Finance:Croatian kuna
| hrvatska kuna (Croatian) | |
|---|---|
 500 kuna banknote | |
| ISO 4217 | |
| Code | HRK |
| Unit | |
| Plural | kune (2-4) kuna (higher amounts, nominative) The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms. |
| Symbol | kn |
| Denominations | |
| Subunit | |
| 1⁄100 | lipa |
| Symbol | |
| lipa | lp |
| Banknotes | |
| Freq. used | 10, 20, 50, 100, 200, 500 kn |
| Rarely used | 5, 1000 kn |
| Coins | |
| Freq. used | 5, 10, 20, 50 lp, 1, 2, 5 kn |
| Rarely used | 1, 2 lp, 25 kn |
| Demographics | |
| Date of introduction | 30 May 1994 |
| Replaced | Croatian dinar |
| User(s) |  Croatia |
| Issuance | |
| Central bank | Croatian National Bank |
| Website | www |
| Printer | Giesecke & Devrient |
| Website | www |
| Mint | Croatian Mint |
| Website | www |
| Valuation | |
| Inflation | 1.3% (August 2018)[1] |
| Source | Croatian Bureau of Statistics, September 2018[1] |
| Method | CPI[1] |
| Pegged with | Euro (EUR) 1 EUR = 7.53450 HRK |
| EU Exchange Rate Mechanism (ERM) | |
| Since | 10 July 2020 |
| Replaced by euro, non cash | 1 January 2023 |
| Replaced by euro, cash | 1 January 2023 (cash payments possible until 14 January 2023) |
| 1 € = | 7.53450 kn[2] |
| Band | 15.0% |
| This infobox shows the latest status before this currency was rendered obsolete. | |
The kuna (Template:IPA-hr; sign: kn; code: HRK) was the currency of Croatia from 30 May 1994 until 31 December 2022. It was replaced by the euro (€, EUR) in 2023. The kuna was subdivided into 100 lipa. It was issued by the Croatian National Bank and the coins were minted by the Croatian Mint.
In Croatian, the word kuna means "marten" and lipa means "linden (lime) tree", both references to their historical use in medieval trading.
History and etymology
Records exist from the Middle Ages of a tax and/or a currency in the then highly valued marten skins, which were recorded as marturina ("marten tax") or kunovina, in Lower Pannonia (today in Hungary and Slavonia). Slavonia's first minted currency was the frizatik,[3] but in the 13th century the Ban of Slavonia issued a marten-adorned silver coin called the banovac.[4][5]
The idea of a kuna currency reappeared in 1939 when the Banovina of Croatia, an autonomous province established within the Kingdom of Yugoslavia, planned to issue its own money, along with the Yugoslav dinar.[6][7] In 1941, when the Ustasha regime formed the Independent State of Croatia, they introduced the Independent State of Croatia kuna.[6] This currency remained in circulation until 1945, when it – along with competing issues by the communist Partisans – disappeared with the establishment of FPR Yugoslavia and was replaced by the Yugoslav dinar.[8]
The plural form of kuna in Croatian is kune.[9] It can vary because of different number declension rules, e.g. 2 kune, 10 kuna.
It has no relation to the various Slavic currencies named "koruna" (translated as kruna in Croatian) which means "crown".
Modern currency
The modern kuna was introduced on 30 May 1994, starting a period of transition from the Croatian dinar, introduced in 1991, which ended on 31 December 1994.[10] One kuna was equivalent to 1,000 dinars at a fixed exchange rate. The kuna was pegged to the German Mark from the start. With the replacement of the mark by the euro, the kuna's peg effectively switched to the euro.
The choice of the name kuna was controversial because the same currency name had been used by the Independent State of Croatia, but this was dismissed as a red herring, since the same name was also in use during the Banovina of Croatia and by the State Anti-Fascist Council for the National Liberation of Croatia (ZAVNOH).[8] An alternative proposal for the name of the new currency was kruna (crown), divided into 100 banica (viceroy's wife), but this was deemed too similar to the Austro-Hungarian krone and found inappropriate for the country which is a republic,[8] even though Czechia and, until 2008, Slovakia have used currencies whose names translate to "crown".
