Estonian kroon

The kroon (sign: kr; code: EEK) was the official currency of Estonia for two periods in history: 1928–1940 and 1992–2011. Between 1 January and 14 January 2011, the kroon circulated together with the euro, after which the euro became the sole legal tender in Estonia.[2][3] The kroon was subdivided into 100 cents (senti; singular sent). The word kroon (Estonian pronunciation: [ˈkroːn], “crown”) is related to that of the Nordic currencies (such as the Swedish krona and the Danish and Norwegian krone) and derived from the Latin word corona ("crown"). The kroon succeeded the mark in 1928 and was in use until the Soviet invasion in 1940 and Estonia's subsequent incorporation into the Soviet Union when it was replaced by the Soviet ruble. After Estonia regained its independence, the kroon was reintroduced in 1992.

Estonian kroon
Eesti kroon  (Estonian)
EST-coins-overview
Coins of the Estonia kroon.
ISO 4217
CodeEEK
Number233
Exponent2
Denominations
Subunit
 1/100sent
Pluralkrooni (Estonian partitive sg.)
sentsenti (Estonian partitive sg.)
Nicknamepaper, The family names of the persons on notes: 100 krooni – Koidula, 500 krooni – Jakobson etc.
Banknotes
 Freq. used2, 5, 10, 25, 100, 500 krooni
 Rarely used1, 50 kroon
Coins
 Freq. used10, 20, 50 senti, 1 kroon
 Rarely used5 senti, 5 krooni
Demographics
User(s)None, previously:
 Estonia
Issuance
Central bankBank of Estonia
 Websitewww.eestipank.ee
Valuation
Inflation2.8%
 SourceEuropean Central Bank, May 2010
 MethodHICP
ERM
 Since28 June 2004
 Fixed rate since31 December 1998
 Replaced by €, non cash1 January 2011
 Replaced by €, cash1 January 2011
=15.6466 krooni
 Banddid not fluctuate[1]
This infobox shows the latest status before this currency was rendered obsolete.

First kroon, 1928–1940

History

The kroon became the currency of Estonia on 1 September 1928 after having been a unit of account since 1924.[4] It replaced the mark at a rate of 100 mark = 1 kroon. The kroon was subdivided into 100 sent.

In 1924, the kroon was pegged to the Swedish krona at par, with a gold standard of 2480 kroon = 1 kilogram of pure gold. The standard received real coverage with the reserves backing the kroon. The issue of treasury notes and exchange notes was terminated. In order to secure the credibility of the kroon, the Bank of Estonia exchanged kroon for foreign currency. All these measures restored confidence in the domestic banking and monetary sector, contributing to the economic reinvigoration of the country and to the improvement of the reputation of the Estonian state in the international arena.

During the Great Depression in 1933, the kroon went off the gold standard, devalued 35% and obtained a currency peg with the Great Britain Pound (GBP) at 1 GBP = 18.35 kroon.[5] The Estonian kroon kept this peg and circulated until the Soviet occupation of 1940. The kroon was exchanged for the Soviet ruble at a rate of 1 ruble = 0.8 kroon.

Banknotes and coins

In 1928, the first coins of this currency were issued, nickel-bronze 25 senti pieces. These were followed by bronze 1 sent in 1929, silver 2 krooni in 1930, bronze 5 senti and nickel-bronze 10 senti in 1931, silver 1 kroon in 1933, bronze 2 senti and aluminium-bronze 1 kroon in 1934, nickel-bronze 20 senti in 1935, nickel-bronze 50 senti in 1936.

On 25 July 1940, 4 days after the founding of the Estonian SSR, the last Estonian pre-WW II coin, the new 1 sent (date 1939), was issued.

In 1927, before the kroon was officially introduced, 100 marka banknotes circulated with an "ÜKS KROON" (1 kroon) overprint. Eesti Pank introduced 10 krooni notes in 1928, followed by 5 and 50 krooni in 1929, 20 krooni in 1932 and 100 krooni in 1935.

