Czech koruna

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Czech koruna
koruna česká  (Czech)
CZK Banknotes 2014.png 50 CZK.png
Koruna banknotes 50 Kč coin
ISO 4217
Code CZK
Number 203
Exponent 2
Denominations
Subunit
 ​1100 haléř (defunct)
Plural The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Symbol
 haléř (defunct) h
Banknotes
 Freq. used 100, 200, 500, 1000, 2000 Kč
 Rarely used 5000 Kč
Coins
 Freq. used 1, 2, 5, 10, 20, 50 Kč
 Rarely used 10, 20, 50 h (not used since 2008)
Demographics
User(s)  Czech Republic
Issuance
Central bank Czech National Bank
 Website www.cnb.cz
Mint Česká mincovna
 Website ceskamincovna.cz
Valuation
Inflation 2.5%
 Source Czech Statistical Office, February 2017
 Method CPI

The koruna (sign: ; code: CZK) is the currency of the Czech Republic since 1993, and in English it is sometimes referred to as Czech crown. The koruna is one of European Union's 11 currencies, and the Czech Republic is legally bound to adopt the euro currency in the future.

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") or sometimes before it (as is seen on the 10-koruna coin). 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genitive plural: haléřů – used with numbers higher or equal to 5 – e.g. 3 haléře, 8 haléřů), but haléře have been withdrawn, and the smallest unit of physical currency is 1 Kč.

History

In 1892, the Austro-Hungarian krone replaced the gulden, at the rate of one gulden equaling two kronen (which is also the reason why the 10-koruna coin is still nicknamed pětka or "the five" by the Czechs). The name "krone" was invented by the emperor, Franz Joseph I of Austria. After Austria-Hungary dissolved in 1918, the only successor state that kept the name of the currency, the koruna, was Czechoslovakia. In the late 1920s, the Czechoslovak koruna was the hardest currency in Europe. During the Second World War, the currency on the occupied Czech territory was artificially weakened. The Czechoslovak koruna was restored after the war. It underwent a highly controversial monetary reform in 1953.

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.

In November 2013, the Czech National Bank (ČNB) intervened to weaken the exchange rate of the koruna through a monetary stimulus to stop the currency from excessive strengthening.[1] In late 2016, the ČNB stated that the return to conventional monetary policy was planned for mid-2017.[2][3] After higher-than-expected inflation and other figures, the national bank removed the cap on a special monetary meeting on April 6, 2017. The koruna avoided significant volatility and City Index Group stated: "If you want to drop a currency peg, then the ČNB can show you how to do it".[4]

Euro adoption discussion

The Czech Republic planned to adopt the euro in 2010, but its government suspended that plan indefinitely in 2005.[5] Although the country is economically well positioned to adopt the euro, there is considerable opposition to the move within the Czech Republic.[6] According to a survey conducted in April 2014, only 16% of the Czech population was in favour of replacing the koruna with the euro.[7] As reported by an April 2016 survey by CVVM (Public Opinion Research Center), this value has remained at nearly identical levels over the past two years, with merely 17% of the Czech population above 15 years old supporting euro adoption.[8]

Coins

The coins of the Czech koruna increase in size and weight with value.

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.[9] However, financial amounts are still written with the accuracy of 1-haléř (CZK 0.01); prices in retail shops are usually multiples of CZK 0.10. When transactions are made, the amount is rounded to the nearest integer.

