural) in Serbo-Croatian, koruna (pl. korún) in Slovak, and coroană (pl. coroane) 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
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.
Over-stamped Austro-Hungarian krone
Croatia, Slovenia and Bosnia and Herzegovina
In these territories of Austria-Hungary, which became part of the
Czechoslovakia
In Czechoslovakia the currency was superseded by the koruna, at par. The names of the present-day koruna and haléř (in the Czech Republic) and the pre-Euro koruna and halier (in Slovakia) are derived from the Austro-Hungarian Krone and Heller.
Fiume
The
Hungary
In Hungary the Austro-Hungarian currency was overstamped and then replaced by the Hungarian korona at par. The Hungarian korona was devalued by hyperinflation, due to the consequences of World War I and the Treaty of Trianon. It was replaced by the pengő on 21 January 1927, at a rate of 12,500 korona to 1 pengő.
Romania
In Romania there were two issues of over-stamped notes: the 1919 First Provisional Issue (stamp on the Austrian side of the note), and the 1919 Second Provisional Issue (stamp on the Hungarian side).[4] Both issues included 10, 20, 50, 100, 1000, and 10,000 korona denominations.[4] The issue dates of the base Austro-Hungarian krone notes used ranged from 1902 to 1918.[4]
Complete denomination sets of over-stamped notes
Value | Czechoslovak | Hungarian | Size | Base date |
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10k | 150x79mm | |||
20k | 150x89mm | |||
25k | Not issued
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135x80mm | ||
50k | 162x100mm | |||
100k | 163x107mm | |||
200k | Not issued
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168x100mm | ||
1,000k | 191x127mm | |||
10,000k | Not issued
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191x127mm |
Historic exchange rates and prices
This section needs additional citations for verification. (October 2015) |
Year | Rates |
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1892 |
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1896 |
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1899 |
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1900 |
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1907 |
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1909 |
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1913 |
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1914 |
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1915 |
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1916 |
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1917 |
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1918 |
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1919 |
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1921 |
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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
- ^ Cuhaj 2009, p. 592–93.
- ^ Cuhaj 2009, p. 593.
- ^ Cuhaj 2009, p. 592.
- ^ a b c Cuhaj 2009, p. 939.
- ^ Wiener Allgemeine Zeitung, 15 March 1921
Sources
- Cuhaj, George S., ed. (2009). Standard Catalog of World Paper Money Specialized Issues (11 ed.). Krause. ISBN 978-1-4402-0450-0.
- Cuhaj, George S., ed. (2010). Standard Catalog of World Paper Money General Issues (1368-1960) (13 ed.). Krause. ]
External links
- (in Hungarian and English) bankjegy.szabadsagharcos.org (Hungarian banknote catalog)
- (in Hungarian and English) www.numismatics.hu (Roman and Hungarian related numismatic site)
- (in Hungarian) papirpenz.hu (pictures of Hungarian banknotes)
- (in Hungarian, English, German, and French) 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)