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Slovak koruna

Slovak koruna
slovenská koruna (Slovak)
ISO 4217
CodeSKK
Unit
Pluralkoruny (nominative)
SymbolSk
Denominations
Subunit
1100halier
Symbol
 halierh
Banknotes20 Sk, 50 Sk, 100 Sk, 200 Sk, 500 Sk, 1000 Sk, 5000 Sk
Coins10 h, 20 h, 50 h, 1 Sk, 2 Sk, 5 Sk, 10 Sk
Demographics
User(s)None, previously:
 Slovakia
Issuance
Central bankNational Bank of Slovakia
 Websitewww.nbs.sk
Valuation
Inflation3.5%, December 2008
EU Exchange Rate Mechanism (ERM)
Since28 November 2005
Replaced by euro, non cash1 January 2009
Replaced by euro, cash1 January 2009
1 € =30.1260 Sk1
Band15%
This infobox shows the latest status before this currency was rendered obsolete.
1 The rate has changed twice. See article for details.

The Slovak koruna or Slovak crown (Slovak: slovenská koruna, literally meaning Slovak crown) was the currency of Slovakia between 8 February 1993 and 31 December 2008, and could be used for cash payment until 16 January 2009. The ISO 4217 code was SKK and the local abbreviation was Sk. The koruna was subdivided into 100 haliers (abbreviated as "hal." or simply "h", singular: halier). The abbreviation is placed after the numeric value.

Slovakia switched its currency from the koruna to the euro on 1 January 2009, at a rate of 30.1260 korunas per euro.

In Slovak, the nouns koruna and halier both have two plural forms. "Koruny"[1] and haliere appear after the numbers 2, 3 and 4 and in generic (uncountable) context, with korún and halierov being used after other numbers. The latter forms are genitive.

Modern koruna

In 1993, the newly independent Slovakia introduced its own koruna, replacing the Czechoslovak koruna at par.

Coins

In 1993, coins were introduced in denominations of 10, 20 and 50 haliers, 1, 2, 5 and 10 korunas. The 10 and 20 halier coins were taken out of circulation on 31 December 2003. In 1996 the 50 halier coin was made smaller and instead of aluminium it was made with copper plated steel.

The obverse of the coins feature the coat of arms of Slovakia, with motifs from Slovak history on the reverses.

  • 10 halierov (silver-coloured) – Octagonal wooden belfry from Zemplín (early 19th century) = €0.0033
  • 20 halierov (silver-coloured) – the Kriváň peak in the High Tatras = €0.0066
  • 50 halierov (copper-coloured) – Renaissance polygonal tower of Devín Castle = €0.0166
  • 1 koruna (copper-coloured) – Gothic wooden sculpture of the Madonna with child (c. 1500) = €0.0332
  • 2 koruny (silver-coloured) – Earthen sculpture of the sitting Venus of Hradok (4th millennium BC) = €0.0664
  • 5 korún (silver-coloured) – Reverse of a Celtic coin of Biatec (1st century BC) = €0.166
  • 10 korún (copper-coloured) – Bronze cross (11th century A.D.) = €0.332

Coins were exchangeable for euros at the National Bank of Slovakia until January 2, 2014.

Banknotes

At midnight on 31 December 1992, the Czech and Slovak Federative Republic bifurcated into the Czech Republic and the Slovak Republic. In 1993, the newly independent Slovakia introduced its own koruna, replacing the Czechoslovak koruna at par. Provisional banknotes were issued in denominations of 20, 50, 100, 500, and 1,000 korún by affixing stamps bearing the coat of arms of Slovakia and the denomination to Czechoslovak banknotes.[2] Later that year Slovakia issued its own set of banknotes. The main motifs on the obverses of the banknotes represent important people living in the territory of the present Slovakia in various historical eras. On the reverses, these motifs are completed by depicting places where these people lived and were active.

Denomination Dimensions
(millimetres)
Value in euros (€) Image Main colour Obverse Reverse Remark
20 korún 128 x 65 €0.66 Green Prince Pribina Nitra/Neutra Castle
50 korún 134 x 68 €1.66 Blue Saints Cyril and Methodius Dražovce church and the first seven letters of the Glagolitic alphabet
100 korún 140 x 71 €3.32 Red Madonna at Levoča church St. Jacob's church in Levoča/Leutschau and city hall
200 korún 146 x 74 €6.64 Turquoise Anton Bernolák (1762 – 1813), linguist and Catholic priest Trnava in the 18th century Introduced in 1995
500 korún 152 x 77 €16.60 Brown Ľudovít Štúr (1815 – 1856), leader of the Slovak national revival Bratislava Castle and St. Michaels church
1000 korún 158 x 80 €33.19 Purple Andrej Hlinka (1864 – 1938), politician and Catholic priest Madonna of Liptovké Sliace/Liptau church; St. Andrew's church in Ružomberok
5000 korún 164 x 82 €165.97 Orange Milan Rastislav Štefánik (1880 – 1919), politician and diplomat Stefanik's grave on Bradlo Hill: Ursa Major constellation Introduced in 1994

Slovak banknotes denominated in koruny can be exchanged for euros indefinitely.

Historical exchange rates

Historical exchange rates from 1999

The graph shows the value of the euro in korunas from 1999 to December 2008. As may be seen, the currency strengthened as Slovakia's economy did. The koruna joined the ERM II on 28 November 2005 at the rate of € = 38.4550 Sk with a 15% band.[3][4] On 17 March 2007, this rate was readjusted to 35.4424 Sk with the same band, an 8.5% increase in the value of the koruna.[5] On the same day, 1 euro traded at 33.959 Sk. The central rate of koruna was then adjusted once more on 28 May 2008 to 33.8545 with no change in the band.[6]

See also

Notes

  1. ^ CIA - The World Factbook -- Slovakia. 15 May 2007; accessed 19 May 2007.
  2. ^ Linzmayer, Owen (2012). "Slovakia". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  3. ^ "Slovak Koruna Included in the ERM II". National Bank of Slovakia. 2005-11-28. Archived from the original on 2006-10-02. Retrieved 2007-03-17.
  4. ^ European Commission. "Exchange Rate Mechanism II (ERM II)". Retrieved 2007-03-17.
  5. ^ Radoslav Tomek & Meera Louis (2007-03-17). "Slovakia, EU Raise Koruna's Central Rate After Appreciation". Bloomberg. Retrieved 2007-03-17.
  6. ^ Radoslav Tomek & Meera Louis (2008-05-28). "Slovakia Wins EU Approval to Let Koruna Strengthen". Bloomberg. Retrieved 2008-05-29.

References

Preceded by:
Czechoslovak koruna
Reason: independence
Ratio: at par
Currency of Slovakia
1939 – 1945
Succeeded by:
Czechoslovak koruna
Reason: restoration of Czechoslovakia
Ratio: ?
Preceded by:
Czechoslovak koruna
Reason: independence
Ratio: at par
Currency of Slovakia
1993 – 2009
Succeeded by:
Euro
Reason: entry into Eurozone
Ratio: 1 EUR = 30.1260 SKK
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Slovak koruna
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