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

Since 1997, sets for collectors are also issued yearly with proof-quality coins. Also, a tradition exists 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[10]
Image Value Technical parameters Description Date of
Diameter Thickness Mass Composition Edge Obverse Reverse first minting issue withdrawal
10h CZK.png 10 h 15.5 mm 1.7 mm 0.6 g 99% aluminium
1% magnesium
Plain "ČESKÁ REPUBLIKA", the Czech lion, year of minting Value, stylized river 1993 1993 2003
20h CZK.png 20 h 17 mm 0.74 g Milled Value, linden leaf 1993 1993 2003
50h CZK.png 50 h 19 mm 0.9 g Alternately plain and milled Value 1993 1993 2008
1 CZK.png 1 Kč 20 mm 1.85 mm 3.6 g Nickel-plated steel Milled Value, St. Wenceslas crown 1993 1993 Current
2 CZK.png 2 Kč 21.5 mm,
11-sided
3.7 g Rounded, plain Value, a Great Moravian button-jewel 1993 1993 Current
5 CZK.png 5 Kč 23 mm 4.8 g Plain Value, Charles Bridge, Vltava, linden leaf 1993 1993 Current
10 CZK.png 10 Kč 24.5 mm 2.55 mm 7.62 g Copper-plated steel Milled Value, Cathedral of St. Peter and Paul at Petrov monument in Brno 1993 1993 Current
20 CZK.png 20 Kč 26 mm,
13-sided
8.43 g Brass-plated steel Rounded, plain Value, the St. Wenceslas monument on Wenceslas Square, inscription from the monument: "SVATÝ VÁCLAVE NEDEJ ZAHYNOUT NÁM I BUDOUCÍM" 1993 1993 Current
50 CZK.png 50 Kč 27.5 mm
center: 17 mm
9.7 g Outer ring: Copper-plated steel
Center plug: Brass-plated steel
Plain "PRAGA MATER URBIUM" (Prague, the Mother of Towns), view of Prague 1993 1993 Current

Banknotes

The first Czech banknotes were issued on 8 February 1993 and consisted of Czechoslovak notes with adhesive stamps affixed to them. Only the 100-, 500- and 1,000-korun notes were overstamped, the lower denominations circulated unchanged during this transitional period. Each stamp bears a Roman and Arabic numeral 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.[11]

A newly designed series of banknotes in denominations 20-, 50-, 100-, 200-, 500-, 1,000 and 5,000-korun were introduced later in 1993 and are still in use at present – except for 20, 50 and the first versions of 1,000 and 5,000 korun notes, since the security features of 1,000 and 5,000 notes were upgraded in the subsequent issues (The 2,000 korun note, which was 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.

Stamped banknotes

Value Dimensions Main Colour Language Description Date of
Obverse Reverse printing issue withdrawal
Czechoslovak banknotes
10 Kčs 133 × 67 mm Brown Slovak Pavol Országh-Hviezdoslav Orava scene 1986 7 February 1993 31 July 1993
20 Kčs 138 × 67 mm Blue Czech Comenius Illustration related to culture and education 1988 7 February 1993 31 July 1993
50 Kčs 143 × 67 mm Red Slovak Ľudovít Štúr View of Bratislava with the castle (from the restaurant on the top of the pylon of the Nový Most) 1987 7 February 1993 31 July 1993
Overstamped Czechoslovak banknotes
100 Kč 165 × 81 mm Green Czech Peasant couple View of Prague with the castle and the Charles Bridge 1961 7 February 1993 31 August 1993
500 Kč 153 × 67 mm Brown Slovak Partisans of the SNP 1944 Devín Castle 1973 7 February 1993 31 August 1993
1,000 Kč 158 × 67 mm Blue Czech Bedřich Smetana View of the Vltava at Vyšehrad 1985 7 February 1993 31 August 1993

Original Czech banknotes

The Greater coat of arms of the Czech Republic can be found on the reverse side of all denominations.[citation needed]

Value Dimensions Main Colour Description Date of
Obverse Reverse printing issue withdrawal lapse
First original (second 1993) series
20 Kč 128 × 64 mm Blue Přemysl Otakar I and his seal Crown 1994 20 April 1994 31 August 2008 31 August 2014[12]
50 Kč 134 × 64 mm Red Saint Agnes of Bohemia and the Sacred Heart St. Salvator's Church ceiling (part of Convent of St. Agnes of Bohemia in Prague) and ornamental letter A 1993 6 October 1993 31 January 2007 31 March 2017[13]
1994 21 December 1994 31 March 2011
1997 10 September 1997 31 March 2011
100 Kč 140 × 69 mm Green and pink Charles IV Seal of Charles University 1993 30 June 1993 31 January 2007 until further notice
1995 21 June 1995 current
1997 15 October 1997 current
200 Kč 146 × 69 mm Brown and orange John Amos Comenius Orbis Pictus, an adult's hand passing to a child's hand 1993 8 February 1993 31 January 2007 until further notice
1996 14 August 1996 current
1998 6 January 1999 current
500 Kč 152 × 69 mm Brown and pink Božena Němcová and rose Laureate woman symbolizing all woman characters in Němcová's books 1993 21 July 1993 31 January 2007 until further notice
1995 27 December 1995 current
1997 18 March 1998 current
2009 1 April 2009 current
1,000 Kč 158 × 74 mm Violet František Palacký, uprooted tree Eagle spread its wings over the Archbishop's Castle in Kroměříž, where a constitution preparing parliament of Austrian Empire was held in 1848 1993 12 May 1993 30 June 2001 until further notice
1996 6 December 1996 current
2008 1 April 2008 current
2,000 Kč 164 × 74 mm Green Emmy Destinn Euterpe and musical motifs like violin 1996 1 October 1996 current
1999 1 December 1999 current
2007 2 July 2007 current
5,000 Kč 170 × 74 mm Dark blue and violet Tomáš Garrigue Masaryk Gothic and Baroque buildings in Prague, in centre dominating St. Vitus Cathedral 1993 15 December 1993 30 June 2001 until further notice
1999 8 September 1999 current
2009 1 December 2009 current

