CZK
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CZK

Czech koruna
koruna ?eská  (Czech)
CZK Banknotes 2014.png 50 CZK.png
Koruna banknotes50 K? coin
ISO 4217
CodeCZK
Number203
Exponent2
Denominations
Subunit
 ​halé? (defunct)
PluralThe language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
SymbolK?
 halé? (defunct)h
Banknotes
 Freq. used100, 200, 500, 1000, 2000 K?
 Rarely used5000 K?
Coins1, 2, 5, 10, 20, 50 K?
Demographics
User(s) Czech Republic
Issuance
Czech National Bank
 Websitewww.cnb.cz
Mint?eská mincovna
 Websiteceskamincovna.cz
Valuation
Inflation2.5%
 SourceCzech Statistical Office, February 2017
 MethodCPI

The koruna (sign: K?; code: CZK) is the currency of the Czech Republic since 1993, and in English it is sometimes referred to as Czech crown or Czech krone. 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 ?eská (plural koruny ?eské, though the zero-grade genitive plural form korun ?eských is used on banknotes and coins of value 5 K? or higher). The ISO 4217 code is CZK and the local acronym is K?, which is placed after the numeric value (e.g., "50 K?") or sometimes before it (as is seen on the 10-koruna coin). One koruna equals 100 halé (abbreviated as "h", singular: halé?, nominative plural: halé?e, genitive plural: halé - used with numbers higher or equal to 5 - e.g. 3 halé?e, 8 halé), but halé?e have been withdrawn, and the smallest unit of physical currency is 1 K?.

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 p?tka 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 (?NB) 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 ?NB 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 at 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 ?NB 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 2018 survey by CVVM (Public Opinion Research Center), this value has remained at nearly identical levels over the past four years, with only 20% 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 halé, 1, 2, 5, 10, 20 and 50 korun. The 10- and 20-halé coins were taken out of circulation by 31 October 2003 and the 50-halé coins by 31 August 2008 due to their diminishing purchasing power and circulation.[9] However, financial amounts are still written with the accuracy of 1-halé? (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. The 10- and 50-korun coins were designed by Ladislav Kozák [cs] (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 "?ESKÁ 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 K? 20 mm 1.85 mm 3.6 g Nickel-plated steel Milled Value, St. Wenceslas crown 1993 1993 Current
2 CZK.png 2 K? 21.5 mm,
11-sided
3.7 g Rounded, plain Value, a Great Moravian button-jewel 1993 1993 Current
5 CZK.png 5 K? 23 mm 4.8 g Plain Value, Charles Bridge, Vltava, linden leaf 1993 1993 Current
10 CZK.png 10 K? 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 K? 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 K? 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 of 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

Image Value Dimensions Main Colour Language Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal
Czechoslovak banknotes
10 Czechoslovakan koruna 1985-1989 Issue Obverse.jpg 10 Czechoslovakan koruna 1985-1989 Issue Reverse.jpg 10 K?s 133 × 67 mm Brown Slovak Pavol Országh-Hviezdoslav Orava scene 1986 7 February 1993 31 July 1993
20 Czechoslovakan koruna 1985-1989 Issue Obverse.jpg 20 Czechoslovakan koruna 1985-1989 Issue Reverse.jpg 20 K?s 138 × 67 mm Blue Czech Comenius Illustration related to culture and education 1988 7 February 1993 31 July 1993
50 Czechoslovakan koruna 1985-1989 Issue Obverse.jpg 50 Czechoslovakan koruna 1985-1989 Issue Reverse.jpg 50 K?s 143 × 67 mm Red Slovak ?udovít ?túr 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 Czechoslovakan koruna 1993 Provisional Issue Obverse.jpg 100 Czechoslovakan koruna 1993 Provisional Issue Reverse.jpg 100 K? 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 Czechoslovakan koruna 1993 Provisional Issue Obverse.jpg 500 Czechoslovakan koruna 1993 Provisional Issue Reverse.jpg 500 K? 153 × 67 mm Brown Slovak Partisans of the SNP 1944 Devín Castle 1973 7 February 1993 31 August 1993
1000 Czechoslovakan koruna 1993 Provisional Issue Obverse.jpg 1000 Czechoslovakan koruna 1993 Provisional Issue Reverse.jpg 1,000 K? 158 × 67 mm Blue Czech Bed?ich Smetana View of the Vltava at Vy?ehrad 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.[]

Value Dimensions Main Colour Description Date of
Obverse Reverse printing issue withdrawal lapse
First original (second 1993) series
20 K? 128 × 64 mm Blue P?emysl Otakar I and his seal Crown 1994 20 April 1994 31 August 2008 31 August 2014[12]
50 K? 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 K? 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 K? 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 K? 152 × 69 mm Brown and pink Bo?ena N?mcová and rose Laureate woman symbolizing all woman characters in N?mcová'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 K? 158 × 74 mm Violet Franti?ek Palacký, uprooted tree Eagle spread its wings over the Archbishop's Castle in Kromí?, 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 K? 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 K? 170 × 74 mm Dark blue and violet Tomá? 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 K? 150 × 65 mm Alois Ra?ín Czech National Bank R?S 2019 25 February 2019 TBD
100 K? Green and pink 140 × 69 mm Charles IV, overprint on watermark area Seal of Charles University TBD

For the 100th anniversary of the Czechoslovak koruna, a new banknote will be created, featuring the face of Czech politician Alois Ra?ín. There is also an overprint on the normal 100 Korun note as second commemorative note.

Exchange rates

Historic rates

Current rates

See also

References

  1. ^ "Czech Koruna Approaches Euro Cap: Intervention Policy Explained". 8 July 2015. Archived from the original on 15 December 2017. Retrieved 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 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 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 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 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 2008.
  7. ^ "Archived copy" (PDF). Archived (PDF) from the original on 13 August 2014. Retrieved 2014.CS1 maint: archived copy as title (link)
  8. ^ "Archived copy" (PDF). Retrieved 2018.
  9. ^ "The CNB decides 50-heller coins will cease to be legal tender". Archived from the original on 14 April 2008. Retrieved 2008.
  10. ^ Czech national bank. Available at: "Archived copy". Archived from the original on 5 September 2013. Retrieved 2013.CS1 maint: archived copy as title (link)
  11. ^ "Platidla ?R (1993-20..) - Papírová platidla, bankovky". Papirovaplatidla.cz. Archived from the original on 16 November 2014. Retrieved 2014.
  12. ^ "?NB". www.cnb.cz. Archived from the original on 4 May 2018. Retrieved 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 2018.
  14. ^ "Ra?ín Alois". zlate-mince.cz. Zlatemince.cz. Retrieved 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 2018.CS1 maint: archived copy as title (link)

External links


  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

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