1928–1935 Issue
Image Denomination Obverse Reverse
[1] 5 krooni Fisherman Coat of arms of Estonia
[2] 10 krooni Estonian girl wearing a national costume and holding sheaves Coat of arms of Estonia
[3] 20 krooni Shepherd Coat of arms of Estonia
[4] 50 krooni Rannamõisa Coat of arms of Estonia
[5] 100 krooni Blacksmith Coat of arms of Estonia

Second kroon, 1992–2010

History

The kroon was reintroduced as Estonia's currency on 20 June 1992, replacing the Soviet ruble at a rate of 1 kroon = 10 rubles. (Each person was able to change a maximum of 1500 rubles to 150 krooni.) Initially, the Estonian kroon was pegged to the Deutsche Mark at a rate of 8 krooni = 1 Deutsche Mark.[6] 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. On 28 June 2004, as Estonia joined the ERM II-system, the central parity of the Estonian kroon was revalued (by less than 0.001%) to 15.6466 krooni per euro.[7] On 1 January 2011 the euro replaced the kroon as the official currency of Estonia. The kroon circulated alongside the euro until 15 January 2011 at which point it ceased to be legal tender.[8] However, the Eesti Pank will indefinitely exchange kroon banknotes and coins in any amount into euro.

Banknotes

In 1992, banknotes were introduced in denominations of 1, 2, 5, 10, 25, 100 and 500 krooni. Some of the 5, 10, 25, 100 and 500 krooni notes were dated 1991. In 1994, a 50 krooni note was introduced. Unlike others, the 1 kroon and 50 krooni notes were issued only once.

Notes in circulation before being replaced by the euro:

1992–2011 Issue
Image Value (EEK) Value in euros (€) Main Colour Description
Obverse Reverse Obverse Reverse
EEK-1kroon-front EEK-1kroon-rear 1 kroon €0.06 Orange/Brown Kristjan Raud Toompea Castle
EEK-2krooni-front EEK-2krooni-rear 2 krooni €0.13 Grayish blue Karl Ernst von Baer University of Tartu
EEK-5krooni-front EEK-5krooni-rear 5 krooni €0.32 Orange Paul Keres Narva castle & Ivangorod fortress
EEK-10krooni-front EEK-10krooni-rear 10 krooni €0.64 Pink Jakob Hurt Tamme-Lauri oak tree
EEK-25krooni-front EEK-25krooni-rear 25 krooni €1.60 Green Anton Hansen Tammsaare Vargamäe village
EEK-50krooni-front EEK-50krooni-rear 50 krooni €3.20 Dark green Rudolf Tobias Estonia Theatre
EEK-100krooni-front EEK-100krooni-rear 100 krooni €6.40 Light blue Lydia Koidula Baltic Klint
EEK-500krooni-front EEK-500krooni-rear 500 krooni €31.96 Purple Carl Robert Jakobson Barn swallow

Coins

In 1992, coins were introduced (some dated 1991) in denominations of 5, 10, 20 & 50 senti, as well as 1 kroon. The 1 kroon was struck in cupronickel, the others in aluminum-bronze. However, in 1997, nickel-plated steel 20 senti were introduced, followed by aluminum-bronze 1 kroon in 1998. 5 senti coins were not issued after 1994 but were still legal tender. The cupronickel 1 kroon coins from 1992, 1993 and 1995 were demonetized on 31 May 1998 because they were too similar in weight and composition to German one-mark coins, and new 1 kroon coins were issued.[9] The 5 krooni coins were commemorative pieces and were rarely seen in circulation.

