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{{Short description|Currency of Austria-Hungary, 1892–1918}}
{{Short description|Currency of Austria-Hungary, 1892–1918}}
{{refimprove|date=October 2015}}
{{more citations needed|date=October 2015}}
{{Infobox currency
{{Infobox currency
|currency_name_in_local = {{native name|de|Österreichisch-ungarische Krone}}<br/>{{native name|hu|osztrák-magyar korona}}<br/>{{native name|la|corona Austro-Hungarica}}<br/><br/>{{native name|cs|rakousko-uherská koruna}}<br/>{{native name|pl|korona austro-węgierska}}<br/>{{native name|uk|австро-угорська корона |italics=no}}<br/>{{native name|it|corona austro-ungarica}}<br/>{{native name|sl|avstro-ogrska krona}}<br/>{{native name|sh|austro-ugarska kruna}}<br/>{{native name|ro|coroană austro-ungară}}<br/>{{native name|sk|rakúsko-uhorská koruna}}
| currency_name_in_local = {{native name|de|Österreichisch-ungarische Krone}}<br/>{{native name|hu|Osztrák–magyar korona}}<br/>{{native name|la|Corona Austro-Hungarica}}<br/>{{native name|cs|Rakousko-uherská koruna}}<br/>{{native name|pl|Korona austro-węgierska}}<br/>{{native name|uk|Австро-угорська корона |italics=no}}<br/>{{native name|it|Corona austro-ungarica}}<br/>{{native name|sl|Avstro-ogrska krona}}<br/>{{native name|sh|Austro-ugarska kruna / Аустроугарска круна}}<br/>{{native name|sk|Rakúsko-uhorská koruna}}<br/>{{native name|ro|Coroană austro-ungară}}
| image_1 = AHK 100 1912 obverse.jpg
|
| image_background_1 = black
|image_1 = AHK 100 1912 obverse.jpg
| image_title_1 = 100 K banknote<br/>(1912)
|image_background_1 = black
| image_2 = {{Css Image Crop|Image = Austria 1908 100 Kronen.jpg |bSize = 290|cWidth = 145|cHeight = 145|oTop = 0|oLeft = 0|Location = center|Description =}}
|image_title_1 = 100 K banknote<br/>(1912)
| image_background_2 = black
|image_2 = {{Css Image Crop|Image = Austria 1908 100 Kronen.jpg |bSize = 290|cWidth = 145|cHeight = 145|oTop = 0|oLeft = 0|Location = center|Description =}}
| image_title_2 = 100 K coin<br/>(1908)
|image_background_2 = black
| date_of_introduction = 1892
|image_title_2 = 100 K coin<br/>(1908)
|using_countries = {{plainlist|
| using_countries = {{plainlist|
*{{flag|Austria-Hungary}}
*{{flag|Austria-Hungary}}
*{{flag|Liechtenstein}}
*{{flag|Liechtenstein}}
*{{flag|Kingdom of Montenegro|name=Montenegro}}
*{{flag|Kingdom of Montenegro|name=Montenegro}}
*''{{flag|Albania}}''}}
*{{flag|Albania}}}}
{{flag|West Ukrainian People's Republic}}
|subunit_ratio_1 = {{frac|100}}
|subunit_name_1 = {{native name|de|[[Heller (money)|Heller]]}}<br/>{{native name|hu|[[fillér]]}}
| subunit_ratio_1 = {{frac|1|100}}
| subunit_name_1 = {{native name|de|[[Heller (money)|Heller]]}}<br/>{{native name|hu|[[fillér]]}}
| plural = kronen (in German)
|symbol = K, kr
| symbol = K, kr
|used_coins = {{plainlist|
| used_coins = {{plainlist|
*1, 2, 10, 20 heller&nbsp;/&nbsp;fillér
*1, 2, 10, 20 heller&nbsp;/&nbsp;fillér
*1, 2, 5, 10, 20, 100 Krone(n)&nbsp;/&nbsp;korona}}
*1, 2, 5, 10, 20, 100 Krone(n)&nbsp;/&nbsp;korona}}
|used_banknotes = 1, 2, 10, 20, 25, 50, 100, 200, 1,000, 10,000 Krone(n)&nbsp;/&nbsp;korona
| used_banknotes = 1, 2, 10, 20, 25, 50, 100, 200, 1,000, 10,000 Krone(n)
|banknote_article = Banknotes of the Austro-Hungarian krone
| banknote_article = Banknotes of the Austro-Hungarian krone
|issuing_authority = Austro-Hungarian Bank
| issuing_authority = [[Austro-Hungarian Bank]]
| replaced_currency = [[Austro-Hungarian gulden]]
|obsolete_notice = 11 November 1918
| date_of_withdrawal = 1918/1919
| obsolete = yes
}}
}}


