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Croatian kuna

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Croatian kuna
Hrvatska kuna (Croatian)
500 kuna banknote
ISO 4217
CodeHRK
Unit
Pluralkune (2-4)
kuna (higher amounts, nominative)
The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Symbolkn
Denominations
Subunit
1100lipa
Symbol
 lipalp
Banknotes
 Freq. used10, 20, 50, 100, 200, 500 kn
 Rarely used5, 1000 kn
Coins
 Freq. used5, 10, 20, 50 lp, 1, 2, 5 kn
 Rarely used1, 2 lp, 25 kn
Demographics
Date of introduction30 May 1994
ReplacedCroatian dinar
User(s)None, previously:
 Croatia
Issuance
Central bankCroatian National Bank
 Websitewww.hnb.hr
PrinterGiesecke & Devrient
 Websitewww.gi-de.com
MintCroatian Mint
 Websitewww.hnz.hr
Valuation
Inflation1.3% (August 2018)[1]
 SourceCroatian Bureau of Statistics, September 2018[1]
 MethodCPI[1]
Pegged withEuro (EUR)
1 EUR = 7.53450 HRK
EU Exchange Rate Mechanism (ERM)
Since10 July 2020
Replaced by euro, non cash1 January 2023
Replaced by euro, cash14 January 2023
1 € =7.53450 kn[2]
Band15.0%
This infobox shows the latest status before this currency was rendered obsolete.

The kuna (Croatian pronunciation: [kǔːna]; sign: kn; code: HRK) was the currency of Croatia from 1994 until 2023, when it was replaced by the euro. The kuna was subdivided into 100 lipa. It was issued by the Croatian National Bank and the coins were minted by the Croatian Mint.

In the Croatian language, the word kuna means "marten" and lipa means "linden tree", both references to their historical use in medieval trading.

History and etymology

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Records exist from the Middle Ages of a tax and/or a currency in the then highly valued marten skins, which were recorded as marturina ("marten tax") or kunovina, in Lower Pannonia, modern day Hungary and Slavonia. Slavonia's first minted currency was the frizatik,[3] but in the 13th century the Ban of Slavonia issued a marten-adorned silver coin called the banovac.[4][5]

The idea of a kuna currency reappeared in 1939 when the Banovina of Croatia, an autonomous province established within the Kingdom of Yugoslavia, planned to issue its own money, along with the Yugoslav dinar.[6][7] In 1941, when the Ustaše regime formed the Independent State of Croatia, they used the kuna as its currency.[6] It remained in circulation until 1945, when Croatia became part of SFR Yugoslavia and the Yugoslav dinar became the official currency.[8]

The plural form of kuna in Croatian is kune.[9] It can vary because of different number declension rules (e.g. 2 kune, 10 kuna).

It has no relation to the various Slavic currencies named "koruna" (translated as kruna in Croatian), which means "crown".

Modern currency

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The modern kuna was introduced on 30 May 1994, starting a period of transition from the Croatian dinar, introduced in 1991, which ended on 31 December 1994.[10] One kuna was equivalent to 1,000 dinars at a fixed exchange rate. The kuna was pegged to the Deutsche Mark from the start. With the replacement of the mark by the euro, the kuna's peg effectively switched to the euro.

The choice of the name kuna was controversial because the same currency name had been used by the Independent State of Croatia, but this was dismissed as a red herring, since the same name was also in use during the Banovina of Croatia and by the State Anti-Fascist Council for the National Liberation of Croatia (ZAVNOH).[8] An alternative proposal for the name of the new currency was kruna (crown), divided into 100 banica (viceroy's wife), but this was deemed too similar to the Austro-Hungarian krone and found inappropriate for the country which is a republic,[8] even though Czechia and (until 2008) Slovakia have used currencies whose names translate to "crown".

A long-time policy of the Croatian National Bank was to keep the fluctuations of the kuna's exchange rate against the euro (or, previously, the mark) within a relatively stable range. Since the introduction of the euro in 1999, the exchange rate between the two currencies rarely fluctuated to a substantial degree, remaining at a near constant 7.5:1 (HRK to EUR) rate. Croatia joined the European Union on 1 July 2013 and the Exchange Rate Mechanism on 10 July 2020 at a rate of 7.53450 HRK to €1.[11][12]

The kuna was replaced by the euro on 1 January 2023 after satisfying prerequisites[13] as the initial time estimate of standard four years after joining the European Union proved too short.[14]

A two-week transition period during which kuna cash remained as legal tender in circulation alongside the euro ended on 14 January. Cash could be exchanged at any eurozone national central banks until 28 February and at any bank (Fina and Hrvatska pošta in Croatia) until the end of 2023 at no charge. The Croatian National Bank will do the same for notes indefinitely and for coins until the end of 2025.[15][16]

Coins

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In 1994,[10] coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 lipa, 1, 2, 5 and 25 kuna. The coins are issued in two versions: one with the name of the plant or animal in Croatian (issued in odd years), the other with the name in Latin (issued in even years). Overall more coins have been minted with Croatian names than with names in Latin.[17]

Lipa is the Croatian word for linden or tilia tree, a species that was traditionally planted around marketplaces in Croatia and other lands under Habsburg monarchy rule during the early modern period.

