500 Schilling – Austria

In 1999, Austria was in a pivotal transitional year regarding currency, as it was a founding member of the European Economic and Monetary Union (EMU) but had not yet introduced euro banknotes and coins. On January 1, 1999, the euro was launched as an electronic currency for banking and financial transactions, and the Austrian schilling was irrevocably fixed at an exchange rate of 1 euro = 13.7603 schillings. This meant the schilling ceased to be an independent currency and became a non-decimal subdivision of the euro, with all financial markets, public debt, and government accounting switching to the new unit.

During this three-year transition period, known as "legacy currency" status, the schilling remained the everyday physical currency in circulation. Austrians experienced a "no prohibition, no compulsion" environment, where prices were often displayed in both schilling and euro to foster familiarity, but all legal transactions were conducted in schillings. This period was characterized by significant public information campaigns and logistical preparations by the Austrian National Bank (OeNB) and businesses to ensure a smooth future changeover, including the production and secure distribution of euro cash.

Thus, the currency situation in Austria in 1999 was one of a dual-system limbo: a definitive legal and financial framework had shifted to the euro, while the tangible monetary experience for citizens remained with the familiar schilling. This careful and planned transition aimed to build public confidence and minimize disruption ahead of the final, physical introduction of euro banknotes and coins on January 1, 2002, when the schilling would be completely phased out.