The '''Krone''' or '''korona''' ({{lang-de|Krone}}, [[Hungarian language|Hungarian]] ''Korona'', [[Italian language|Italian]] ''Corona'', [[Polish language|Polish]] ''korona'', {{lang-sl|krona}}, {{lang-sh|kruna}}, [[Czech language|Czech]] and {{lang-sk|koruna}}, [[Romanian language|Romanian]]: coroană) was the official currency of the [[Austria-Hungary|Austro-Hungarian Empire]] from 1892 (when it replaced the [[austro-Hungarian gulden|gulden, forint, florén or zlatka]] 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 {{lang|de|[[Heller (money)|Heller]]}} in the Austrian and a {{lang|hu|[[fillér]]}} (or {{lang|sk|halier}} in Slovak and ''haléř'' in Czech) in the Hungarian part of the Empire.
The '''krone''' (alternatively '''crown'''; {{langx|de|Krone}}, {{langx|hu|Korona}}, {{langx|it|Corona}}, {{langx|pl|Korona}}, {{langx|sl|Krona}}, {{langx|sh|Kruna}}, {{langx|cs|Koruna}}, {{langx|sk|Koruna}}, {{langx|ro|Coroană}}, {{langx|uk|Корона|translit=}}) 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 1918. The subunit was one hundredth of the main unit, and was called a {{lang|de|[[Heller (money)|Heller]]}} in the Austrian and a {{lang|hu|[[fillér]]}} in the Hungarian part of the Empire.


