| Estonian kroon Eesti kroon (Estonian) |
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| ISO 4217 Code | EEK | ||||
|---|---|---|---|---|---|
| User(s) | Estonia | ||||
| Inflation | 4.4% | ||||
| Source | The World Factbook, 2006 est. | ||||
| ERM | |||||
| Since | 28 June 2004 | ||||
| Fixed rate since | 31 December 1998 | ||||
| Replaced by €, cash | 1 January 2010 tentative | ||||
| € = | 15.6466 krooni | ||||
| Band | pegged in practice, 15% de jure | ||||
| Subunit | |||||
| 1/100 | sent | ||||
| Symbol | KR | ||||
| Plural | krooni | ||||
| sent | senti | ||||
| Coins | |||||
| Freq. used | 10, 20, 50 senti, 1 kroon | ||||
| Rarely used | 5 senti, 5 krooni | ||||
| Banknotes | |||||
| Freq. used | 2, 5, 10, 25, 100, 500 krooni | ||||
| Rarely used | 1, 50 krooni | ||||
| Central bank | Bank of Estonia | ||||
| Website | www.bankofestonia.info | ||||
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
Already in 1927 the old 100 mark banknote was circulated with '1 KROON' overprint. The first kroon was introduced on 1 January 1928. It replaced the mark at a rate of 1 kroon = 100 marka. 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 of 1940. The kroon was exchanged for Soviet rubles at a rate of 1 ruble = 0.8 kroon.
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].
Coins
First kroon
Kroon was minted in 1 and 2 kroon silver coins.
Second kroon
| 1 kroon 1993 | |
|---|---|
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| Obverse | Reverse |
Coins in circulation [2]:
- 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 are no longer being issued, but it still is usable for paying.
Banknotes
First kroon
The following banknotes were also in circulation:
- 5 krooni
- 10 krooni
- 20 krooni
- 50 krooni
- 100 krooni
Second kroon
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).
The 1 kroon notes are no longer being issued. As a result, the 5 sent coins, 5 kroon coins, and 1 kroon notes are all 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 [3] | ||
|---|---|---|
| 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 |
| Use Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD RUB |
| Use XE.com: | AUD CAD CHF EUR GBP HKD JPY USD RUB |
| Use OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD RUB |
See also
References
- ^ Bank of Estonia. History - Eesti Pank 1919-1992. Retrieved on 2006-12-30.
External links
- Don's World Coin Gallery - Estonia
- Ron Wise's World Paper Money - Estonia Mirror site
- The Global History of Currencies - Estonia
- Global Financial Data data series - Estonia Kroon
- Global Financial Data currency histories table (
Microsoft Excel format) - Coins of former Soviet republics
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| Circulating | Czech koruna · Danish krone · Estonian kroon · Faroese króna · Greenlandic koruuni (from 2008 onwards) · Icelandic króna · Norwegian krone · Slovak koruna · Swedish krona |
| Obsolete | Austrian Netherlands kronenthaler · Austro-Hungarian krone · Bohemian and Moravian koruna · Czechoslovak koruna · Hungarian korona · Liechtenstein krone · Yugoslav krone |
| As a denomination | British crown · kronenthaler |
Topics on the 
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| Eurozone | Euro |
| Northern | Danish krone · Faroese króna · Icelandic króna · Norwegian krone · Swedish krona |
| Baltic | Estonian kroon · Latvian lats · Lithuanian litas |
| British Isles | British pound · Guernsey pound · Jersey pound · Manx pound |
| Central | Czech koruna · Hungarian forint · Polish złoty · Slovak koruna · Swiss franc |
| Eastern | Belarusian ruble · Kazakhstani tenge · Russian ruble (Russia and Abkhazia and South Ossetia (unrecognised)) · Transnistrian ruble (unrecognised) · Ukrainian hryvnia |
| Southeastern | Albanian lek · Bosnia-Herzegovina konvertibilna marka · Bulgarian lev · Croatian kuna · Macedonian denar · Moldovan leu · Romanian leu · Serbian dinar |
| Mediterranean | Gibraltar pound · Turkish new lira (Turkey and Northern Cyprus (unrecognised)) |
| Transcaucasia | Armenian dram (Armenia and Nagorno-Karabakh (unrecognised)) · Azerbaijani manat · Georgian lari |
