Austria 50 Schilling Silver Coin 1966 150th Anniversary of the National Bank
Commemorative issue: 150th Anniversary of the National Bank
Obverse: Face value within a circle of the nine shields of the federal provinces of Austria, Coat of arms of Austria above the face value.
Lettering: OESTERREICHISCHE NATIONALBANK 1818 - 1966.
Obverse Designer: Edwin Grienauer.
Reverse: National Bank building above two line inscription, two dates below.
Lettering: · REPUBLIK · 50 SCHILLING ÖSTERREICH.
Reverse Designer: Michael Norz.
Engraver: Edwin Grienauer.
Edge Description: Plain with engraved lettering.
Composition: Silver.
Fineness: 0.9000.
Weight: 20 g.
ASW: 0.5787 oz.
Diameter: 34 mm.
National Bank of Austria
The Österreichische Nationalbank was started in 1816 by Johann Philipp Stadion, Count von Warthausen in the reign of Francis I (Franz I), the first Emperor of Austria. The foundation of this bank followed a period of high currency devaluation in Austria during the war times when paper money was issued by the Habsburg state.
The Österreichische Nationalbank (ÖNB) is the central bank of the Republic of Austria and, as such, an integral part of both the European System of Central Banks (ESCB) and the Eurozone. In the public interest, the National Bank of Austria contributes to monetary and economic policy decision-making in Austria and in the Euro area. In line with the Federal Act on the Österreichische Nationalbank, the ÖNB is a stock corporation. Given its status as a central bank, it is, however, governed by a number of special provisions, as laid down in the Nationalbank Act. The ÖNB's capital totals EUR 12 million. Since May 2010 this capital is entirely held by the state of Austria. Previously half of the capital was in the hands of employer and employee organizations as well as banks and insurance corporations.
The main tasks of the ÖNB center on contributing to a stability-oriented monetary policy within the Eurozone, safeguarding financial stability in Austria and supplying the general public and the business community in Austria with high-quality, i.e. counterfeit-proof, cash. In addition, the ÖNB manages reserve assets, i.e. gold and foreign exchange holdings, with a view to backing the euro in times of crisis, draws up economic analyses, compiles statistical data, is active in international organizations and is responsible for payment systems oversight. Furthermore, the ÖNB operates a payment system for the euro, promotes knowledge and understanding among the general public and decision makers owing to its comprehensive communication policy, and supports research in Austria.