== Name ==
== Name ==
[[Image:AHK 50 1914 obverse language detail.JPG|thumb|left|150px|Indication of value in eight languages on a 50 Krone note of 1914]]
[[Image:AHK 50 1914 obverse language detail.JPG|thumb|left|150px|Indication of value in eight languages on a 50 Krone note of 1914]]
[[File:AHK 2 coronae 1913 reverse.jpg|thumb|Two {{lang|la|coronæ}} coin, 1913]]
[[File:AHK 2 coronae 1913 reverse.jpg|thumb|Two {{lang|la|coronæ}} coin, 1913]]
The official name of the currency was {{lang|de|Krone}} ("[[crown]]", [[plural|pl.]] {{lang|de|Kronen}}) in Austria and {{lang|hu|Osztrák–magyar korona}} in Hungary. The [[Latin]] form {{lang|la|Corona}} (plural {{lang|la|Coronæ}}), abbreviated to {{lang|la|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: {{lang|cs|koruna}} (pl. {{lang|cs|korun}}) in [[Czech language|Czech]], {{lang|pl|korona}} (pl. {{lang|pl|korony}}) in [[Polish language|Polish]], {{lang|uk|корона}}, {{lang|uk-Latn|korona}} (pl. {{lang|uk|корон}}, {{lang|uk-Latn|koron}}) in [[Ukrainian language|Ukrainian]], {{lang|it|corona}} (pl. {{lang|it|corone}}) in [[Italian language|Italian]], {{lang|sl|krona}} (pl. {{lang|sl|kron}}) in [[Slovene language|Slovene]], {{lang|hr|kruna}} (pl. {{lang|hr|kruna}}) in [[Croatian language|Croatian]], {{lang|sr|круна}}, {{lang|sr-Latn|kruna}} (singular and plural) in [[Serbian language|Serbian]], {{lang|sk|koruna}} (pl. {{lang|sk|korún}}) in [[Slovak language|Slovak]], and {{lang|ro|coroană}} (pl. {{lang|ro|coroane}}) in [[Romanian language|Romanian]]. These terms all translate to the [[English language|English]] word ''crown''.
The official name of the currency was {{lang|de|Krone}} ({{lit|crown}}, [[plural|pl.]] {{lang|de|Kronen}}) in Austria and {{lang|hu|korona}} in Hungary. The [[Latin]] form {{lang|la|Corona}} (plural {{lang|la|Coronæ}}), abbreviated to {{lang|la|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: {{lang|cs|koruna}} (pl. {{lang|cs|korun}}) in [[Czech language|Czech]], {{lang|pl|korona}} (pl. {{lang|pl|korony}}) in [[Polish language|Polish]], {{lang|uk|корона}}, {{lang|uk-Latn|korona}} (pl. {{lang|uk|корон}}, {{lang|uk-Latn|koron}}) in [[Ukrainian language|Ukrainian]], {{lang|it|corona}} (pl. {{lang|it|corone}}) in [[Italian language|Italian]], {{lang|sl|krona}} (pl. {{lang|sl|krone}}) in [[Slovene language|Slovene]], {{lang|sh|kruna}}/{{lang|sh-Cyrl|круна}} (singular and plural) in [[Serbo-Croatian]], {{lang|sk|koruna}} (pl. {{lang|sk|korún}}) in [[Slovak language|Slovak]], and {{lang|ro|coroană}} (pl. {{lang|ro|coroane}}) in [[Romanian language|Romanian]]. These terms all translate to the [[English language|English]] word ''crown''.


The symbol of the currency was the abbreviation K. or sometimes Kr.
The symbol of the currency was the abbreviation K. or sometimes Kr.
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=== Introduction ===
=== Introduction ===
After several earlier attempts the [[Austria-Hungary|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 [[Austro-Hungarian gulden|Gulden]] (''Florin'', or ''forint'' in Hungarian) of the previous silver-based currency. From 1900 onward, Krone notes were the only legal banknotes of the Empire.
After several earlier attempts the [[Austria-Hungary|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 ===
=== First World War ===
The currency depreciated sharply as a result of the [[World War I|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.
The currency depreciated sharply as a result of the [[World War I|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 ===
=== After 1918 ===


==== Austria ====
==== Austria ====
{{Main|Austrian krone}}
{{Main|Austrian krone}}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 state]]s, but in January 1919 the [[Kingdom of Serbs, Croats, and Slovenes]] (later [[Kingdom of Yugoslavia|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".
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 state]]s, but in January 1919 the [[Kingdom of Serbs, Croats, and Slovenes]] (later [[Kingdom of Yugoslavia|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.
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.
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{{Main|Banknotes of the Czechoslovak koruna (1919)}}
{{Main|Banknotes of the Czechoslovak koruna (1919)}}
In [[Czechoslovakia]] the currency was superseded by the [[Czechoslovak koruna|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.
In [[Czechoslovakia]] the currency was superseded by the [[Czechoslovak 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 ===
=== Fiume ===