A long-time policy of the Croatian National Bank was to keep the fluctuations of the kuna's exchange rate against the euro (or, previously, the mark) within a relatively stable range. Since the introduction of the euro in 1999, the exchange rate between the two currencies rarely fluctuated to a substantial degree, remaining at a near constant 7.5:1 (HRK to EUR) rate. Croatia joined the European Union on 1 July 2013 and the Exchange Rate Mechanism on 10 July 2020 at a rate of 7.53450 HRK to €1.[11][12]
The kuna was replaced by the euro on 1 January 2023 after satisfying prerequisites,[13] as the initial time estimate of standard four years after joining the European Union proved too short.[14]
A two-week transition period during which kuna cash remained as legal tender in circulation alongside the euro ended on 14 January. Cash could be exchanged at any eurozone national central banks until 28 February, and at any bank, Fina and Hrvatska pošta in Croatia until the end of 2023, at no charge. The Croatian National Bank will do the same for notes indefinitely and for coins until the end of 2025.[15][16]
Coins
In 1994,[10] coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 lipa, 1, 2, 5 and 25 kuna. The coins are issued in two versions: one with the name of the plant or animal in Croatian (issued in odd years), the other with the name in Latin (issued in even years). Overall more coins have been minted with Croatian names than with names in Latin.[17]
Lipa is the Croatian word for linden or tilia tree, a species that was traditionally planted around marketplaces in Croatia and other lands under Habsburg monarchy rule during the early modern period.
Due to their low value, 1 and 2 lipa coins were rarely used.[18] Since 2009, these coins were no longer minted,[18] but the Croatian National Bank stated that it had no plans for withdrawing them, and the 1 and 2 lipa coins were still minted as non-circulating, mainly for numismatic collections.[19]
| Value | Technical parameters | Description | Date of issue | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In Kuna | Equivalent in Euros (€) | Diameter | Mass | Composition | Edge | Reverse | First minting |
1 lp | €0.0013272 | 17.0 mm | 0.70 g | Aluminium-Magnesium alloy | Smooth | Maize, "KUKURUZ" or "ZEA MAYS", year of minting | 1993 | 31 May 1994 | 2 lp | €0.0026545 | 19.0 mm | 0.92 g | Aluminium-Magnesium alloy | Smooth | Grapevine, "VINOVA LOZA" or "VITIS VINIFERA", year of minting | 1993 | 31 May 1994 | 5 lp | €0.006636 | 18.0 mm | 2.50 g | Bronze-plated steel | Smooth | European oak branch, "HRAST LUŽNJAK" or "QUERCUS ROBUR", year of minting | 1993 | 31 May 1994 | 10 lp | €0.013272 | 20.0 mm | 3.25 g | Bronze-plated steel | Smooth | Tobacco plant, "DUHAN" or "NICOTIANA TABACUM", year of minting | 1993 | 31 May 1994 |
| 20 lp | €0.026545 | 18.5 mm | 2.90 g | Nickel-plated steel | Smooth | Olive branch, "MASLINA" or "OLEA EUROPAEA", year of minting | 1993 | 31 May 1994 | |||||||||||||||||||||||||||||||||||
| 50 lp | €0.06636 | 20.5 mm | 3.65 g | Nickel-plated steel | Smooth | Degenia, "VELEBITSKA DEGENIJA" or "DEGENIA VELEBITICA", year of minting | 1993 | 31 May 1994 | |||||||||||||||||||||||||||||||||||
| 1 kn | €0.13272 | 22.5 mm | 5.00 g | Nickel-brass | Milled | Nightingale, "SLAVUJ" or "LUSCINIA MEGARHYNCHOS", year of minting | 1993 | 31 May 1994 | |||||||||||||||||||||||||||||||||||
| 2 kn | €0.26545 | 24.5 mm | 6.20 g | Nickel-brass | Milled | Atlantic bluefin tuna, "TUNJ" or "THUNNUS THYNNUS", year of minting | 1993 | 31 May 1994 | |||||||||||||||||||||||||||||||||||
| 5 kn | €0.6636 | 26.5 mm | 7.45 g | Nickel-brass | Milled | Brown bear, "MRKI MEDVJED" or "URSUS ARCTOS", year of minting | 1993 | 31 May 1994 | |||||||||||||||||||||||||||||||||||
Commemorative coins
Commemorative coins of the Croatian were issued between 1995 and 2022.
