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).