ESTONIAN KROON

The 'kroon' (ISO 4217 code: 'EEK') has been the currency of the Republic of Estonia since 1928. One ''kroon'' is divided into 100 senti.

Contents

History

First Kroon, 1928-1940

Second Kroon, 1992-

Circulating Currency

See also

References

External links

History

First Kroon, 1928-1940

Already in 1927 the old 100 Mark banknote was circulated with '1 KROON' overprint. The first kroon was introduced on January 1st 1928. It replaced the ''mark'' at a rate of one hundred to one. Initially the Estonian kroon had a fixed exchange rate, equal to 100/248 grams of gold. During the Great Depression in 1933, the Estonian kroon went off the gold standard. Estonian kroon circulated until the Soviet invasion (occupation) of 1940. The kroon was exchanged for ''Soviet rubles'' at a rate of 1 ruble = 0.8 kroon.
Kroon was minted in 1 and 2 kroon silver coins.
The following banknotes were also in circulation:
5 Krooni
10 Krooni
20 Krooni
50 Krooni
100 Krooni

Second Kroon, 1992-

The second kroon was introduced on 20 June 1992, replacing the Soviet ruble at a rate of 1 kroon = 10 rubles. Initially, the Estonian kroon was pegged to the German mark at a rate of 8 EEK = 1 DEM.^[1] It has been stable since then. After the introduction of the euro the fixed exchange rate of 1.95583 DEM to EUR led to an exchange rate of 15.64664 krooni to the euro.
The kroon is now officially in ERM II, the EU's exchange rate mechanism. As it remains pegged to the euro, it makes no use of its 15% fluctuation band. Estonia was party to joining the mechanism since joining the EU - actual entry was on 28 June 2004 [1].

Circulating Currency

Notes in circulation:

★ 1 kroon (1992),

★ 2 krooni (1992;2006),

★ 5 krooni (1991;1992;1994),

★ 10 krooni(1991;1992;1994;2006),

★ 25 krooni(1991;1992;2002),

★ 50 krooni(1994),

★ 100 krooni(1991;1992;1994;1999),

★ 500 krooni(1991;1994;1996;2000).
Coins in circulation:

★ 10 senti (1991;1992;1994;1996;1997;1998;2002;2006),

★ 20 senti (1992;1996 and 1997;1999;2003;2004;2006),

★ 50 senti (1992;2004;2006),

★ 1 kroon (1992;1993;1995 and 1998;2000;2001;2003;2006),

★ 5 krooni (1993 and 1994).
The 5 sent coins and 1 kroon notes are no longer being issued. The 5 kroon coins were only issued as commemoratives. As a result, all three are currently rarely found in circulation. Also the 50 kroon notes are not very popular in Estonia and are not seen in everyday circulation very often.

Estonian banknotes [2]
Value	Main colour	Portrait
1	Orange/brown	Kristjan Raud
2	Grayish blue	Karl Ernst von Baer
5	Orange	Paul Keres
10	Red	Jakob Hurt
25	Green	Anton Hansen Tammsaare
50	Light green	Rudolf Tobias
100	Light blue	Lydia Koidula
500	Purple	Carl Robert Jakobson
Estonian kroon coins [3]

See also

★ Currencies related to the euro

★ Estonian euro coins

★ Currency board

★ Estonian mark

★ Economy of Estonia

References

1. History - Eesti Pank 1919-1992 Bank of Estonia

External links

★ Coins of former Soviet republics