ABSTRACT
Sources: Vienna: IISG Amsterdam, Corsi di cambi [Vienna] (1750-1771); AWB Wien, Corsi di Cambi in Vienna (dalla Borsa pubblica in Vienna) (1771-1785); ibid., Wechsel-Cours in Wien. Aus der K.K. öffentlichen Börse (1786-1817); Wiener Zeitung (1801-1810, 1872-1914); AWB Wien, Tabellarisches Compendium aller Course der Staatspapiere, Wechselbriefe und Münzen (18111818); KELLY [1811] II, p. 125 (1807); Hamburger Börsenhalle (1815-1822); AWB Wien, Tabellarische Übersichten sämmtlicher Wechsel-, Münz-und Obligations-Course vom Jahre ... (1823-1859); ibid., Coursblatt der Wiener Börsekammer (1840-1859); ibid., Coursblatt des Gremiums der K.K. Börse-Sensale (1860-1874); ibid., Amtliches Kursblatt der Wiener Börse (1881). Trieste: Osservatore Triestino (1818-1825, 1861-1914). Concordance: WdW VI, pp. 239-254; HStD XII, pp. 235-253; WdW I/III, pp. 381-451; HStD XI, pp. 487-519
Currency: From 1748/50 the Habsburg Monarchy issued its guilder (gulden = 2/3 rixdollar) of 60 kreuzer at 11.69 grammes of fine silver (standard of coinage: 20 guilders per mark of Cologne), which was termed ‘Konventionskurant’ after the so-called ‘Münzkonvention’ with the Electorate of Bavaria had been concluded in 1753. Near the end of the Seven Years’ War (1762), the issuing of paper money by the Wiener Stadtbanco started, so that this paper money was called ‘Bancozettel’ or, later on, ‘Wiener Währung’. Above all, towards the end of the 18th century in the wake of the Napoleonic Wars, the volume of circulating paper money increased drastically up to a sum of 44 million guilders in 1796 and clearly weakened the value of the currency. So a compulsory rate was imposed on the Bancozettel or the Wiener Währung respectively in 1797, and in 1800 the convertibility of the Wiener Währung was suspended. Therefore all exchange rate quotations of or on the Austrian exchange markets are made in or for Wiener Währung from then on. In the wake of the military defeats of 1805 and 1809, the circulation of paper money rose up to more than 1 billion guilders. By means of the ‘Bankrottpatent’ from February 20th 1811, the Bancozettel were converted into the socalled ‘Einlösungsscheine’, which stabilized the Wiener Währung on a low level for the following years: whereas one paid only c. 8 guilders Konventionskurant for 100 guilders Wiener Währung in December 1810 and c. 12 until March 1811, there was an average of about 42 guilders Konventionskurant for 100 guilders Wiener Währung for the rest of 1811, i.e. after the establishment of the Einlösungsscheine. From February 1st 1812, the Wiener Währung was the only current money in the Habsburg Monarchy. Additionally, new ‘Antizipationsscheine’ were issued in 1813/14 to finance the Austrian military engagement in the years 1813 to 1815. In the exchange rate currents the Wiener Währung was quoted with a remarkable discount against Konventionskurant:
Guilders Konventionskurant for 100 guilders Wiener Währung (annual average)
Sources: HStD XII, p. 254; HStD XI, p. 464
1809 23.96 1813 39.23 1817 29.86 1821 40.02 1810 16.84 1814 29.98 1818 39.27 1822 40.02 1811 20.70 1815 28.82 1819 40.12 1823 40.02 1812 32.96 1816 30.56 1820 39.99 1824 40.02
Konventionskurant in June 1818. From 1820 there was no more fluctuation of the Wiener Währung aginst the Konventionskurant and most of the paper money was cashed in by the Österreichische Nationalbank. Owing to the revolution of 1848, a compulsory rate was again imposed on the notes of the Österreichische Nationalbank on May 21st 1848, which is why the quotations of and on Vienna and Trieste are to be understood – if not indicated differently – in or for guilders Konventionskurant payable in bank and newly issued government notes – the so-called ‘Wiener Banknoten’ – from June 3rd 1848. The conclusion of the Wiener Münzvertrag on January 24th 1857 meant the monetary affiliation of the Austrian currency system with the Zollverein system until the Treaty of Berlin 1867, which resolved this affiliation (see p. 197). The Wiener Münzvertrag also laid the foundations for the introduction of the new guilder Österreichische Währung (11.11 grammes of fine silver) of 100 neukreuzer (standard of coinage: 45 guilders per pound of 500 grammes) by the Imperial patent of September 19th 1857 which became legal tender of the monarchy on November 1st 1858. However, in the quotations on Vienna the transition to the new currency was for the most part not effected until the following weeks and months, in Vienna itself not until the beginning of 1859. From 1848 the guilder Österreichische Währung was also payable in bank and government notes, like the guilder Konventionskurant, and fluctuated more or less in the wake of the various political and military crises of the 1850s and 1860s. The rapid drop-off in silver prices from 1873 resulted in the Habsburg Monarchy having an exclusive paper currency from 1879. Henceforth, only the value of the paper notes – the Wiener Banknoten – determined the value of the Austrian-Hungarian currency within the international payment system (PRIBRAM [1938], p. 68). To stabilize the currency of the monarchy, the transition to the gold standard became inevitable. It was initiated by the Act of August 2nd 1892, which generally introduced the gold standard and fixed the ratio of the new crown (krone; in Hungary: korona; 0.3048 grammes of fine gold) to the guilder Österreichische Währung at 2:1. On this basis the Imperial decree of September 21st 1899 established de facto the crown of 100 heller (in Hungary: fillér) as the obligatory unit of account from January 1st
1900, introducing the gold standard at the same time, whereas a limping gold standard can be observed between 1892 and 1899 (OTRUBA [1981], pp. 131-146).