Due to their low value, 1 and 2 lipa coins were rarely used.[18] Since 2009, these coins were no longer minted,[18] but the Croatian National Bank stated that it had no plans for withdrawing them, and the 1 and 2 lipa coins were still minted as non-circulating, mainly for numismatic collections.[19]

Coins intended for circulation[20] In each case, the obverse shows the coat of arms, state title and an indication of value.
Value Technical parameters Description Date of
issue
In Kuna Equivalent in Euros () Diameter Mass Composition Edge Reverse First
minting
1 lp €0.0013272 17.0 mm 0.70 g Aluminium-Magnesium alloy Smooth Maize, "KUKURUZ" or "ZEA MAYS", year of minting 1993 31 May 1994
2 lp €0.0026545 19.0 mm 0.92 g Aluminium-Magnesium alloy Smooth Grapevine, "VINOVA LOZA" or "VITIS VINIFERA", year of minting 1993 31 May 1994
5 lp €0.006636 18.0 mm 2.50 g Bronze-plated steel Smooth European oak branch, "HRAST LUŽNJAK" or "QUERCUS ROBUR", year of minting 1993 31 May 1994
10 lp €0.013272 20.0 mm 3.25 g Bronze-plated steel Smooth Tobacco plant, "DUHAN" or "NICOTIANA TABACUM", year of minting 1993 31 May 1994
20 lp €0.026545 18.5 mm 2.90 g Nickel-plated steel Smooth Olive branch, "MASLINA" or "OLEA EUROPAEA", year of minting 1993 31 May 1994
50 lp €0.06636 20.5 mm 3.65 g Nickel-plated steel Smooth Degenia, "VELEBITSKA DEGENIJA" or "DEGENIA VELEBITICA", year of minting 1993 31 May 1994
1 kn €0.13272 22.5 mm 5.00 g Nickel-brass Milled Nightingale, "SLAVUJ" or "LUSCINIA MEGARHYNCHOS", year of minting 1993 31 May 1994
2 kn €0.26545 24.5 mm 6.20 g Nickel-brass Milled Atlantic bluefin tuna, "TUNJ" or "THUNNUS THYNNUS", year of minting 1993 31 May 1994
5 kn €0.6636 26.5 mm 7.45 g Nickel-brass Milled Brown bear, "MRKI MEDVJED" or "URSUS ARCTOS", year of minting 1993 31 May 1994

For table standards, see the coin specification table.

Commemorative coins

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Commemorative coins of the Croatian were issued between 1995 and 2022.

