Slovak koruna
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| Slovak koruna slovenská koruna (Slovak) |
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| ISO 4217 Code | SKK | ||||
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| User(s) |  Slovakia |
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| Inflation | 2.0% | ||||
| Source | National Bank of Slovakia, March 2007 | ||||
| ERM | |||||
| Since | 28 November 2005 | ||||
| Replaced by €, cash | 1 January 2009 | ||||
| € = | 30.126 Sk1 | ||||
| Band | 15% | ||||
| Subunit | |||||
| 1/100 | halier | ||||
| Symbol | Sk | ||||
| halier | h | ||||
| Plural | The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms. See article. | ||||
| Coins | 50 h, 1 Sk, 2 Sk, 5 Sk, 10 Sk | ||||
| Banknotes | 20 Sk, 50 Sk, 100 Sk, 200 Sk, 500 Sk, 1000 Sk, 5000 Sk | ||||
| Central bank | National Bank of Slovakia | ||||
| Website | www.nbs.sk | ||||
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The Slovak koruna (in Slovak slovenská koruna, plural forms after numerals: koruny and korún, "koruna" means crown) has been the currency of Slovakia since February 8, 1993. The ISO 4217 code is SKK and the local abbreviation 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 abbreviation is placed behind the numeric value. Slovakia will switch their currency from the koruna to the euro on January 1, 2009.
In the Slovak language, "koruna" and "halier" are used in their genitive forms, i.e., "koruny" or "korún" and "halierov", after numerals, unless the preposition or other circumstances require another case. "Koruny"[1] appears after the numbers ending in 2, 3 or 4, with "korún" being used after other numbers.
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[edit] WWII koruna
The koruna (Slovak: koruna slovenská, note the different word ordering from the modern koruna) was the currency of the 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 korún = 1 Reichsmark. This was changed, on October 1, 1940, to a rate of 11.62 Slovak korún = 1 Reichsmark, with the value of the Bohemian and Moravian currency unchanged against the Reichsmark.
[edit] Coins
In 1939, coins were introduced in denominations of 10 halierov, 5 and 20 korún, with 20 and 50 halierov and 1 koruna added in 1940. The 10 and 20 halierov were bronze, the 50 halierov and 1 koruna cupro-nickel, the 5 korún nickel and the 20 korún was silver. In 1942, zinc 5 halierov were introduced and aluminium replaced bronze in the 20 halierov. Aluminium 50 halierov followed in 1943. Silver 10 and 50 korún 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.
[edit] Banknotes
In 1939, Czechoslovak notes for 100, 500 and 1000 korún were issued with SLOVENSKÝ ŠTÁT overprinted on them for use in Slovakia. That year also saw the introduction of 10 and 20 korún notes by the government. In 1940, the Slovak National Bank (Slovenska Národná Banka) introduced 50, 100 and 1000 korún notes, followed by 500 korún in 1941 and 5000 korún in 1944. The government introduced 5 korún notes in 1945.
Besides Slovak, the denomination was also written in German, Rusyn and Hungarian on the back of the banknotes.
[edit] Modern koruna
In 1993, the newly independent Slovakia introduced its own koruna, replacing the Czechoslovak koruna at par.
[edit] Coins
| 1 Slovak koruna 1996 | |
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| Coat of arms | Madonna with child |
In 1993, coins were introduced in denominations of 10, 20 and 50 halierov, 1, 2, 5 and 10 korún. The 10 and 20 halierov 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.)
[edit] Banknotes
In 1993, banknotes were issued in denominations of 20, 50, 100, 500 and 1000 korún. 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 korún 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, Slovakian nationalist 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, diplomat, politician, soldier and astronomer, co-founder of Czechoslovakia.
[edit] Historical exchange rates
The graph shows the value of the euro in koruna 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.[2] [3] 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.[4] 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 30.1260 with no change in the band.[5] For the moment, the Slovak government has been content to let the koruna gain value.
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[edit] See also
[edit] References
- ^ CIA - The World Factbook -- Slovakia. 15 May 2007; accessed 19 May 2007.
- ^ "Slovak Koruna Included in the ERM II", National Bank of Slovakia, 2005-11-28. Retrieved on 2007-03-17.
- ^ European Commission. Exchange Rate Mechanism II (ERM II). Retrieved on 2007-03-17.
- ^ Radoslav Tomek and Meera Louis. "Slovakia, EU Raise Koruna's Central Rate After Appreciation", Bloomberg, 2007-03-17. Retrieved on 2007-03-17.
- ^ Radoslav Tomek and Meera Louis. "Slovakia Wins EU Approval to Let Koruna Strengthen", Bloomberg, 2008-05-28. Retrieved on 2008-05-29.
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
- Biľak, M. - Jízdný, M. (1988). Zberatelský katalóg mincí Československa. Československá Numizmatická Spoločnosť, Pobočka Košice.
[edit] External links
- Don's World Coin Gallery - Slovakia
- Ron Wise's World Paper Money - Slovakia Mirror site
- The Global History of Currencies - Slovakia
- Global Financial Data data series - Slovakia Korun
- Global Financial Data currency histories table (
Microsoft Excel format)
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