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CZECHIA (from 1993) - Czech koruna [CZK]

1 koruna = 100 haleru

After the break-up of the Czechoslovak Federative Republic on January 1, 1993, the Czechoslovak koruna (literally crown) [CSK] was still circulating both in the Czech Republic and in Slovakia. Both countries parted while being still in monetary union, but the need for exclusive control of money appeared quickly. In preparation for the reform both Czechia and Slovakia temporarily stamped banknotes of CSK in circulation, what actually dissolved the monetary union. Czechia left the union formally by Law 62/1993 of February 8, 1993. The same day banknotes of 200 Czech korunas [CZK] entered the circulation. The stamped banknotes of Czechoslovak koruna [CSK] were circulating until August 31, 1993. On the other hand Czechs were facing a pressing problem of the lack of their own mint. The coins of Czechoslovak koruna [CSK] were minted by the Kremnica Mint, which was now on the Slovak side and was producing intensively coins of the Slovak koruna [SKK]. The Czechs immediately ordered the coins in German mint Hamburgische Münze and in the Royal Canadian Mint. Only on July 1, 1993 the Czech Mint was opened in Bižuterie Jablonec in Jablonec nad Nisou. Prior to that, between April and June, the coins of CZK produced abroad entered circulation and mixed with coins of the Czechoslovak koruna CSK. The last denominations of CSK removed from circulation were two- and five koruna coins withdrawn on November 30, 1993. After over 10 years the haleru coins were withdrawn due to inflation: firstly, 10 and 20 haleru in 2003 and later 50 haleru in 2008. Currently, the lowest used denomination is 1 Czech koruna and the highest - bimetallic 50 CZK.

last update: 07 XI 2012

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