| Denomination | Obverse Design[20] | Date of issue | Quantity |
|---|---|---|---|
| 1 lipa | Maize with inscriptions FAO (Food and Agriculture Organization of the United Nations ), 1945 (year of FAO founding), 1995 (50th anniversary of FAO and issue year of coin) and fiat panis (Latin expression for "Let there be bread!") | 15 July 1995 | 1,000,000 |
| 2 lipe | Emblem of the Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of the 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games) | 1 July 1996 | 1,000,000 |
| 5 lipa | Emblem of the Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of the 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games) | 1 July 1996 | 900,000 |
| 10 lipa | Emblem of the United Nations with inscriptions Organizacija ujedinjenih naroda (Croatian for United Nations Organization), 1945 (founding year of United Nations), and 1995 (50th anniversary of United Nations and issue year of coin) | 1 July 1996 | 900,000 |
| 20 lipa | Olive with inscriptions FAO (Food and Agriculture Organization of the United Nations ), 1945 (year of FAO founding), 1995 (50th anniversary of FAO and issue year of coin) and fiat panis (Latin expression for "Let there be bread!") | 15 July 1995 | 1,000,000 |
| 50 lipa | Emblem of the Croatian Football Federation with inscriptions Europsko nogometno prvenstvo (Croatian for European Football Championship), Engleska (Croatian for England ), and 1996 (European Championship year and issue year of coin) | 12 June 1996 | 900,000 |
| 1 kuna | Emblem of the Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of the 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games) | 1 July 1996 | 1,000,000 |
| 2 kune | Tuna with inscriptions FAO (Food and Agriculture Organization of the United Nations ), 1945 (year of FAO founding), 1995 (50th anniversary of FAO and issue year of coin) and fiat panis (Latin expression for "Let there be bread!") | 15 July 1995 | 500,000 |
| 5 kuna | Images commemorating the 500th anniversary of the printing of the Breviary of Senj in 1494 | 15 July 1995 | 1,000,000 |
| 25 kuna | Marking the completion of the peaceful reintegration the Republic of Croatia territory under the temporary administration of UNTAES | 28 May 1997 | 300,000 |
| Holding of the first Croatian Esperanto Congress, in Zagreb, on 31 May and 1 June 1997 | 24 June 1997 | 300,000 | |
| Marking the 5th anniversary (1992 - 1997) of the admission of the Republic of Croatia, as an independent and recognised state, into the United Nations Organisation | 27 October 1997 | 300,000 | |
| Holding of the EXPO, the Lisbon World Exposition, with Croatia as first-time participant | 26 June 1998 | 300,000 | |
| The introduction of the new monetary unit, the euro, in eleven European Union Member States | 29 December 1999 | 300,000 | |
| Marking the year 2000, "the Millennium Year" | 27 November 2000 | 300,000 | |
| The 10th anniversary of the international recognition of the Republic of Croatia, 15 January 1992 - 15 January 2002 | 4 August 2005 | 200,000 | |
| The Republic of Croatia becoming an EU membership candidate, 18 June 2004 | 4 August 2005 | 30,000 | |
| The European Bank for Reconstruction and Development Annual Meeting, Zagreb, 14 and 15 May 2010 | 12 May 2010 | 20,000 | |
| Signing the Treaty of Accession of the Republic of Croatia to the European Union, 9 December 2011 | 3 December 2012 | 20,000 | |
| The Republic of Croatia becoming a full member of the European Union, 1 July 2013 | 1 July 2013 | 20,000 | |
| The 25th anniversary of independence of the Republic of Croatia, 8 October 1991 – 8 October 2016 | 7 October 2016 | 50,000 | |
| The 25th anniversary of the admission of the Republic of Croatia to membership in the United Nations | 22 May 2017 | 20,000 | |
| The 25th anniversary of the introduction of the kuna as the monetary unit of the Republic of Croatia, 30 May 1994 – 30 May 2019 | 30 May 2019 | 30,000 | |
| The 350th anniversary of the founding of the University of Zagreb, 1669 − 2019 | 4 November 2019 | 20,000 | |
| The Croatian Presidency of the Council of the EU 2020 | 15 January 2020 | 30,000 | |
| The 75th anniversary of the founding of the Croatian Association of Technical Culture, 1946 – 2021 | 23 June 2021 | 50,000 | |
| Marking World Children's Day, 20 November 2021 | 19 November 2021 | 50,000 | |
| Marking the opening of the Pelješac Bridge for traffic and road connections in the territory of the Republic of Croatia | 26 July 2022 | 30,000 |
Banknotes
The notes were designed by Miroslav Šutej and Vilko Žiljak (hr), and all feature prominent Croatians on front and architectural motifs on back. The geometric figures at lower left on front (except the 5-kuna note) are intaglio printed for recognition by the blind people. To the right of the coat of arms on front is a microprinted version of the Croatian national anthem, Lijepa naša domovino (Our Beautiful Homeland).[21] The overall design is reminiscent of Deutsche Mark banknotes of the fourth series.