{{Css Image Crop|Image = FIU-S108-Free State of Fiume (Provisional)-10 Kronen (1920).jpg|bSize = 200|cWidth = 200|cHeight = 108|oTop = 108|oLeft = 0|Location = right|Description=<center>10 [[Fiume krone]] provisional banknote (1920)</center>}}
{{Css Image Crop|Image = FIU-S108-Free State of Fiume (Provisional)-10 Kronen (1920).jpg|bSize = 200|cWidth = 200|cHeight = 108|oTop = 108|oLeft = 0|Location = right|Description={{center|10 [[Fiume krone]] provisional banknote (1920)}}}}
The [[Fiume Krone]] (Corona Fiumana) - (Cor., FiuK) was introduced on 18 April 1919 by over-printing the existing Austro-Hungarian Krone notes, under the authority of the Italian National Council of Fiume who ruled the city. There were two issues: the 1919/21 Issue (1 and 2 kronen),{{sfn|Cuhaj|2009|p=592–93}} and the 1920 Issue (2, 10, 20, 50, 100, and 1,000 kronen).{{sfn|Cuhaj|2009|p=593}} The over-printed notes were in circulation from April 1919 to February 1921.{{sfn|Cuhaj|2009|p=592}} In September 1920 the [[Italian Lira]] was introduced as the official currency. The unofficial exchange rate to the lira was 2.5 FiuK to 1 Lira.
The [[Fiume Krone]] (Corona Fiumana) - (Cor., FiuK) was introduced on 18 April 1919 by over-printing the existing Austro-Hungarian Krone notes, under the authority of the Italian National Council of Fiume who ruled the city. There were two issues: the 1919/21 Issue (1 and 2 kronen),{{sfn|Cuhaj|2009|p=592–93}} and the 1920 Issue (2, 10, 20, 50, 100, and 1,000 kronen).{{sfn|Cuhaj|2009|p=593}} The over-printed notes were in circulation from April 1919 to February 1921.{{sfn|Cuhaj|2009|p=592}} In September 1920 the [[Italian Lira]] was introduced as the official currency. The unofficial exchange rate to the lira was 2.5 FiuK to 1 Lira.


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=== Romania ===
=== Romania ===


{{Css Image Crop|Image = ROM-R2-Romania First Provisional Issue-10 Kronen (1919).jpg|bSize = 200|cWidth = 200|cHeight = 108|oTop = 108|oLeft = 0|Location = right|Description=<center>10 Romanian kronen provisional banknote (1919)</center>}}
{{Css Image Crop|Image = ROM-R2-Romania First Provisional Issue-10 Kronen (1919).jpg|bSize = 200|cWidth = 200|cHeight = 108|oTop = 108|oLeft = 0|Location = right|Description={{center|10 Romanian kronen provisional banknote (1919)}}}}
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).{{sfn|Cuhaj|2009|p=939}} Both issues included 10, 20, 50, 100, 1000, and 10,000 korona denominations.{{sfn|Cuhaj|2009|p=939}} The issue dates of the base Austro-Hungarian krone notes used ranged from 1902–18.{{sfn|Cuhaj|2009|p=939}}
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).{{sfn|Cuhaj|2009|p=939}} Both issues included 10, 20, 50, 100, 1000, and 10,000 korona denominations.{{sfn|Cuhaj|2009|p=939}} The issue dates of the base Austro-Hungarian krone notes used ranged from 1902 to 1918.{{sfn|Cuhaj|2009|p=939}}


