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CZECHOSLOVAKIA (People's Republic) (1953-1960) - Czechoslovak koruna [CSK]

1 koruna = 100 haleru

Czechoslovak currency reform of 1953 was conducted in secret. The communist authorities did not invent any better way to eliminate the black market in which products of higher quality than those provided by the State were available. The first banknotes and coins of the new Czechoslovak koruna [CSK] were ordered in the Soviet Union, what was supposed to keep the preparations secret, however, some information did leak to the public. Only 36 hours before the reform the president Antonín Zápotocký, trying to contain the panic, had lied on the radio that the koruna [CSC] was sufficiently strong and no reform was planned. On June 1, 1953, a new Czechoslovak koruna [CSK] was introduced. Up to the amount of the old 1500 CSC a new crown was exchanged in a ratio of 5 CSC : 1 CSK per person. Above that amount - 50:1. Banks and other financial institutions had exchange rates calculated by a more complicated system, but the average ratio was 10 CSC : 1 CSK. At the same time authorities have terminated all insurance premiums, securities, bonds and State bank accounts frozen during the reform of 1945. Angered society conducted a series of demonstrations against the government and the new monetary system.

Czechoslovak coins are mostly decorated with the theme of a lime (Tilia) tree (leaves, branches or whole wreaths), because lime is regarded as the national plant of the Czechs and Slovaks.

last update: 29 X 2012

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