The first series of notes was dated 31 October 1993. The 5, 10 and 20 kuna notes from this series were withdrawn on 1 April 2007, and the 50, 100 and 200 kuna notes were withdrawn on 1 January 2010, but remain exchangeable at the HNB in Zagreb.[22]
New series of notes with tweaked, but similar designs and improved security features were released in 2001, 2004, 2012 and 2014.[23]
| Value | Dimensions | Main Colour | Description | Date of | |||||
|---|---|---|---|---|---|---|---|---|---|
| In kuna | Equivalent in euros (€) | Obverse | Reverse | Printing | Issue | ||||
| 5 kuna | €0.66 | 122×61 mm | Green | Fran Krsto Frankopan and Petar Zrinski |
The Old Fort and layout of the old Varaždin castle. | 7 March 2001 | 9 July 2001 | ||
| 10 kuna | €1.33 | 126×63 mm | Green-Brown | Bishop Juraj Dobrila | The Pula Arena and Motovun town layout. | 7 March 2001 9 July 2012 |
18 June 2001 18 March 2013 | ||
| 20 kuna | €2.65 | 130×65 mm | Red | Ban Josip Jelačić | The Eltz Manor in Vukovar and the Vučedol Dove. | 7 March 2001 9 July 2012 |
16 August 2001 18 March 2013 | ||
| 50 kuna | €6.64 | 134×67 mm | Blue | Ivan Gundulić | The Old City of Dubrovnik and its Rector's Palace. | 7 March 2002 9 July 2012 |
25 November 2002 25 September 2017 | ||
| 100 kuna | €13.27 | 138×69 mm | Orange | Ban Ivan Mažuranić and the Baška tablet |
St. Vitus Cathedral in Rijeka and its layout. | 7 March 2002 9 July 2012 |
3 June 2002 1 July 2013 | ||
| 200 kuna | €26.54 | 142×71 mm | Brown | Stjepan Radić | The old General Command building in Osijek and layout of the City-fortress of Tvrđa. |
7 March 2002 9 July 2012 |
12 August 2002 1 July 2013 | ||
| 500 kuna | €66.36 | 146×73 mm | Olive green | Marko Marulić | Diocletian's Palace in Split and the motif of Croatian ruler from 11th century. |
31 October 1993 | 30 May 1994 | ||
| 1000 kuna | €132.72 | 150×75 mm | Blue-Red-Grey | Ante Starčević | Statue of King Tomislav and the Zagreb Cathedral. | 31 October 1993 | 30 May 1994 | ||
| Commemorative issues in circulation | |||||||||
| 10 kuna | €1.33 | 126×63 mm | Green-Brown | Bishop Juraj Dobrila | The Pula Arena and Motovun town layout. (10th anniversary issue) |
24 May 2004 | 30 May 2004 | ||
| 20 kuna | €2.65 | 130x65 mm | Red | Ban Josip Jelačić | The Eltz Manor in Vukovar and the Vučedol Dove. (20th anniversary issue) |
30 May 2014 | 30 May 2014 | ||
Exchange rates
See also
- Independent State of Croatia kuna
- Economy of Croatia
- Croatia and the euro
- Croatian euro coins
References
- ↑ 1.0 1.1 1.2 "CONSUMER PRICE INDICES, SEPTEMBER 2019" (Press release). Croatian Bureau of Statistics. 16 December 2019. Retrieved 2019-11-27.
- ↑ Bank, European Central (10 July 2020). "Communiqué on Croatia". https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200710_1~88c0f764e7.en.html.
- ↑ Mirnik, Ivan (2008). "Najsitnija kulturna dobra – Novac i njegova uloga u srednjovjekovnoj Hrvatskoj i Slavoniji". Godišnjak (Zagreb: Ured za kulturna dobra Zagrebačke biskupije) 24. https://bib.irb.hr/datoteka/442050.367KulturnaDobraMirnik_ckd.pdf.
- ↑ Brozović, Dalibor. "History of Croatian money". http://www.hr/croatia/economy/money/history. - Excerpts from the book Kune and lipe – Currency of the Republic of Croatia, Zagreb, Croatian National Bank
- ↑ Povijest hrvatskog novca, Section 3 , Croatian National Bank compilation from multiple sources
- ↑ 6.0 6.1 "Prvi novac – Povijest hrvatskog novca – Kraljevina SHS i Nezavisna Država Hrvatska" (in hr). Croatian National Bank. http://www.hnb.hr/novcan/povijest/h-nastavak-4.htm.
