Finance:Slovak koruna

Short description: Currency of Slovakia (1993–2008)

Slovak koruna

slovenská koruna (Slovak)
ISO 4217
Code	SKK
Unit
Plural	koruny (nominative)
Symbol	Sk‎
Denominations
Subunit
​1⁄100	halier
Symbol
halier	h
Banknotes	20 Sk, 50 Sk, 100 Sk, 200 Sk, 500 Sk, 1000 Sk, 5000 Sk
Coins	10 h, 20 h, 50 h, 1 Sk, 2 Sk, 5 Sk, 10 Sk
Demographics
User(s)	Slovakia
Issuance
Central bank	National Bank of Slovakia
Website	www.nbs.sk
Valuation
Inflation	3.5%, December 2008
EU Exchange Rate Mechanism (ERM)
Since	28 November 2005
Replaced by euro, non cash	1 January 2009
Replaced by euro, cash	1 January 2009 (cash payments possible until 16 January 2009)
1 € =	30.1260 Sk1
Band	15%
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" 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. 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. 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. The central rate of koruna was then adjusted once more on 28 May 2008 to 33.8545 with no change in the band.

See also

• Czechoslovak koruna
• Czech koruna
• Economy of Slovakia
• Slovak euro coins

References

• Biľak, M. - Jízdný, M. (1988). Zberatelský katalóg mincí Československa. Československá Numizmatická Spoločnosť, Pobočka Košice. 

External links

• ECB: The euro cash changeover in Slovakia (as of 1 January 2009)
• [1], [2], [3] (History of the Slovak koruna/crown and its predecessors at the website of the National Bank of Slovakia, parts 1, 2, 3)
• The banknotes of Slovakia (in English and German)