Coins in circulation before being replaced by the euro:[10]

  • 5 senti (1991, 1992, 1995)
  • 10 senti (1991, 1992, 1994, 1996, 1997, 1998, 2002, 2006, 2008)
  • 20 senti (1992, 1996, 1997, 1999, 2003, 2004, 2006, 2008)
  • 50 senti (1992, 2004, 2006, 2007)
  • 1 kroon (1992, 1993, 1995, 1998, 2000, 2001, 2003, 2006, 2008)
  • 5 krooni (1993, 1994).
Image Nominal value Technical parameters
Diameter Weight Edge Composition
EST-coins-overview (5s) 5 senti 15.95 mm 1.29 g plain copper 93%, aluminum 5%, nickel 2%
EST-coins-overview (10) 10 senti 17.20 mm 1.87 g
EST-coins-overview (20) 20 senti 18.95 mm 2.27 g
20 senti 18.95 mm 2.00 g nickeled steel
EST-coins-overview (50) 50 senti 19.50 mm 3 g copper 93%, aluminum 5%, nickel 2%
EST-coins-overview (100) 1 kroon 23.25 mm 5 g jagged copper 89%, aluminum 5%, zinc 5% Sn 1%

EST-coins-overview (5)

5 krooni 26.20 mm 7.1 g

See also

References

  1. ^ General principles of the Estonian monetary system, Bank of Estonia
  2. ^ "Stages of cash changeover". European Central Bank. Retrieved 2010-05-12.
  3. ^ Ministers offer Estonia entry to eurozone January 1 France24, 8 June 2010
  4. ^ "Estonian Coinage". European Commission. Retrieved 2010-05-13.
  5. ^ Bank of Estonia. "Some facts from the history of Eesti Pank and Estonian finance". Archived from the original on 7 July 2004. Retrieved 13 May 2010.
  6. ^ Bank of Estonia. "History – Eesti Pank 1919–1992". Archived from the original on 2007-06-09. Retrieved 2006-12-30.
  7. ^ "Estonian kroon included in the Exchange Rate Mechanism II (ERM II)" (Press release). ECB. 27 June 2004. Retrieved 2009-11-04.
  8. ^ Stages of the cash changeover ECB: Estonia (2011)
  9. ^ 1995–1999: modernisation and regulation of the banking environment Eesti Panga Muuseum
  10. ^ "Estonian coins". Bank of Estonia. Retrieved 2009-11-04.

External links

Preceded by:
Estonian mark
Reason: independence
Ratio: at par
Currency of Estonia
1928 – 1940
Succeeded by:
Soviet ruble
Reason: Soviet Union occupation of the Baltic states
Ratio: 1 ruble = 0.8 kroon
Preceded by:
Soviet ruble
Reason: independence from the Soviet Union
Ratio: at par
Currency of Estonia
1992 – 2010
Succeeded by:
Euro
Reason: entry into Eurozone
Ratio: 1 euro = 15.6466 krooni
100 krooni

The 100 krooni banknote (100 EEK) is a denomination of the Estonian kroon, the former currency of Estonia. Lydia Koidula (1843–1886), who was an Estonian poet and playwright, is featured on the front side of the banknote, which is why the 100 krooni banknote is often called a "Koidula".

A view of the north Estonian limestone shore is featured on the reverse side of the banknote. Before the replacement of the kroon by the euro, the 100 krooni banknote was the main everyday currency used by Estonians and was commonly dispensed by ATMs in Estonia as well as used for withdrawals or cashing checks. It can be exchanged indefinitely at the currency museum of Eesti Pank for €6.39.

10 krooni

The 10 krooni banknote (10 EEK) is a denomination of the Estonian kroon, the former currency of Estonia. Jakob Hurt (1839–1907), who was an Estonian folklorist, theologian, linguist and prominent social figure during the Estonian national awakening in the 19th–20th century, is featured with an engraved portrait on the obverse side of the banknote. The 10 krooni bill is sometimes called a "Hurt".

A view of the Tamme-Lauri oak tree at Urvaste is featured on the reverse.

The EEK has been withdrawn and replaced by the euro, but the 10 krooni can be exchanged indefinitely at the currency museum of Eesti Pank for €0.64.