Denomination Obverse Design[20] Date of issue Quantity
1 lipa Maize with inscriptions FAO (Food and Agriculture Organization of the United Nations), 1945 (year of FAO founding), 1995 (50th anniversary of FAO and issue year of coin) and fiat panis (Latin expression for "Let there be bread!") 15 July 1995 1,000,000
2 lipe Emblem of the Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of the 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games) 1 July 1996 1,000,000
5 lipa Emblem of the Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of the 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games) 1 July 1996 900,000
10 lipa Emblem of the United Nations with inscriptions Organizacija ujedinjenih naroda (Croatian for United Nations Organization), 1945 (founding year of United Nations), and 1995 (50th anniversary of United Nations and issue year of coin) 1 July 1996 900,000
20 lipa Olive with inscriptions FAO (Food and Agriculture Organization of the United Nations), 1945 (year of FAO founding), 1995 (50th anniversary of FAO and issue year of coin) and fiat panis (Latin expression for "Let there be bread!") 15 July 1995 1,000,000
50 lipa Emblem of the Croatian Football Federation with inscriptions Europsko nogometno prvenstvo (Croatian for European Football Championship), Engleska (Croatian for England), and 1996 (European Championship year and issue year of coin) 12 June 1996 900,000
1 kuna Emblem of the Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of the 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games) 1 July 1996 1,000,000
2 kune Tuna with inscriptions FAO (Food and Agriculture Organization of the United Nations), 1945 (year of FAO founding), 1995 (50th anniversary of FAO and issue year of coin) and fiat panis (Latin expression for "Let there be bread!") 15 July 1995 500,000
5 kuna Images commemorating the 500th anniversary of the printing of the Breviary of Senj in 1494 15 July 1995 1,000,000
25 kuna Marking the completion of the peaceful reintegration the Republic of Croatia territory under the temporary administration of UNTAES 28 May 1997 300,000
Holding of the first Croatian Esperanto Congress, in Zagreb, on 31 May and 1 June 1997 24 June 1997 300,000
Marking the 5th anniversary (1992 - 1997) of the admission of the Republic of Croatia, as an independent and recognised state, into the United Nations Organisation 27 October 1997 300,000
Holding of the EXPO, the Lisbon World Exposition, with Croatia as first-time participant 26 June 1998 300,000
The introduction of the new monetary unit, the euro, in eleven European Union Member States 29 December 1999 300,000
Marking the year 2000, "the Millennium Year" 27 November 2000 300,000
The 10th anniversary of the international recognition of the Republic of Croatia, 15 January 1992 - 15 January 2002 4 August 2005 200,000
The Republic of Croatia becoming an EU membership candidate, 18 June 2004 4 August 2005 30,000
The European Bank for Reconstruction and Development Annual Meeting, Zagreb, 14 and 15 May 2010 12 May 2010 20,000
Signing the Treaty of Accession of the Republic of Croatia to the European Union, 9 December 2011 3 December 2012 20,000
The Republic of Croatia becoming a full member of the European Union, 1 July 2013 1 July 2013 20,000
The 25th anniversary of independence of the Republic of Croatia, 8 October 1991 – 8 October 2016 7 October 2016 50,000
The 25th anniversary of the admission of the Republic of Croatia to membership in the United Nations 22 May 2017 20,000
The 25th anniversary of the introduction of the kuna as the monetary unit of the Republic of Croatia, 30 May 1994 – 30 May 2019 30 May 2019 30,000
The 350th anniversary of the founding of the University of Zagreb, 1669 − 2019 4 November 2019 20,000
The Croatian Presidency of the Council of the EU 2020 15 January 2020 30,000
The 75th anniversary of the founding of the Croatian Association of Technical Culture, 1946 – 2021 23 June 2021 50,000
Marking World Children's Day, 20 November 2021 19 November 2021 50,000
Marking the opening of the Pelješac Bridge for traffic and road connections in the territory of the Republic of Croatia 26 July 2022 30,000

Banknotes

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The notes were designed by Miroslav Šutej and Vilko Žiljak [hr], and all feature prominent Croatians on front and architectural motifs on back. The geometric figures at lower left on front (except the 5-kuna note) are intaglio printed for recognition by the blind people. To the right of the coat of arms on front is a microprinted version of the Croatian national anthem, Lijepa naša domovino (Our Beautiful Homeland).[21] The overall design is reminiscent of Deutsche Mark banknotes of the fourth series.

The first series of notes was dated 31 October 1993. The 5, 10 and 20 kuna notes from this series were withdrawn on 1 April 2007, and the 50, 100 and 200 kuna notes were withdrawn on 1 January 2010, but remain exchangeable at the HNB in Zagreb.[22]

New series of notes with tweaked, but similar designs and improved security features were released in 2001, 2004, 2012 and 2014.[23]

kuna banknotes[24]
Value Dimensions Main Colour Description Date of
In kuna Equivalent in euros () Obverse Reverse Printing Issue
5 kuna €0.66 122×61 mm Green Fran Krsto Frankopan
and Petar Zrinski
The Old Fort and layout of the old Varaždin castle. 7 March 2001 9 July 2001
10 kuna €1.33 126×63 mm Green-Brown Bishop Juraj Dobrila The Pula Arena and Motovun town layout. 7 March 2001
9 July 2012
18 June 2001
18 March 2013
20 kuna €2.65 130×65 mm Red Ban Josip Jelačić The Eltz Manor in Vukovar and the Vučedol Dove. 7 March 2001
9 July 2012
16 August 2001
18 March 2013
50 kuna €6.64 134×67 mm Blue Ivan Gundulić The Old City of Dubrovnik and its Rector's Palace. 7 March 2002
9 July 2012
25 November 2002
25 September 2017
100 kuna €13.27 138×69 mm Orange Ban Ivan Mažuranić
and the Baška tablet
St. Vitus Cathedral in Rijeka and its layout. 7 March 2002
9 July 2012
3 June 2002
1 July 2013
200 kuna €26.54 142×71 mm Brown Stjepan Radić The old General Command building in Osijek
and layout of the City-fortress of Tvrđa.
7 March 2002
9 July 2012
12 August 2002
1 July 2013
500 kuna €66.36 146×73 mm Olive green Marko Marulić Diocletian's Palace in Split and
the motif of Croatian ruler from 11th century.
31 October 1993 30 May 1994
1000 kuna €132.72 150×75 mm Blue-Red-Grey Ante Starčević Statue of King Tomislav and the Zagreb Cathedral. 31 October 1993 30 May 1994
Commemorative issues in circulation
10 kuna €1.33 126×63 mm Green-Brown Bishop Juraj Dobrila The Pula Arena and Motovun town layout.
(10th anniversary issue)
24 May 2004 30 May 2004
20 kuna €2.65 130x65 mm Red Ban Josip Jelačić The Eltz Manor in Vukovar and
the Vučedol Dove.
(20th anniversary issue)
30 May 2014 30 May 2014

For table standards, see the banknote specification table.

