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CZECHOSLOVAKIA (3rd Republic) (1945-1953) - Czechoslovak koruna [CSC]

1 koruna = 100 haleru

The World War II has left in Czechoslovakia a serious monetary chaos. In the western part of the country a koruna (literally: a crown) of the Protectorate of Bohemia and Moravia [CSM] was used and to a lesser extent the German mark [DER]. In the eastern part of the country the Slovak koruna [SKO] was circulating and in areas previously occupied by Hungary, the Hungarian pengo [HUP]. In addition, "liberating" Soviet soldiers were allowed to pay with the Czechoslovak koruna of the Red Army equivalent to the Soviet rouble [SUR] and U.S. troops could pay with the Allied Mark [DEA] equal to 10 American dollars [USD]. It was essential to unify the monetary system immediately. The introduction of the Czechoslovak koruna, however, was a long process, because firstly the Slovak koruna [SKO] was legalised, and in August 1945, even the pre-war Czechoslovak koruna [CSO]. In the course of the reform of November 1945 bills of the new Czechoslovak crowns [CSC] were eventually introduced. This koruna was pegged to the American dollar in ratio 1 USD = 50 CSC. For each person 500 CSC was exchanged and handed in and the rest of the capital was frozen in state bank accounts. The later reform of 1953 terminated these accounts without any compensation. The initial shortage of coins was resolved by legalising coins of the Protectorate koruna [CSM] and the Slovak koruna [SKO] throughout the country. The first Czechoslovak koruna coins appeared in circulation in April 1946. Coins of face values of 20 and 50 haleru as well as 1 koruna were reduced versions of pre-war Czechoslovak koruna [CSO]. In the beginning of the 50s' these face values were struck even smaller in less expensive aluminium alloy. In 1951, tens of millions of five koruna coins were also minted. These were never put into circulation and almost the whole issue was melted.

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: 6 XI 2012

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