1 kroon

The 1 kroon (1 EEK) is the smallest valued banknote of the Estonian kroon, the former currency of Estonia. Kristjan Raud (1865–1943), an Estonian painter, teacher, and cultural historian, is featured with a portrait on the obverse. A view of Toompea Castle in Tallinn appears on the reverse.The 1 kroon was only issued once and had been steadily going out of circulation since a coin of the same value was also issued. At the time of replacement by the euro, it was very rarely found in use on an everyday basis. It can be exchanged indefinitely at the currency museum of Eesti Pank for €0.06.

25 krooni

The 25 krooni banknote (25 EEK) is a denomination of the Estonian kroon, the former currency of Estonia. Anton Hansen Tammsaare (1870–1940), who was a famous Estonian writer of classical literature, is featured on the front side of the bill, which is why the 25 krooni banknote is often called a "Tammekas or Tammsaare".

A view of Vargamäe is featured on the reverse side of the banknote. Before the replacement of the EEK by the euro, the 25 krooni was frequently used in everyday transactions. It can be exchanged indefinitely at the currency museum of Eesti Pank for €1.60.

2 krooni

The 2 krooni banknote (2 EEK) is a denomination of the Estonian kroon, the former currency of Estonia. Karl Ernst von Baer, who was an Estonian Baltic German anthropologist, naturalist and geographer (1792–1876), is featured with a portrait on the obverse. The 2 krooni bill is called sometimes a "kahene" meaning "a two".

A view of Tartu University which was founded in 1632 is featured on the reverse. Before the replacement of the EEK by the euro, the 2 krooni banknote was the smallest denomination most commonly used by Estonian residents on an everyday basis. It can be exchanged indefinitely at the currency museum of Eesti Pank for €0.13.

500 krooni

The 500 krooni banknote (500 EEK) is a denomination of the Estonian kroon, the former currency of Estonia. Carl Robert Jakobson (1841–1882), who was an Estonian politician, publisher, writer and promoter of agriculture, is featured on the front side of the bill, which is why the 500 krooni bill is often called a "Jakobson".

A barn swallow in flight on a landscape background is featured on the reverse side of the banknote. Before the replacement of the EEK by the euro, the 500 krooni banknote was commonly dispensed by ATMs in Estonia as well as the primary banknote used for withdrawals or cashing checks. It can be exchanged indefinitely at the currency museum of Eesti Pank for €31.96.

50 krooni

The 50 krooni banknote (50 EEK) is a denomination of the Estonian kroon, the former currency of Estonia. A portrait of Rudolf Tobias (1873–1918), a famous Estonian composer, is engraved on the front side of the bill along with the pipe organ of the Käina church (which features the Eye of Providence).

The vignette on the back features the Estonia Theatre in Tallinn. The only printing of the 50 krooni banknote took place in 1994. Fewer 50 krooni notes were ordered by the Bank of Estonia than any other denominations. A medium size banknote, it was one of the most rarely used denominations. It can be exchanged indefinitely at the currency museum of Eesti Pank for €3.20.

5 krooni

The 5 krooni banknote (5 EEK) is a denomination of the Estonian kroon, the former currency of Estonia. Paul Keres (1916–1975), who was a world-famous Estonian chess player, international Grandmaster and prominent chess theorist, is featured with an engraved portrait on the obverse.

The reverse features Hermann Castle founded in 1256 by the Danes and Ivangorod Fortress established by Ivan III in 1492. The 5 krooni banknote was only issued shortly after the reestablishment of the Estonian state in 1991, but remained in common use until the EEK was replaced by the euro. A 5 krooni coin was also minted but the banknote was more commonly found in circulation. The note can be exchanged indefinitely at the currency museum of Eesti Pank for €0.32.