Exchange rates

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Euro exchange rate to Croatian kuna
Current HRK exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD

See also

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References

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  1. ^ a b c "CONSUMER PRICE INDICES, SEPTEMBER 2019" (Press release). Croatian Bureau of Statistics. 16 December 2019. Retrieved 27 November 2019.
  2. ^ Bank, European Central (10 July 2020). "Communiqué on Croatia".
  3. ^ Mirnik, Ivan (2008). "Najsitnija kulturna dobra – Novac i njegova uloga u srednjovjekovnoj Hrvatskoj i Slavoniji" [The tiniest cultural goods – Money and its role in medieval Croatia and Slavonia] (PDF). Godišnjak. 24. Zagreb: Ured za kulturna dobra Zagrebačke biskupije.
  4. ^ Brozović, Dalibor. "History of Croatian money". Retrieved 1 January 2011. - Excerpts from the book Kune and lipe – Currency of the Republic of Croatia, Zagreb, Croatian National Bank
  5. ^ Povijest hrvatskog novca, Section 3 Archived October 22, 2006, at the Wayback Machine, Croatian National Bank compilation from multiple sources
  6. ^ a b "Prvi novac – Povijest hrvatskog novca – Kraljevina SHS i Nezavisna Država Hrvatska" (in Croatian). Croatian National Bank. Archived from the original on 21 April 2003. Retrieved 1 January 2011.
  7. ^ Granic 2008, p. 100.
  8. ^ a b c Milinović, Ante (2001). "Bogatstvo likovne simbolike hrvatskoga novca" [The rich visual symbolism of Croatian currency]. Croatian Emigrant Almanac (in Croatian). Croatian Heritage Foundation. Archived from the original on 21 May 2011. Retrieved 1 January 2011.
  9. ^ "Money in Croatia". Visit Croatia. 3 April 2013. Retrieved 18 February 2020.
  10. ^ a b Croatian Government and Croatian National Bank decisions published in Narodne novine 37/94 [1][2][3][4]
  11. ^ "Monetary policy and ERM II participation on the path to the euro". Speech by Lucas Papademos, Vice President of the ECB at the tenth Dubrovnik economic conference, in Dubrovnik. European Central Bank. 25 June 2004.
  12. ^ "Vujčić: uvođenje eura dvije, tri godine nakon ulaska u EU". Poslovni dnevnik (in Croatian). HINA. 1 July 2006. Archived from the original on 7 January 2020. Retrieved 1 January 2011. statements made by Boris Vujčić, deputy governor of the Croatian National Bank, at the Dubrovnik economic conference, June 2006
  13. ^ "Croatia adopts plan for replacing kuna by euro to protect consumer rights". SeeNews. Retrieved 9 June 2021.
  14. ^ THOMSON, AINSLEY (4 June 2013). "Croatia Aims for Speedy Adoption of Euro". Wall Street Journal. Retrieved 7 September 2013.
  15. ^ Bank, European Central (29 November 2022). "Croatia (from 1 January 2023)". European Central Bank. Retrieved 1 January 2023.
  16. ^ "Hoće li se plaćati naknada za zamjenu valute?" (in Croatian). Croatian National Bank. Retrieved 1 January 2023.
  17. ^ "Kuna lipa – Croatian portal for numismatics" (in Croatian). Retrieved 24 February 2013.
  18. ^ a b "Otkrivamo: Trgovci zarade 2 milijuna kn godišnje ne vraćajući 1 lipu". Večernji list (in Croatian). 20 April 2015. Retrieved 20 February 2017.
  19. ^ "Zadnja 1 lipa iz 2009., izrada tisuću komada 7,7 puta skuplja od vrijednosti". Glas Slavonije (in Croatian). 7 September 2015. Retrieved 20 February 2017.
  20. ^ a b "Kune i lipe, kovani novac Republike Hrvatske" (in Croatian). Croatian National Bank. Archived from the original on 12 January 2012. Retrieved 12 January 2012.
  21. ^ "Features of kuna Banknotes". Croatian National Bank. 29 May 2014. Archived from the original on 9 June 2014. Retrieved 23 June 2015.
  22. ^ "Invalid banknotes – HNB". Hnb.hr. Retrieved 26 November 2017.
  23. ^ "Banknotes – HNB". Hnb.hr. Archived from the original on 29 July 2018. Retrieved 26 November 2017.
  24. ^ "HRVATSKA NARODNA BANKA: Nov?anice i kovanice". Archived from the original on 3 July 2013. Retrieved 5 July 2013.

Bibliography

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Further reading

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