Czech koruna
Encyclopedia
The Czech koruna or Czech crown (sign
: Kč; 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 5kč 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).
The Czech Republic planned to adopt the euro
in 2012, but its government suspended that plan in 2007. Although the country is economically well positioned to adopt the euro, there is considerable opposition to the move within the Czech Republic. According to a survey conducted in January 2011, only 22% of the Czech population was in favor of replacing koruna with euro.
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.
The currency was on a record exchange rate
run in 2008.
Since 1997, sets for collectors are also issued yearly with proof quality coins. In 2000, the 10 and 20 korun coins were minted with different obverses to commemorate the Millennium
. In the beginning coins were minted in Winnipeg and Hamburg (in 1993 & 1994) then in the Czech Republic. There's also a tradition of issuing commemorative coins - including silver and gold coins - for numismatic purposes.
A newly designed series of banknotes of denominations 20, 50, 100, 200, 500, 1000 and 5000 korun were introduced later in 1993 and were still in use as of 2006 - except for the first versions of 1000 and 5000 korun notes, since the security features of these 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.
The 20 korun note ceased to be valid on 31 August 2008 and the 50 korun has been discontinued on 1 April 2011.
Currency sign
A currency sign is a graphic symbol used as a shorthand for a currency's name, especially in reference to amounts of money. They typically employ the first letter or character of the currency, sometimes with minor changes such as ligatures or overlaid vertical or horizontal bars...
: Kč; code
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
: CZK) has been the currency of the Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
since 8 February 1993 when, together with its Slovak counterpart
Slovak koruna
In 1993, coins were introduced in denominations of 10, 20 and 50 haliers, 1, 2, 5 and 10 korunas. The 10 and 20 halier coins were taken out of circulation on 31 December 2003....
, it replaced the Czechoslovak koruna
Czechoslovak koruna
The Czechoslovak koruna was the currency of Czechoslovakia from April 10, 1919 to March 14, 1939 and from November 1, 1945 to February 7, 1993...
at par.
The official name in Czech
Czech language
Czech is a West Slavic language with about 12 million native speakers; it is the majority language in the Czech Republic and spoken by Czechs worldwide. The language was known as Bohemian in English until the late 19th century...
is koruna česká (plural koruny české, though the zero-grade genitive plural
Plural
In linguistics, plurality or [a] plural is a concept of quantity representing a value of more-than-one. Typically applied to nouns, a plural word or marker is used to distinguish a value other than the default quantity of a noun, which is typically one...
form korun českých is used on banknotes and coins of value 5kč or higher). The ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
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
Heller (money)
The Heller or Häller was originally a German coin valued at half a pfennig and named after the city of Hall am Kocher...
(abbreviated as "h", singular
Grammatical number
In linguistics, grammatical number is a grammatical category of nouns, pronouns, and adjective and verb agreement that expresses count distinctions ....
: haléř, nominative
Nominative case
The nominative case is one of the grammatical cases of a noun or other part of speech, which generally marks the subject of a verb or the predicate noun or predicate adjective, as opposed to its object or other verb arguments...
plural
Plural
In linguistics, plurality or [a] plural is a concept of quantity representing a value of more-than-one. Typically applied to nouns, a plural word or marker is used to distinguish a value other than the default quantity of a noun, which is typically one...
: haléře, genitive
Genitive case
In grammar, genitive is the grammatical case that marks a noun as modifying another noun...
plural
Plural
In linguistics, plurality or [a] plural is a concept of quantity representing a value of more-than-one. Typically applied to nouns, a plural word or marker is used to distinguish a value other than the default quantity of a noun, which is typically one...
: haléřů - used with numbers higher or equal to 5 - e.g. 3 haléře, 8 haléřů).
The Czech Republic planned to adopt the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
in 2012, but its government suspended that plan in 2007. Although the country is economically well positioned to adopt the euro, there is considerable opposition to the move within the Czech Republic. According to a survey conducted in January 2011, only 22% of the Czech population was in favor of replacing koruna with euro.
History
The Czech koruna replaced the Czechoslovak korunaCzechoslovak koruna
The Czechoslovak koruna was the currency of Czechoslovakia from April 10, 1919 to March 14, 1939 and from November 1, 1945 to February 7, 1993...
