Czech Koruna Currency

Introduction

The Czech Republic was the Slovak Federal Republic and the Czech western part. After WWI in 1918, the Czechs, Slovaks and Moravians remained united for nearly 75 years.

The Czech Koruna is the currency of Czech Republic from February 8, 1993. Czech Koruna is the official name and the plural form Korun ceskych is on banknotes. The Czech koruna ISO code is CZK and the acronym is Kc that is positioned after the numeric value such as "50 Kč".

The Czech Republic is planning to adopt in 2010 the euro, but in 2007 its government suspended the plan. The country is well positioned economically to adopt the euro, but there is opposition within the Czech Republic to move to euro.

History

The Czech koruna in 1993 replaced Czechoslovak koruna. It first had over-stamped Czechoslovak korun banknotes of 20, 50, 100, 500, and 1000, but later in 1993 a new series was introduced properly. This currency was on exchange rate in 2008.

Coins

In 1993, the introductions of coins were in denominations 10, 20 and 50 haleru and 1,2,5,10,20 and 50 korun. The denominations haleru were in aluminum and 1, 2 and 5 korun were in nickel-plated steel.

This was followed with copper-plated steel as 10 korun, brass-plated steel as 20 korun and the 50 korun had a copper-plated steel ring with brass-plated steel centre. The haleru 10 and 20 coins were stopped of circulation from 31 October 2003 and the haleru 50 coins from 31 August 2008 owing to diminishing purchasing power as well as circulation.

The coins that are at present in circulation are 1, 2, 5, 10, 20 and 50 korun. All these coins feature Czech lion on the front side and the back has the value of the coin. In the year 2000, 10 and 20 korun coins with different images were minted to celebrate the millennium.

Banknotes

The initial Czech banknotes that came in 1993 were Czechoslovak notes affixed with adhesive stamps. But, the denominations that were over-stamped were 100, 500 and 1000 korun. Later, a new series of banknotes were introduced for denominations 20, 50, 100, 200, 500, 1000, 2000 and 5000 korun in 1993 and 1994 were in use until 2006, but for the 1000 and 5000 first version korun notes owing to the security features.

These banknotes had Czech famous persons image on the front side and abstract composition on the other side.