Adolfas Šleževičius

Adolfas Šleževičius (born 2 February 1948 in Mirčiškės, Šiauliai County, Lithuania) is a former Prime Minister of Lithuania.

Previously a manager in a state dairy company, Šleževičius was appointed Prime Minister following the election of Algirdas Brazauskas as President in February 1993. At the time, Lithuania was faced with monthly inflation of 10–30% despite the demonetization of the ruble and introduction of the talonas (coupon money) on 1 October 1992. After initially promising large wage hikes to state workers, Šleževičius implemented a smaller increase and backed a tightening of monetary policy by the Bank of Lithuania. This brought monthly inflation down from 25% in May 1993 to 13% in May, 6% in June, and 3% in July. With this progress in stabilization, the Litas Committee (composed of Šleževičius, President Brazauskas, and Bank of Lithuania President Visokavičius) announced the reintroduction of the Lithuanian litas as national currency, to take place on 25 June 1993. The exchange rate strengthened from the equivalent of over 5 litai to 3.5 litai by August 1993.

In October 1993, Šleževičius announced that the value of the litas would be fixed in a manner similar to that of the Estonian Kroon, that is, in a currency board arrangement with a fixed parity. The litas Stability Law (Law I-407) was enacted on 23 March 1994, and the exchange rate fixed at 3.9 litai per U.S. dollar on 1 April 1994. The fixing of the exchange rate contributed to large capital inflows from abroad, which helped to finance the modernization of the economy in the years to follow.

He was forced to resign on 8 February 1996, after a vote of no confidence in the Lithuanian Seimas following charges of corruption. Šleževičius had withdrawn his assets at the last minute from two banks which collapsed. He faced criminal charges regarding corruption and forgery, but after four years of investigation the case was dismissed before reaching a court. After his abortive political career, Šleževičius turned to private business.

Bank of Estonia

The Bank of Estonia (Estonian: Eesti Pank) is the central bank of Estonia as well as a member of the Eurosystem organisation of euro area central banks.

The Bank of Estonia also belongs to the European System of Central Banks. Until 2010, the bank issued the former Estonian currency, the kroon.

The Governor of the Bank of Estonia, currently Ardo Hansson, is a member of the Governing Council of the European Central Bank.

Crown (currency)

The crown is a monetary unit (currency) used in the countries of Czech Republic, Denmark (including the territories of Faroe Islands and Greenland), Iceland, Norway and Sweden.

Currencies of the European Union

There are eleven currencies of the European Union as of 2018 used officially by member states. The euro accounts for the majority of the member states with the remainder operating independent monetary policies. Those European Union states that have adopted it are known as the eurozone and share the European Central Bank (ECB). The ECB and the national central banks of all EU countries, including those who operate an independent currency, are part of the European System of Central Banks.

Estonian mark

The Estonian mark (Estonian: Eesti mark) was the currency of Estonia between 1918 and 1927. It was initially equivalent to the German ostmark, which had been circulating alongside the Russian ruble since the German occupation. It was divided into 100 penns (in Nominative case: penn). It was replaced in 1928 by the Estonian kroon at a rate of 1 kroon = 100 marka.

Until 1919 there were also Russian rubles, German ostrubles and Finnish marks in circulation.

European Exchange Rate Mechanism

The European Exchange Rate Mechanism (ERM) was a system introduced by the European Economic Community on 13 March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single currency, the euro, which took place on 1 January 1999.

After the adoption of the euro, policy changed to linking currencies of EU countries outside the eurozone to the euro (having the common currency as a central point). The goal was to improve the stability of those currencies, as well as to gain an evaluation mechanism for potential eurozone members. This mechanism is known as ERM II and has superseded ERM. Currently there is just one currency in the ERM II, the Danish krone.

