standard of Austria remained nominally the silver florin of the convention of 1857, although in actual practice the currency was paper. In March 1879 the Austrian and Hungarian Mints were closed to the coinage of silver on private account, preparatory to a reorganisation of the Austrian monetary system on a gold basis. This reform was decided on in 1892, and briefly prescribed as follows:—
The monetary unit is the krone or crown = 2 florins; but to be minted in 10 and 20-crown pieces, 1 kilogramme pure gold = 3280 crowns, .900 fine. The crown is divided into 100 hellers.
For the purpose of basing the new system on gold, a Page 377 ratio between the old silver and the new gold standard of 1:18.22 was adopted, the existing florin being declared = 2 francs 10 cents.
Silver is fractional money only,