Czech koruna

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Czech koruna
koruna česká  (Czech)
Czk- coins and banknotes.JPG
ISO 4217 code CZK
Central bank Czech National Bank
 Website www.cnb.cz
User(s)  Czech Republic
Inflation 1.4 %
 Source Czech Statistical Office, January 2014
 Method CPI
Subunit
 1/100 haléř
Symbol
 haléř h
Plural The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Coins
 Freq. used 1, 2, 5, 10, 20, 50 Kč
Banknotes
 Freq. used 100, 200, 500, 1000, 2000 Kč
 Rarely used 5000 Kč

The Czech koruna or Czech crown (sign: ; code: CZK) has been the currency of the Czech Republic since 8 February 1993 when, together with its Slovak counterpart, it replaced the Czechoslovak koruna at par.

The official name in Czech is koruna česká (plural koruny české, though the zero-grade genitive plural form korun českých is used on banknotes and coins of value 5 Kč or higher). The ISO 4217 code is CZK and the local acronym is Kč, which is placed after the numeric value (e.g., "50 Kč"). One koruna equals 100 haléřů (abbreviated as "h", singular: haléř, nominative plural: haléře, genitive plural: haléřů - used with numbers higher or equal to 5 - e.g. 3 haléře, 8 haléřů).

History[edit]

The Czech koruna replaced the Czechoslovak koruna when it was introduced in 1993 after the dissolution of Czechoslovakia. It first consisted of overstamped 20, 50, 100, 500, and 1000 Czechoslovak koruna banknotes, but a new series was properly introduced in 1993.

Euro adoption[edit]

The Czech Republic planned to adopt the euro in 2012, but its government suspended that plan in 2007.[1] Although the country is economically well positioned to adopt the euro, there is considerable opposition to the move within the Czech Republic.[2] According to a survey conducted in January 2011, only 22% of the Czech population was in favour of replacing the koruna with euro.[3]

Coins[edit]

10 koruna coin (2003).

In 1993, coins were introduced in denominations of 10, 20 and 50 haléřů, 1, 2, 5, 10, 20 and 50 korun. The 10 and 20 haléřů coins were taken out of circulation by 31 October 2003, and the 50 haléřů coins were withdrawn from circulation on 31 August 2008 due to their diminishing purchasing power and circulation.[4]

In 2000, the 10 and 20 korun coins were minted with different obverses to commemorate the Millennium. In 1993 & 1994 coins were minted in Winnipeg and Hamburg then in the Czech Republic. All circulation coins were designed by Ladislav Kozak (1934-2007).

Since 1997, sets for collectors are also issued yearly with proof quality coins. There's also a tradition of issuing commemorative coins - including silver and gold coins - for numismatic purposes.

For a complete listing see: Commemorative coins of the Czech Republic.

Circulation coins[5]
Value Technical parameters Description Date of
Diameter Thickness Mass Composition Edge Obverse Reverse first minting issue withdrawal lapse
10 h 15.5 mm 1.7 mm 0.6 g 99% aluminium
1% magnesium
Plain "ČESKÁ REPUBLIKA", Czech lion, year of minting Value, stylized river 1993 12 May 1993 31 October 2003 31 October 2009
20 h 17 mm 0.74 g Milled Value, linden leaf
50 h 19 mm 0.9 g Alternately plain and milled Value 31 August 2008 31 August 2014
1 Kč 20 mm 1.85 mm 3.6 g Nickel plated steel Milled Value, St. Wenceslas crown 9 June 1993 Current
2 Kč 21.5 mm,
11-sided
3.7 g Rounded, plain Value, a Great Moravian button-jewel Current
5 Kč 23 mm 4.8 g Plain Value, Charles Bridge, Vltava, linden leaf Current
10 Kč 24.5 mm 2.55 mm 7.62 g Copper plated steel Milled "ČESKÁ REPUBLIKA", the Czech lion, year of minting Value, Petrov national monument in Brno 1993 12 May 1993 Current
20 Kč 26 mm,
13-sided
2.55 mm 8.43 g Brass plated steel Rounded, plain "ČESKÁ REPUBLIKA", the Czech lion, year of minting Value, the St. Wenceslas monument on Wenceslas Square, inscription from the monument 1993 12 May 1993 Current
50 Kč 27.5 mm
center: 17 mm
2.55 mm 9.7 g Ring: copper plated steel
Center: brass plated steel
Plain "ČESKÁ REPUBLIKA", the Czech lion, year of minting, value "PRAGA MATER URBIUM" ("Prague, the Mother of Towns"), view of Prague 1993 7 April 1993 Current

Banknotes[edit]

The first Czech banknotes issued on 8 February 1993 consisted of Czechoslovak notes with adhesive stamps affixed to them. Only the 100, 500 and 1000 korun denominations were overstamped, the lower denominations circulated unchanged during this transitional period. Each stamp bears a Roman and Arabic number identifying the denomination of the banknote to which it is affixed (C and 100, D and 500, M and 1,000). Subsequent issues of the 1,000-korun note replaced the adhesive stamp with a printed image of same.[6]

A newly designed series of banknotes of denominations 20, 50, 100, 200, 500, 1000 and 5000 korun were introduced later in 1993 and are still in use at present - except for 20, 50 and the first versions of 1000 and 5000 korun notes, since the security features of 1000 and 5000 notes were upgraded in the subsequent issues (The 2000 korun note, which has been introduced in 1996, is still valid in all versions, with and without the new security features). These banknotes feature renowned Czech persons on the obverse and abstract compositions on the reverse. Modern protective elements can be found on all banknotes.

Exchange rates[edit]

The currency was on a record exchange rate run in 2008.[7][8][9][10]

Current CZK exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD
From Investing.com: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

See also[edit]

References[edit]

  1. ^ "Finance Ministry backtracks on joining the Euro by 2012". Radio Praha. Retrieved 22 December 2008. 
  2. ^ "Euros in the wallets of the Slovaks, but who will be next?" (Press release). Sparkasse.at. 2008-08-05. Retrieved 2008-12-21. 
  3. ^ "Zavedení eura v ČR" (Press release) (in Czech). Středisko empirických výzkumů. 2011-01-31. Retrieved 2011-06-28. 
  4. ^ "The CNB decides 50-heller coins will cease to be legal tender". Retrieved January 20, 2008. 
  5. ^ Czech national bank. Available at: http://www.cnb.cz/cs/platidla/mince/
  6. ^ http://www.papirovaplatidla.cz/bankovky/platidla-cr
  7. ^ "Czech crown extends record run, eyes on CPI". Forbes. 7 July 2008. Archived from the original on 24 May 2011. 
  8. ^ "Czech Republic - Factors To Watch on July 15". Reuters. 15 July 2008. 
  9. ^ http://www.praguemonitor.com/en/380/czech_business/25569/
  10. ^ http://www.praguemonitor.com/en/379/czech_business/25523/

External links[edit]