Hiiu Stadium

Hiiu Stadium (Estonian: Hiiu staadion) is a multi-purpose stadium in Tallinn, Estonia. The stadium and the administration building are owned by Nõmme district and are operated by Nõmme Sport Centre (Nõmme spordikeskus). It is used mostly for football matches and is the home stadium of Nõmme Kalju youth teams. The address of the stadium is Pidu tänav 11, Tallinn.The stadium was completely renovated in 2002 and cost 8 million Estonian kroon. In 2006, the old artificial turf was replaced by a 3rd generation turf and an administration building with a stand for 300 people was erected.On 10 September 2011, the highest recorded attendance was set, when 2,730 people watch a football match between hosts JK Nõmme Kalju and FC Flora Tallinn.

Krona

Krona may refer to:

In monetary units, where krona and its variants mean crown:

Austro-Hungarian krone

Czech koruna

Czechoslovak koruna

Danish krone

Estonian kroon

Faroese króna

Icelandic króna

Norwegian krone

Slovak koruna

Swedish krona

Yugoslav kroneOther:

Krona (comics), alien villain in DC Comics

Charlotte Krona (born 1978), Swedish model and violinist

Krona, or Crona, character in Soul Eater (manga)

Krona space object recognition station, Russian military satellite detection station in Zelenchukskaya

Krona-N the second Krona satellite detection station, in Nakhodka

Kroon

Kroon may refer to:

Estonian kroon, the former currency of Estonia

Hollands Kroon, a municipality in the Netherlands

Rein Otsason

Rein Otsason (24 May 1931 in Tartu, Estonia – 30 October 2004 in Tallinn, Estonia) was an Estonian banker.

Tallinn TV Tower

The Tallinn TV Tower (Tallinna teletorn) is a free-standing structure with an observation deck, built to provide better telecommunication services for the 1980 Moscow Summer Olympics regatta event (see Sailing at the 1980 Summer Olympics). It is located near the suburb Pirita, six km north-east of the Tallinn city center. With its 313 m (1030.2 ft), the TV Tower is the tallest building in Tallinn. The tower was officially opened on 11 July 1980. The viewing platform at a height of 170 metres was open to the public until 26 November 2007, when it was closed for renovation. Having been repaired, the tower began receiving visitors again on 5 April 2012. The building is administered by the public company Levira (formerly Estonian Broadcasting Transmission Center Ltd) and is a member of the World Federation of Great Towers.The architects were David Baziladze and Juri Sinis, the engineers – Vladimir Obydov and Yevgeny Ignatov. The construction work was supervised by Aleksander Ehala.

The cornerstone was laid on 30 September 1975, and the building was inaugurated 11 July 1980 (although the first transmission took place in 1979). The tower body was constructed of reinforced concrete rings 50 cm thick that weigh a total of 17,000 metric tons, and the total tower weight is approximately 20,000 tons. The tower survived a fire during the construction stage.

The observation deck on the 21st floor, originally designed to have a rotating section, is located 170 m above ground, and has a diameter of 38 m. The Tower was closed to the public on 26 November 2007. Before it was closed, tickets were priced at 60 Estonian kroon and, aside from an infrequently used concrete and metallic staircase, the observation deck was accessed by two elevators. Vilnius TV Tower has a similar architectural design but features a rotating observation deck 165 m above ground.

The structure consists of a 190-metre reinforced-concrete tower and a 124-metre metal mast on top of it. Under the tower is a two-storey building with equipment rooms, entrance halls and a conference centre. The diameter of the tower at its base is 15.2 metres and the wall thickness is 50 cm. The diameter of the tower from 140 metres upwards is 8.2 metres. A total of 10,000 m3 of concrete and 1,900 tons of steel were used in the TV Tower construction.

Tallinn TV tower was reopened on 5 April 2012 with completely new interior design made by KOKO Arhitektid.

Local guide books advertise the observation deck's views of Tallinn and extending to the Gulf of Finland. The tower is described as having a 1980s Soviet feel and a restaurant is located on the observation floor. Bullet holes dating from the Soviet coup attempt of 1991 are still visible at the base of the tower.

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