Commemorative banknotes

Commemorative banknote series[14]
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse Watermark printing* issue withdrawal lapse
100 CZK obverse 2019.jpg 100 CZK reverse 2019.jpg 100 Kč 150 × 65 mm Alois Rašín Czech National Bank RČS 2019 25 February 2019 TBD

For the 100th anniversary of the Czechoslovak koruna, a new banknote will be created, featuring the face of Czech politician Alois Rašín.

Exchange rates

Historic rates

Current rates

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: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

See also

References

  1. ^ "Czech Koruna Approaches Euro Cap: Intervention Policy Explained". 8 July 2015. Archived from the original on 15 December 2017. Retrieved 4 May 2018 – via www.bloomberg.com. 
  2. ^ "Czech Central Bank Zeros In on Ending Koruna Cap in Mid-2017". 29 September 2016. Archived from the original on 19 January 2018. Retrieved 4 May 2018 – via www.bloomberg.com. 
  3. ^ "Czech Central Banker Quashes Bets on Earlier Koruna Cap Exit". 13 September 2016. Archived from the original on 17 February 2018. Retrieved 4 May 2018 – via www.bloomberg.com. 
  4. ^ "Czechs Trigger Long-Awaited Koruna Float Without Swiss Shock". 6 April 2017. Archived from the original on 18 June 2017. Retrieved 4 May 2018 – via www.bloomberg.com. 
  5. ^ "Finance Ministry backtracks on joining the Euro by 2012". Radio Praha. Archived from the original on 7 February 2009. Retrieved 22 December 2008. 
  6. ^ "Euros in the wallets of the Slovaks, but who will be next?" (Press release). Sparkasse.at. 5 August 2008. Archived from the original on 4 September 2006. Retrieved 21 December 2008. 
  7. ^ "Archived copy" (PDF). Archived (PDF) from the original on 13 August 2014. Retrieved 11 August 2014. 
  8. ^ "Archived copy" (PDF). Archived (PDF) from the original on 4 June 2016. Retrieved 9 May 2016. 
  9. ^ "The CNB decides 50-heller coins will cease to be legal tender". Archived from the original on 14 April 2008. Retrieved 20 January 2008. 
  10. ^ Czech national bank. Available at: "Archived copy". Archived from the original on 5 September 2013. Retrieved 28 August 2013. 
  11. ^ "Platidla ČR (1993–20..) – Papírová platidla, bankovky". Papirovaplatidla.cz. Archived from the original on 16 November 2014. Retrieved 19 August 2014. 
  12. ^ "ČNB". www.cnb.cz. Archived from the original on 4 May 2018. Retrieved 4 May 2018. 
  13. ^ "Czech Republic to replace 50-koruna note with coin 01.04.2011 - Banknote News". banknotenews.com. Archived from the original on 25 August 2014. Retrieved 4 May 2018. 
  14. ^ "Rašín Alois". zlate-mince.cz. Zlatemince.cz. Retrieved 6 July 2018. 
  15. ^ "Czech crown extends record run, eyes on CPI". Forbes. 7 July 2008. Archived from the original on 4 June 2011. 
  16. ^ Czech national bank exchange rate fixing. Available at: "Archived copy". Archived from the original on 6 February 2018. Retrieved 5 February 2018. 

External links

  • Czech banknotes, Czech National Bank
  • Czech coins, Czech National Bank
  • Czech Money mobile app, Czech National Bank
  • Czech banknotes (catalog, gallery and other details, history)
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