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Czech koruna

From Wikipedia, the free encyclopedia
This article is about the currency. For the crown jewel, see Crown of Saint Wenceslas. For the political party, see Koruna Česká (party).
"CZK" redirects here. For the airport with IATA code CZK, see Cascade Locks State Airport.

Czech koruna
koruna česká (Czech)
Czech banknotes50 Kč coin
ISO 4217
CodeCZK (numeric: 203)
Subunit0.01
Unit
PluralThe language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
SymbolKč‎
Denominations
Subunit
 1⁄100haléřa
Symbol
 haléřah
Banknotes
 Freq. used100 Kč, 200 Kč, 500 Kč, 1,000 Kč, 2,000 Kč
 Rarely used5,000 Kč
Coins
 Freq. used5 Kč, 10 Kč, 20 Kč, 50 Kč.
 Rarely used1 Kč, 2 Kč
Demographics
Date of introduction1993
ReplacedCzechoslovak koruna
User(s) Czech Republic
Issuance
Central bankCzech National Bank
 Websitewww.cnb.cz
MintČeská mincovna
 Websiteceskamincovna.cz
Valuation
Inflation2.0%
 SourceCzech Statistical Office, March 2024
 MethodCPI
a) The haléř is still used for accounting purposes (e.g., financial reports).

The koruna, or crown (sign: Kč; code: CZK, Czech: koruna česká), has been the currency of the Czech Republic since 1993. The koruna is one of the European Union's eight currencies, and the Czech Republic is legally bound to adopt the euro in the future.

The official name in Czech is koruna česká (plural koruny české, though the zero-suffixed 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 crown is made up of 100 hellers (abbreviated as "h", official name in Czech: singular: haléř, nominative plural: haléře, genitive plural: haléřů – used with numbers higher or equal to 5 – e.g. 3 haléře, 8 haléřů), but hellers have now been withdrawn from circulation, and the smallest unit of physical currency is 1 Kč.

History

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In 1892, the Austro-Hungarian krone replaced the gulden at the rate of two kronen to one gulden (which is also the reason why the 10 Kč coin had been nicknamed pětka or "fiver" - and has been in use in informal conversation up until nowadays). The name was suggested by the emperor, Franz Joseph I of Austria. After Austria-Hungary dissolved in 1918, Czechoslovakia was the only successor state to retain the name of its imperial-era currency. 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 crown was restored after the war. It underwent a highly controversial monetary reform in 1953.

The Czech koruna replaced the Czechoslovak koruna in 1993 after the dissolution of Czechoslovakia. It first consisted of overstamped 20 Kčs, 50 Kčs, 100 Kčs, 500 Kčs, and 1,000 Kčs banknotes, and 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] This was meant to support the Czech economy, mainly focused on export, but people were unhappy about this step because it was set up before Christmas, which led to raising the prices of imported goods. 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 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 ČNB can show you how to do it".[4]

Euro adoption discussion

[edit]
Main article: Czech Republic and the euro

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[specify], with only 20% of the Czech population above 15 years old supporting euro adoption.[8]

Coins

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10 Kč coin series 2000
10 Kč coin series 2000
20 Kč coin series 2000
20 Kč coin series 2000
20 Kč coins series 2018
Series 2018 I, portrait of Tomáš Garrigue Masaryk
Series 2018 I, portrait of Tomáš Garrigue Masaryk
Series 2018 II, portrait of Milan Rastislav Štefánik
Series 2018 II, portrait of Milan Rastislav Štefánik
Series 2018 III, portrait of Edvard Beneš
Series 2018 III, portrait of Edvard Beneš
20 Kč coins series 2019
Series 2019 I, portrait of Alois Rašín
Series 2019 I, portrait of Alois Rašín
Series 2019 II, portrait of Vilém Pospíšil
Series 2019 II, portrait of Vilém Pospíšil
Series 2019 III, portrait of Karel Engliš
Series 2019 III, portrait of Karel Engliš

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 (h), 1 Kč, 2 Kč, 5 Kč, 10 Kč, 20 Kč and 50 Kč. The 10 h and 20 h coins were taken out of circulation by 31 October 2003 and the 50 h 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-haléř (CZK 0.01); prices in retail shops are usually multiples of CZK 0.10. When cash transactions are made, the amount is rounded to the nearest integer.

