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The koruna (in Slovak slovenská koruna; "koruna" means crown) has been the currency of Slovakia since February 8, 1993. The ISO 4217 code is SKK and the local acronym is Sk. The koruna was also the currency of the WWII Slovak Republic between 1939 and 1945. Both koruna were subdivided into 100 halierov (abbreviated as "hal." or simply "h", singular: halier). The acronym is placed behind the numeric value.

In the Slovak language, the basic forms "koruna" and "halier" are used in their genitive forms, i.e., "korún" and "halierov" (only) after most numerals, unless the preposition or other circumstances require another case.

WWII koruna

The koruna (Slovak: koruna slovenská, note the different word ordering from the modern koruna) was the currency of the WWII Slovak Republic from 1939 to 1945. The Slovak koruna replaced the Czechoslovak koruna at par and was replaced by the reconstituted Czechoslovak koruna, again at par. Its abbreviation was Ks.

Initially, the Slovak koruna was at par with the Bohemian and Moravian koruna, with 10 koruna = 1 Reichsmark. This was changed, on October 1, 1940, to a rate of 11.62 Slovak korun = 1 Reichsmark, with the value of the Bohemian and Moravian currency unchanged against the Reichsmark.

Coins

In 1939, coins were introduced in denominations of 10 h, 5 and 20 korun, with 20 and 50 halierov and 1 koruna added in 1940. The 10 and 20 haleriov were bronze, the 50 haleriov and 1 koruna cupro-nickel, the 5 korun nickel and the 20 korun was silver. In 1942, zinc 5 haleriov were introduced and aluminium replaced bronze in the 20 haleriov. Aluminium 50 haleriov followed in 1943. Silver 10 and 50 korun were introduced in 1944.

Compared to the pre-war Czechoslovak koruna, the Slovak koruna coins had an additional 50 Ks, the silver content of the 10 and 20 Ks coins was reduced from 700 ‰ to 500 ‰ and all but 5 Ks shrank in physical sizes. The designers were Anton Hám, Andrej Peter, Gejza Angyal, Ladislav Majerský and František Štefunko. Coins were minted in the Kremnica Mint.

Banknotes

In 1939, Czechoslovak notes for 100, 500 and 1000 korun were issued with SLOVENSKÝ ŠTÁT overprinted on them for use in Slovakia. That year also saw the introduction of 10 and 20 korun notes by the government. In 1940, the Slovak National Bank (Slovenska Národná Banka) introduced 50, 100 and 1000 korun notes, followed by 500 korun in 1941 and 5000 korun in 1944. The government introduced 5 korun notes in 1945.

Besides Slovak, the denomination was also written in German, Rusyn and Hungarian on the back of the banknotes.

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 haleriov, 1, 2, 5 and 10 koruna. The 10 and 20 haleriov coins were taken out of circulation on 31 December 2003.

The obverse of the coins feature the Coat of Arms of Slovakia, with motifs from Slovak history are on the reverses.

• 10 h - Octagonal wooden belfry from Zemplin (early 19th century A.D.)
• 20 h - the Kriváň peak in the High Tatras
• 50 h - Renaissance polygonal tower of Devín Castle
• 1 Sk - Gothic wooden sculpture of the Madonna with child (A.D. 1500)
• 2 Sk - Earthen sculpture of the sitting Venus (4th millennium B.C.)
• 5 Sk - Reverse of a Celtic coin of Biatec (1st century B.C.)
• 10 Sk - Bronze cross (11th century A.D.)

Banknotes

In 1993, banknotes were issued in denominations of 20, 50, 100, 500 and 1000 korun. These were produced by affixing stamps bearing the arms of Slovakia and the denomination to Czechoslovak banknotes.

Later in 1993, regular type banknotes were introduced in the same denominations, with 5000 korun notes added in 1994. 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.

• 20 Sk - Pribina, the first known Slovak ruler of the Principality of Nitra, located in present-day Slovakia
• 50 Sk - Saints Cyril and Methodius, the first Slav missionaries
• 100 Sk - The Madonna from the Altar of Birth in St. Jacob's Church at Levoča
• 200 Sk - Anton Bernolák, linguist, author of one of the first versions of Slovak literary language
• 500 Sk - Ľudovít Štúr, outstanding linguist, founder of the current Slovak literary language
• 1000 Sk - Andrej Hlinka, eminent personality, politician in the beginning of the 20th century
• 5000 Sk - Milan Rastislav Štefánik, outstanding diplomat, politician, soldier and astronomer, co-founder of Czechoslovakia.

Historical exchange rates

The graph shows the value of the euro in korun from 1999 to 2005. As may be seen, the currency has been strengthening as Slovakia's economy has done the same. The koruna joined the ERM II on 28 November 2005 at the rate of € = 38.4550 Sk with a 15% band. 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. On the same day, 1 euro traded at 33.959 Sk. For the moment, the Slovak government has been content to let the koruna gain value.

See also

• Bohemian and Moravian koruna
• Czech koruna
• Czechoslovak koruna
• Slovak euro coins
• Economy of Slovakia

References

1. "Slovak Koruna Included in the ERM II". National Bank of Slovakia. 2005-11-28. Retrieved 2007-03-17. {{cite news}}: Check date values in: |date= (help)
2. European Commission. "Exchange Rate Mechanism II (ERM II)". Retrieved 2007-03-17.
3. Radoslav Tomek and Meera Louis (2007-03-17). "Slovakia, EU Raise Koruna's Central Rate After Appreciation". Bloomberg. Retrieved 2007-03-17. {{cite news}}: Check date values in: |date= (help)

• Chester L. Krause & Clifford Mishler (1991). Colin R. Bruce II (ed.). Standard Catalog of World Coins: 1801-1991 (18th ed. ed.). Krause Publications. ISBN 0-87341-150-1. {{cite book}}: |edition= has extra text (help)
• Albert Pick (1994). Neil Shafer & Colin R. Bruce II (ed.). Standard Catalog of World Paper Money, General Issues (7th ed. ed.). Krause Publications. ISBN 0-87341-207-9. {{cite book}}: |edition= has extra text (help)
• Biľak, M. - Jízdný, M. (1988). Zberatelský katalóg mincí Československa. Československá Numizmatická Spoločnosť, Pobočka Košice. ISBN ?.{{cite book}}: CS1 maint: multiple names: authors list (link)

External links

Template:Standard numismatics external links

• Currencies with ISO 4217 code
• Economy of Slovakia