SLOVAKIA (1993-2009) - Slovak koruna [SKK]

1 koruna = 100 halierov

After the breakup of the Czechoslovak Federal Republic on January 1, 1993, both Czech Republic and Slovakia were still using Czechoslovak koruna [CSK]. Both countries were linked formally by the monetary union, but they quickly understood the need for exclusive control of money. In preparation for the monetary reform Czech Republic and Slovakia stamped temporarily circulating banknotes of CSK and this act actually resolved the monetary union. Slovakia has approved the use and appearance of the stamps by the Act of 2 February, 1993. On the same day coins of 10 Slovak korunas [SKK] were issued with the coat of arms of Slovakia on the obverse. By the end of October 1993 all denominations of coins were put into circulation. Few weeks earlier, on August 29, the first Slovak koruna banknotes with face value 50 SKK were issued. The replacement of circulating Czechoslovak koruna banknotes with Slovak koruna lasted until 1996. On July 14, 1994 Slovak koruna was pegged to an unusual currency basket containing 60% of German mark [DEM] and 40% of the U.S. dollar [USD]. This peg lasted for four years until October 2, 1998, and on November 25, 2005 Slovak koruna was pegged to euro [EUR] when Slovakia entered the ERM II (European Exchange Rate Mechanism). The replacement of Slovak koruna with euro took place on January 1, 2009 in ratio of 30.126 SKK per 1 EUR. Coins and banknotes of SKK remained in circulation for another 15 days.