DEFINITION of 'ATS (Austrian Schilling)'
The currency abbreviation, or currency symbol, for the Austrian schilling (ATS), the currency for Austria from 1924 to 1938 and between 1945 to 1999. The schilling is made up of 100 groschen and is often presented with the symbol S or öS. The Austrian schilling still circulated in Austria from 1999 until 2002, when it was replaced by the euro at a conversion rate of 13.7603 schillings for every euro.
BREAKING DOWN 'ATS (Austrian Schilling)'
The first schilling was established in December of 1924 by the Schilling Act (Schillingrechnungsgesetz) and was equivalent to 10,000 Austro-Hungarian kronen.
A second schilling was created in November of 1947 according to the "Schilling Law", with a conversion rate of 3 old schillings for 1 new schilling. Later, in 1950, the currency was pegged to the U.S. dollar at $1 to 26 schillings. The 1970s saw the collapse of the Bretton Woods system and the schilling was tied to a basket of trade-weighted European currencies (1971) and then to the Deutsche mark (1976).