Austrian Schilling

ATS is the currency of Austria. It is subdivided into 100 groschen and is issued by the Austrian National Bank. The ATS was introduced in 1925 as a replacement for the Austrian krone. The ATS was pegged to the Reichsmark at a rate of 1 ATS = 1.70 Reichsmark. This peg lasted until 1938 when Austria was annexed by Nazi Germany and the ATS was replaced by the Reichsmark. The ATS was reintroduced in 1945 after the defeat of Nazi Germany. It was pegged to the US dollar at a rate of 1 ATS = $0.50. This peg lasted until 1960 when Austria joined the European Union. The ATS was replaced by the Euro in 2002.