=== Complete denomination sets of over-stamped notes ===
=== Complete denomination sets of over-stamped notes ===
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!25k
!25k
|<center>Not issued</center>
|{{center|Not issued}}
|{{Css Image Crop|Image = HUN-23-Provisional-25 Korona (1920).jpg|bSize = 200|cWidth = 200|cHeight = 120|oTop = 1|oLeft = 0|Location = center}}
|{{Css Image Crop|Image = HUN-23-Provisional-25 Korona (1920).jpg|bSize = 200|cWidth = 200|cHeight = 120|oTop = 1|oLeft = 0|Location = center}}
|135x80mm
|135x80mm
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!200k
!200k
|<center>Not issued</center>
|{{center|Not issued}}
|{{Css Image Crop|Image = HUN-29-Provisional-200 Korona (1920).jpg|bSize = 200|cWidth = 200|cHeight = 122|oTop = 1|oLeft = 0|Location = center}}
|{{Css Image Crop|Image = HUN-29-Provisional-200 Korona (1920).jpg|bSize = 200|cWidth = 200|cHeight = 122|oTop = 1|oLeft = 0|Location = center}}
|168x100mm
|168x100mm
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!10,000k
!10,000k
|<center>Not issued</center>
|{{center|Not issued}}
|{{Css Image Crop|Image = HUN-32-Provisional-10000 Korona (1920).jpg|bSize = 200|cWidth = 200|cHeight = 134|oTop = 1|oLeft = 0|Location = center}}
|{{Css Image Crop|Image = HUN-32-Provisional-10000 Korona (1920).jpg|bSize = 200|cWidth = 200|cHeight = 134|oTop = 1|oLeft = 0|Location = center}}
|191x127mm
|191x127mm
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== Historic exchange rates and prices ==
== Historic exchange rates and prices ==
{{refimprove section|date=October 2015}}
{{more citations needed section|date=October 2015}}
{|class="wikitable plainlist"
{|class="wikitable plainlist"
! Year
! Year
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|1892
|1892
|
|
*1 kg gold = 3280 Kr.
*1&nbsp;kg gold = 3280 Kr.
*1 Kr = 1.05 [[Swiss franc]]s, 0.8505 [[German gold mark|German marks]].
*1 Kr = 1.05 [[Swiss franc]]s, 0.8505 [[German gold mark|German marks]].
|-
|-
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*1 [[United States dollar|US dollar]] = 4.96 Kr.
*1 [[United States dollar|US dollar]] = 4.96 Kr.
*1 Kr = 0.8481 German marks.
*1 Kr = 0.8481 German marks.
*1.5 kg sugar = 1 Kr.
*1.5&nbsp;kg sugar = 1 Kr.
*1 tram ticket (Vienna) = 19 hellers.
*1 tram ticket (Vienna) = 19 hellers.
|-
|-
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*1 US dollar = 16.1 Kr (January).
*1 US dollar = 16.1 Kr (January).
*''Illustrierte Kronenzeitung'' - January - June = 10 hellers.
*''Illustrierte Kronenzeitung'' - January - June = 10 hellers.
*''Illustrierte Kronenzeitung" - July - December = 12 hellers.
*''Illustrierte Kronenzeitung'' - July - December = 12 hellers.
*100 Kr = 11.60 Swiss francs (August).
*100 Kr = 11.60 Swiss francs (August).
*1 Kr = 0.3125 German marks (October).
*1 Kr = 0.3125 German marks (October).
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{{Main|Banknotes of the Austro-Hungarian krone}}
{{Main|Banknotes of the Austro-Hungarian krone}}


Krone / korona 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 [[Multilingualism|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 [[Engraving|engraver]] was [[Ferdinand Schirnböck]].
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 [[Multilingualism|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 (painter)|Rudolf Rössler]], [[Josef Pfeiffer]] and [[László Hegedűs]]. The [[Engraving|engraver]] was [[Ferdinand Schirnböck]].


==References==
==References==
Line 244: Line 249:
===Sources===
===Sources===
*{{Cite book |url=https://books.google.com/books?id=22dKPgAACAAJ&q=standard+catalog+of+specialized+issues|title= Standard Catalog of World Paper Money Specialized Issues|edition=11|publisher=Krause|isbn=978-1-4402-0450-0|editor-last=Cuhaj|editor-first=George S.|year=2009}}
*{{Cite book |url=https://books.google.com/books?id=22dKPgAACAAJ&q=standard+catalog+of+specialized+issues|title= Standard Catalog of World Paper Money Specialized Issues|edition=11|publisher=Krause|isbn=978-1-4402-0450-0|editor-last=Cuhaj|editor-first=George S.|year=2009}}
*{{Cite book|url= https://books.google.com/books?id=BuNA39dnuHsC |title= Standard Catalog of World Paper Money General Issues (1368-1960)|edition=13|publisher=Krause|isbn=978-1-4402-1293-2|editor-last=Cuhaj|editor-first=George S.|year=2010}}
*{{Cite book|url=https://books.google.com/books?id=BuNA39dnuHsC|title=Standard Catalog of World Paper Money General Issues (1368-1960)|edition=13|publisher=Krause|isbn=978-1-4402-1293-2|editor-last=Cuhaj|editor-first=George S.|year=2010}}{{Dead link|date=February 2023 |bot=InternetArchiveBot |fix-attempted=yes }}