- ↑ Granic 2008, p. 100.
- ↑ 8.0 8.1 8.2 Milinović, Ante (2001). "Bogatstvo likovne simbolike hrvatskoga novca" (in hr). Croatian Emigrant Almanac. Croatian Heritage Foundation. http://www.matis.hr/zbornici/2001/Text/Text2-4.htm.
- ↑ "Money in Croatia". 3 April 2013. https://www.visit-croatia.co.uk/information-on-croatia/money-in-croatia/.
- ↑ 10.0 10.1 Croatian Government and Croatian National Bank decisions published in Narodne novine 37/94 [1][2][3][4]
- ↑ "Monetary policy and ERM II participation on the path to the euro". Speech by Lucas Papademos, Vice President of the ECB at the tenth Dubrovnik economic conference, in Dubrovnik. European Central Bank. 2004-06-25. http://www.ecb.int/press/key/date/2004/html/sp040625.en.html.
- ↑ "Vujčić: uvođenje eura dvije, tri godine nakon ulaska u EU" (in hr). Poslovni dnevnik. HINA. 1 July 2006. http://www.poslovni.hr/16573.aspx. "statements made by Boris Vujčić, deputy governor of the Croatian National Bank, at the Dubrovnik economic conference, June 2006"
- ↑ "Croatia adopts plan for replacing kuna by euro to protect consumer rights" (in en). http://seenews.com/news/croatia-adopts-plan-for-replacing-kuna-by-euro-to-protect-consumer-rights-725805.
- ↑ THOMSON, AINSLEY (4 June 2013). "Croatia Aims for Speedy Adoption of Euro". Wall Street Journal. https://www.wsj.com/articles/SB10001424127887324063304578525240431831674.
- ↑ Bank, European Central (29 November 2022). "Croatia (from 1 January 2023)". European Central Bank. https://www.ecb.europa.eu/euro/changeover/croatia/html/index.en.html.
- ↑ "Hoće li se plaćati naknada za zamjenu valute?" (in hr). Croatian National Bank. https://euro.hr/faq/hoce-li-se-placati-naknada-za-zamjenu-valute/.
- ↑ "Kuna lipa – Croatian portal for numismatics" (in hr). http://www.kunalipa.com/.
- ↑ 18.0 18.1 "Otkrivamo: Trgovci zarade 2 milijuna kn godišnje ne vraćajući 1 lipu" (in hr). Večernji list. 20 April 2015. http://www.vecernji.hr/gospodarstvo/trgovci-zarade-2-milijuna-kn-godisnje-ne-vracajuci-1-lipu-1001205.
- ↑ "Zadnja 1 lipa iz 2009., izrada tisuću komada 7,7 puta skuplja od vrijednosti" (in hr). Glas Slavonije. 7 September 2015. http://www.glas-slavonije.hr/279090/1/Zadnja-1-lipa-iz-2009-izrada-tisucu-komada-77-puta-skuplja-od-vrijednosti.
- ↑ 20.0 20.1 "Kune i lipe, kovani novac Republike Hrvatske" (in hr). Croatian National Bank. http://www.hnb.hr/novcan/hkovanic.htm.
- ↑ "Features of kuna Banknotes". Croatian National Bank. 29 May 2014. http://www.hnb.hr/novcan/enovcan.htm.
- ↑ "Invalid banknotes – HNB". http://www.hnb.hr/en/currency/banknotes/invalid-banknotes.
- ↑ "Banknotes – HNB". http://www.hnb.hr/en/currency/banknotes.
- ↑ "HRVATSKA NARODNA BANKA: Nov?anice i kovanice". http://www.hnb.hr/novcan/hnovcan.htm.
Bibliography
- Granic, Stan (December 2008). "From Fur Money to Modern Currency: The Kuna" (PDF). Review of Croatian History IV (1): 87–109. http://hrcak.srce.hr/50550. Retrieved February 20, 2017.
Further reading
- Viščević, Zlatko (2004) (in hr, en). Kovani novac Republike Hrvatske od osamostaljenja do danas. ISBN 953-99817-0-0. http://www.hrvatskanumizmatika.net/Croatian_coins_1993-2004_online.pdf. Retrieved January 11, 2012.
External links
- Croatian National Bank – English pages
- Historical and current banknotes of Croatia (in English and German)
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