In 2000, the 10 Kč and 20 Kč 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 Kč and 50 Kč 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
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
20 h 17 mm 0.74 g Milled Value, linden leaf 1993 1993 2003
50 h 19 mm 0.9 g Alternately plain and milled Value 1993 1993 2008
1 Kč 20 mm 1.85 mm 3.6 g Nickel-plated steel Milled Value, St. Wenceslas crown 1993 1993 Current
2 Kč 21.5 mm,
11-sided 		3.7 g Rounded, plain Value, a Great Moravian button-jewel 1993 1993 Current
5 Kč 23 mm 4.8 g Plain Value, Charles Bridge, Vltava, linden leaf 1993 1993 Current
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 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 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

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The first Czech banknotes were issued on 8 February 1993 and consisted of Czechoslovak notes with adhesive stamps affixed to them. Only the 100 Kčs, 500 Kčs and 1,000 Kčs 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 Kč note replaced the adhesive stamp with a printed image of same.[11]

A newly designed series of banknotes in denominations of 20 Kč, 50 Kč, 100 Kč, 200 Kč, 500 Kč, 1,000 Kč and 5,000 Kč were introduced later in 1993 and are still in use at present – except for 20 Kč, 50 Kč and the first versions of 1,000 Kč and 5,000 Kč notes, since the security features of 1,000 Kč and 5,000 Kč notes were upgraded in the subsequent issues (The 2,000 Kč note, which was introduced in 1996, is still valid in all versions, with and without the new security features). These banknotes, designed by Oldřich Kulhánek, feature renowned Czech persons on the obverse and abstract compositions on the reverse. Modern protective elements can be found on all banknotes.

In 2007, the Czech National Bank started issuing new upgraded banknotes with upgraded security features. These include a new colour-shifting security thread, additional watermarks and EURion constellations. The first denomination to be issued with the new features was the 2,000 Kč, followed by the 1,000 Kč in 2008, the 500 Kč and 5,000 Kč in 2009 and finally ending with the issuance of the 100 Kč and 200 Kč notes in 2018.

In practice, the 5000 Kč is not commonly found in circulation due to them being prone to misuse or illicit activity (e.g., money laundering). At the end of December 2023, there were 26 million of those banknotes in circulation. In contrast, the next-highest denomination, the 2000 Kč, is the most widely circulated banknote in the country, with almost 190 million in circulation.[12]

Stamped banknotes

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Image Value Dimensions Main colour Language Description Date of
Obverse Reverse 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 and worker 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

Current banknotes

[edit]
1993 series
Image Value Dimensions Main colour Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal lapse
20 Kč 128 × 64 mm Blue Přemysl Otakar I Ottokar's crown
Seal of the Golden Bull of Sicily 		1994 20 April 1994 31 August 2008 31 August 2014[13]
50 Kč 134 × 64 mm Red Saint Agnes of Bohemia Vault of St. Salvator's church
Convent of Saint Agnes 		1993 6 October 1993 31 January 2007 31 March 2017[14]
1994 21 December 1994 31 March 2011
1997 10 September 1997 31 March 2011
100 Kč 140 × 69 mm Turquoise Charles IV Seal of Charles University 1993 30 June 1993 31 January 2007 1 July 2022[15]
1995 21 June 1995 current
1997 15 October 1997 current
200 Kč 146 × 69 mm Orange John Amos Comenius Orbis Pictus
Joined hands of an adult and a child 		1993 8 February 1993 31 January 2007 1 July 2022[15]
1996 14 August 1996 current
1998 6 January 1999 current
500 Kč 152 × 69 mm Brown Božena Němcová Laureate woman 1993 21 July 1993 31 January 2007 1 July 2022[15]
1995 27 December 1995 current
1997 18 March 1998 current
1000 Kč 158 × 74 mm Violet František Palacký Eagle
Archbishop's Castle in Kroměříž 		1993 12 May 1993 30 June 2001 1 July 2022[15]
1996 6 December 1996 current
2000 Kč 164 × 74 mm Green Emmy Destinn Euterpe, violin and cello 1996 1 October 1996 current
1999 1 December 1999 current
5000 Kč 170 × 74 mm Grey Tomáš Garrigue Masaryk Gothic and Baroque buildings in Prague
St. Vitus Cathedral 		1993 15 December 1993 30 June 2001 1 July 2022[15]
1999 8 September 1999 current
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Upgraded banknotes

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1993 (upgraded) series
Image Value Dimensions Main colour Description Date of
Obverse Reverse Obverse Reverse printing issue
100 Kč 140 × 69 mm Turquoise Charles IV Seal of Charles University 2018 5 September 2018[16]
200 Kč 146 × 69 mm Orange John Amos Comenius Orbis Pictus
Joined hands of an adult and a child. 		2018 5 September 2018[16]
500 Kč 152 × 69 mm Brown Božena Němcová Laureate woman 2009 1 April 2009[17]
1000 Kč 158 × 74 mm Violet František Palacký Eagle
Archbishop's Castle in Kroměříž 		2008 1 April 2008[18]
2000 Kč 164 × 74 mm Green Emmy Destinn Euterpe, violin and cello 2007 2 July 2007[19]
5000 Kč 170 × 74 mm Grey Tomáš Garrigue Masaryk Gothic and Baroque buildings in Prague
St. Vitus Cathedral 		2009 1 December 2009[20]
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Commemorative banknotes