==External links==
==External links==
{{Portal|Numismatics|Money}}
{{Portal|Austria|Hungary|Numismatics|Money}}
* {{in lang|hu|en}} [http://bankjegy.szabadsagharcos.org/ bankjegy.szabadsagharcos.org] (Hungarian banknote catalog)
* {{in lang|hu|en}} [http://bankjegy.szabadsagharcos.org/ bankjegy.szabadsagharcos.org] (Hungarian banknote catalog)
* {{in lang|hu|en}} [http://www.numismatics.hu/ www.numismatics.hu] (Roman and Hungarian related numismatic site)
* {{in lang|hu|en}} [http://www.numismatics.hu/ www.numismatics.hu] (Roman and Hungarian related numismatic site)
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[[Category:1892 establishments in Austria-Hungary]]
[[Category:1892 establishments in Austria-Hungary]]
[[Category:1918 disestablishments in Austria-Hungary]]
[[Category:1918 disestablishments in Austria-Hungary]]
[[Category:Crown (currency)]]

Latest revision as of 12:42, 24 October 2024

Austro-Hungarian krone
Österreichisch-ungarische Krone (German)
Osztrák–magyar korona (Hungarian)
Corona Austro-Hungarica (Latin)
Rakousko-uherská koruna (Czech)
Korona austro-węgierska (Polish)
Австро-угорська корона (Ukrainian)
Corona austro-ungarica (Italian)
Avstro-ogrska krona (Slovene)
Austro-ugarska kruna / Аустроугарска круна (Serbo-Croatian)
Rakúsko-uhorská koruna (Slovak)
Coroană austro-ungară (Romanian)
100 K banknote
(1912)
100 K coin
(1908)
Unit
Pluralkronen (in German)
SymbolK, kr
Denominations
Subunit
1100Heller (German)
fillér (Hungarian)
Banknotes1, 2, 10, 20, 25, 50, 100, 200, 1,000, 10,000 Krone(n)
Coins
  • 1, 2, 10, 20 heller / fillér
  • 1, 2, 5, 10, 20, 100 Krone(n) / korona
Demographics
Date of introduction1892
ReplacedAustro-Hungarian gulden
Date of withdrawal1918/1919
User(s)  West Ukrainian People's Republic
Issuance
Central bankAustro-Hungarian Bank
This infobox shows the latest status before this currency was rendered obsolete.

The krone (alternatively crown; German: Krone, Hungarian: Korona, Italian: Corona, Polish: Korona, Slovene: Krona, Serbo-Croatian: Kruna, Czech: Koruna, Slovak: Koruna, Romanian: Coroană, Ukrainian: Корона) 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 Heller in the Austrian and a fillér in the Hungarian part of the Empire.

Name

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Indication of value in eight languages on a 50 Krone note of 1914
Two coronæ coin, 1913

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

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Introduction

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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

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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

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Austria

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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.

Over-stamped Austro-Hungarian krone

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Croatia, Slovenia and Bosnia and Herzegovina

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In these territories of Austria-Hungary, which became part of the Kingdom of the Serbs, Croats and Slovenes (later Yugoslavia) in 1918, Krone banknotes were stamped by the new authorities and became issues of the Serb, Croat and Slovene krone. In 1920 this was replaced by the dinar at a rate of 1 dinar = 4 Kronen.

Czechoslovakia

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In Czechoslovakia the currency was superseded by the Czechoslovak 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

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10 Fiume krone provisional banknote (1920)
10 Fiume krone provisional banknote (1920)

The Fiume Krone (Corona Fiumana) - (Cor., FiuK) was introduced on 18 April 1919 by over-printing the existing Austro-Hungarian Krone notes, under the authority of the Italian National Council of Fiume who ruled the city. There were two issues: the 1919/21 Issue (1 and 2 kronen),[1] and the 1920 Issue (2, 10, 20, 50, 100, and 1,000 kronen).[2] The over-printed notes were in circulation from April 1919 to February 1921.[3] In September 1920 the Italian Lira was introduced as the official currency. The unofficial exchange rate to the lira was 2.5 FiuK to 1 Lira.

