Starting on 1 January next year, national banknotes and coins will be replaced with euro-denominated cash. Within two months, this cash changeover will be finalised. From 1 March, national banknotes will cease to be legal tender, in other words shops will then only be obliged to accept euro denominated banknotes and coins as settlement of a liability.
Of course, the OeNB will also after this deadline, without any time limit, exchange schilling banknotes and coins into euro. Nobody will lose any money. Naturally, this eurocash changeover is a huge organisational and logistical project for the central bank, for banks, shops and vending machine operators.