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Commemorative banknote series[21]
Image Value Dimensions Main colour Description Date of
Obverse Reverse Obverse Reverse printing issue
100 Kč 140 × 69 mm Turquoise Charles IV, overprint on watermark area Seal of Charles University 2019 30 January 2019
100 Kč 194 × 84 mm Gold Alois Rašín Czech National Bank building 2019 31 January 2019
100 Kč 194 × 84 mm Olive green Karel Engliš Clam-Gallas Palace 2022 30 March 2022
1000 Kč 158 × 74 mm Violet František Palacký, overprint on watermark area Eagle
Archbishop's Castle in Kroměříž 		2008 8 February 2023[22]
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Exchange rates

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Historic rates

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EUR–CZK exchange rate since 1999

The currency had a record exchange rate run in 2008.[23]

Most traded currencies (since 31 December 2008):

Year United States US dollar Europe Euro United Kingdom Sterling Switzerland Swiss franc Japan Yen
2008 19.346 26.930 28.270 18.132 0.21348
2009 18.368 26.465 29.798 17.837 0.19875
2010 18.751 25.060 29.108 20.043 0.23058
2011 19.940 25.800 30.886 21.220 0.25754
2012 19.055 25.140 30.812 20.831 0.22130
2013 19.894 27.425 32.911 22.344 0.18957
2014 22.834 27.725 35.591 23.058 0.19090
2015 24.824 27.025 36.822 24.930 0.20619
2016 25.639 27.020 31.586 25.166 0.21907
2017 21.291 25.540 28.786 21.824 0.18915
2018 22.466 25.725 28.762 22.827 0.20447
2019 22.621 25.410 29.866 23.416 0.20844
2020 21.381 26.245 29.190 24.298 0.20747
2021 21.951 24.860 29.585 24.066 0.19069
2022 22.616 24.115 27.200 24.496 0.17152
Source: Czech National Bank exchange rates[24]

Current rates

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

See also

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References

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  1. ^ "Czech Koruna Approaches Euro Cap: Intervention Policy Explained". Bloomberg.com. 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". Bloomberg.com. 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". Bloomberg.com. 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". Bloomberg.com. 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. ^ "Introduction of the euro in the more recently acceded member states" (PDF). Archived from the original (PDF) on 13 August 2014. Retrieved 11 August 2014.
  8. ^ "Občané ČR o budoucnosti EU a přijetí eura" (PDF). Retrieved 28 November 2018.
  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: "České mince - Česká národní banka". 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. ^ "Structure of currency in circulation - Czech National Bank". www.cnb.cz. Retrieved 18 September 2024.
  13. ^ "ČNB". www.cnb.cz. Archived from the original on 4 May 2018. Retrieved 4 May 2018.
  14. ^ "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.
  15. ^ a b c d e "ČNB za rok ukončí platnost starších bankovek 100 Kč – 2 000 Kč s úzkým stříbřitým proužkem, staré postupně mizí z oběhu (The CNB will terminate the validity of older CZK 100 - CZK 2,000 banknotes with a narrow silver stripe in a year, the old ones will gradually disappear from circulation)". cnb.cz. Archived from the original on 1 July 2021. Retrieved 5 July 2021.
  16. ^ a b "CNB issues new versions of the CZK 100 and 200 banknotes". www.cnb.cz. Retrieved 2 April 2021.
  17. ^ "The CNB puts into circulation a new version of the CZK 500 banknote". www.cnb.cz. Retrieved 2 April 2021.
  18. ^ "The CNB puts into circulation a new version of the CZK 1000 banknote". www.cnb.cz. Retrieved 2 April 2021.
  19. ^ "The CNB puts into circulation a new version of the CZK 2000 banknote". www.cnb.cz. Retrieved 2 April 2021.
  20. ^ "The CNB puts into circulation a new version of the CZK 5000 banknote". www.cnb.cz. Retrieved 2 April 2021.
  21. ^ "Rašín Alois". zlate-mince.cz. Zlatemince.cz. Retrieved 6 July 2018.
  22. ^ "CZK 1000 version 2008 with an additional print "The 30th anniversary of the CNB and the Czech currency"". cnb.cz. Czech National Bank. Retrieved 1 March 2023.
  23. ^ "Czech crown extends record run, eyes on CPI". Forbes. 7 July 2008. Archived from the original on 4 June 2011.
  24. ^ Czech national bank exchange rate fixing. Available at: "Exchange rates – yearly history". Retrieved 28 June 2023.
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