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.
The currency was on a record exchange rate
Exchange rate
In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency...
run in 2008.
Coins
In 1993, coins were introduced in denominations of 10, 20 and 50 haléřů, 1, 2, 5, 10, 20 and 50 korun. The haléře (hallers) denominations were struck in aluminium, the 1, 2 and 5 korun in nickel-plated steel, the 10 korun in copper-plated steel, the 20 korun in brass-plated steel and the 50 korun with a brass-plated steel centre and a copper-plated steel ring. 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. Coins are currently in circulation are the 1, 2, 5, 10, 20 and 50 korun. The coins all feature the Czech lion on the obverse, with the reverse featuring the value.Since 1997, sets for collectors are also issued yearly with proof quality coins. In 2000, the 10 and 20 korun coins were minted with different obverses to commemorate the Millennium
Millennium
A millennium is a period of time equal to one thousand years —from the Latin phrase , thousand, and , year—often but not necessarily related numerically to a particular dating system....
. In the beginning coins were minted in Winnipeg and Hamburg (in 1993 & 1994) then in the Czech Republic. There's also a tradition of issuing commemorative coins - including silver and gold coins - for numismatic purposes.
Banknotes
The first Czech banknotes issued in 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. The former circulated until end-August, the latter until end-July.A newly designed series of banknotes of denominations 20, 50, 100, 200, 500, 1000 and 5000 korun were introduced later in 1993 and were still in use as of 2006 - except for the first versions of 1000 and 5000 korun notes, since the security features of these 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.
The 20 korun note ceased to be valid on 31 August 2008 and the 50 korun has been discontinued on 1 April 2011.
Inflation
| Year | CPI Consumer price index A consumer price index measures changes in the price level of consumer goods and services purchased by households. The CPI, in the United States is defined by the Bureau of Labor Statistics as "a measure of the average change over time in the prices paid by urban consumers for a market basket of... increase |
|---|---|
| 1993 | 30.8 |
| 1994 | 10.0 |
| 1995 | 9.1 |
| 1996 | 8.8 |
| 1997 | 8.5 |
| 1998 | 10.7 |
| 1999 | 2.1 |
| 2000 | 3.9 |
| 2001 | 4.7 |
| 2002 | 1.8 |
| 2003 | 0.1 |
| 2004 | 2.8 |
| 2005 | 1.9 |
| 2006 | 2.5 |
| 2007 | 2.8 |
| 2008 | 6.3 |
| 2009 | 1.0 |
| 2010 | 1.5 |
- Czech currency Exchange rates from Czech banks and exchange offices
See also
- Bohemian and Moravian korunaBohemian and Moravian korunaThe koruna, known as the Protectorate crown , was the currency of the Protectorate of Bohemia and Moravia between 1939 and 1945. It was subdivided into 100 haléřů.-History:...
- Commemorative coins of the Czech RepublicCommemorative coins of the Czech RepublicThe Czech National Bank issues 200 / 500 Koruna silver commemorative coins and golden commemorative coins of various denominations. The golden coins are issued in thematic sets - Bohemian crown set, Charles IV set, Ten centuries of architecture set, Industrial Heritage Sites set and Bridges in the...
- Czech Republic and the euro
- Czechoslovak korunaCzechoslovak korunaThe Czechoslovak koruna was the currency of Czechoslovakia from April 10, 1919 to March 14, 1939 and from November 1, 1945 to February 7, 1993...
- Economy of the Czech RepublicEconomy of the Czech RepublicOf the emerging democracies in central and eastern Europe, the Czech Republic has one of the most developed industrialized economies. It is one of the most stable and prosperous of the post-Communist states of Central and Eastern Europe...
- Slovak korunaSlovak korunaIn 1993, coins were introduced in denominations of 10, 20 and 50 haliers, 1, 2, 5 and 10 korunas. The 10 and 20 halier coins were taken out of circulation on 31 December 2003....
External links
- Czech banknotes, Czech National Bank
- Czech coins, Czech National Bank
- Czech banknotes (catalog, gallery and other details, history)
- Czech banknostes