Hungary

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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

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10 Romanian kronen provisional banknote (1919)
10 Romanian kronen provisional banknote (1919)

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

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Complete denomination sets of over-printed Austro-Hungarian krone
Value Czechoslovak Hungarian Size Base date
10k
CZE-1-Republika Ceskoslovenska-10 Korun (1919, Provisional issue).jpg
HUN-19-Provisional-10 Korona (1920).jpg
150x79mm
20k
CZE-2-Republika Ceskoslovenska-20 Korun (1919, Provisional issue).jpg
HUN-20-Provisional-20 Korona (1920).jpg
150x89mm
25k
Not issued
HUN-23-Provisional-25 Korona (1920).jpg
135x80mm
50k
CZE-3-Republika Ceskoslovenska-50 Korun (1919, Provisional issue).jpg
HUN-25-Provisional-50 Korona (1920).jpg
162x100mm
100k
CZE-4a-Republika Ceskoslovenska-100 Korun (1919, Provisional issue).jpg
HUN-27-Provisional-100 Korona (1920).jpg
163x107mm
200k
Not issued
HUN-29-Provisional-200 Korona (1920).jpg
168x100mm
1,000k
CZE-5-Republika Ceskoslovenska-1000 Korun (1919, Provisional issue).jpg
HUN-31-Provisional-1000 Korona (1920).jpg
191x127mm
10,000k
Not issued
HUN-32-Provisional-10000 Korona (1920).jpg
191x127mm

Historic exchange rates and prices

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Year Rates
1892
1896
1899
  • 1 Kr = 0.7937 German marks.
1900
  • 1 pound sterling = 23.97 Kr.
  • Kronenzeitung (newspaper) = 4 hellers.
1907
  • 1 Kr = 0.8471 German marks (26 March).
1909
1913
  • 1 US dollar = 4.96 Kr.
  • 1 Kr = 0.8481 German marks.
  • 1.5 kg sugar = 1 Kr.
  • 1 tram ticket (Vienna) = 19 hellers.
1914
  • 1 US dollar = 5.08 Kr.
1915
  • 1 US dollar = 6.50 Kr.
  • 1 Kr = 0.7143 German marks.
1916
  • 1 US dollar = 7.95 Kr.
  • 1 Kr = 0.6896 German marks.
1917
  • 1 Kr = 0.6493 German marks.
1918
  • 1 tram ticket (Vienna) = 40 hellers.
  • Salzburger Volksbote (newspaper) - January = 14 hellers.
  • Illustrierte Kronenzeitung (newspaper) - November = 8 hellers.
  • 1 Kr = 0.5 German marks (November)
  • Telegraf (newspaper) - December = 10 hellers.
1919
  • 1 US dollar = 16.1 Kr (January).
  • Illustrierte Kronenzeitung - January - June = 10 hellers.
  • Illustrierte Kronenzeitung - July - December = 12 hellers.
  • 100 Kr = 11.60 Swiss francs (August).
  • 1 Kr = 0.3125 German marks (October).
  • 4 Kr = 1 Yugoslav dinar = 2 Romanian lei (November).
  • 100 Kr = 2.75 Swiss francs (December).
1921
  • 2,000 Kr = 1 Swiss franc (March).[5]

Coins

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Banknotes

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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

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Notes

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  1. ^ Cuhaj 2009, p. 592–93.
  2. ^ Cuhaj 2009, p. 593.
  3. ^ Cuhaj 2009, p. 592.
  4. ^ a b c Cuhaj 2009, p. 939.
  5. ^ Wiener Allgemeine Zeitung, 15 March 1921

Sources

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  • 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. ISBN 978-1-4402-1293-2.[permanent dead link]
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