Croatian kuna

Croatian kuna
hrvatska kuna (Croatian)
200 kuna 5 kuna
200 kuna 5 kuna
ISO 4217 Code HRK
User(s) Croatia
Inflation 3.4%
Source The World Factbook, 2006 est.
Subunit
1/100 lipa
Symbol kn
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
Freq. used 5, 10, 20, 50 lipa, 1, 2, 5 kn
Rarely used 1, 2 lipa, 25 kn
Banknotes
Freq. used 10, 20, 50, 100, 200 kn
Rarely used 5, 500, 1000 kn
Central bank Croatian National Bank
Website www.hnb.hr
Printer Giesecke & Devrient
Website www.gi-de.com

The kuna is the currency of Croatia (ISO 4217 code: HRK). The word "kuna" means "marten" in Croatian since it is based on the use of marten pelts as units of value in medieval trading. It has no relation to the various currencies named "koruna" (translated as kruna in Croatian).

Contents

Early usage

During Roman times, in the provinces of upper and lower Pannonia (today Hungary and Slavonia), taxes were collected in the then highly valued marten skins. Hence, the Croatian word "marturina" or tax, derived from the Latin word "martus" (Croatian: "kuna"). The kuna was a currency unit in several Slavic states, most notably Kievan Rus and its successors until the early 15th century. It was equal to 1⁄25 (later 1⁄50) gryvna of silver.

In the Middle Ages, many foreign monies were used in Croatia, but since at least 1018 a local currency was in use. Between 1260 and 1380, the Croatian Viceroys were making a marten-adorned silver coin called the banovac [1][2]. However, the diminishing autonomy of Croatia within the Croatia-Hungarian Kingdom led to the gradual disappearance of that currency.

First kuna, 1939-1945

The idea of a kuna currency reappeared in 1939 when the Banovina of Croatia, established within the Yugoslav Monarchy, planned to issue its own money.

The Croatian kuna was introduced in the Independent State of Croatia (NDH) on 26 July 1941. It was subdivided into 100 banica. The kuna replace the Yugoslav dinar at par and was fixed to the German Reichsmark (RM) with dual exchange rates, one fixed at 20 kuna = 1 RM, the other a state-stimulated rate of

The kuna was withdrawn from circulation from 30 June to 9 July, 1945 and replaced by the 1944 issue of the Yugoslav dinar at a rate of 40 kuna = 1 dinar.

Coins

Zinc coins were issued in denominations of 1 and 2 kune in 1941, but only the 2 kune pieces are available today in appreciable numbers.

Banknotes

10 CroKuna 1941 FrontAndBack.JPG 100 CroKuna 1941 FrontAndBack.JPG 500 CroKuna 1941 FrontAndBack.JPG
10 kuna 100 kuna 500 kuna

Kuna banknotes were introduced by the government in 1941, in denominations of 10, 50, 100, 500 and 1000 kuna. These were followed in 1942 by notes for 50 banica and 1 and 2 kuna. In 1943, the Hrvatska Državna Banka (Croatian State Bank) introduced 100, 1000 and 5000 kuna notes. The notes were printed in Germany by Giesecke & Devrient.

Notes were also issued by partisan groups. These included the Zagreb Government Region (Oblasni Narod. Oslobod. Odbor Zagrebačke Oblasti), the Croatian Anti-Fascist Authority (Zemaljsko Antifašističko Vijeće Hrvatske) and the Croatian Anti-Fascist Government Authority (Zemaljsko Antifašističko Vijeće Narodnog Oslobodenja Hrvatske). The Zagreb Government Region issued notes for 500, 1000, 5000, 10,000 and 50,000 kuna. The Croatian Anti-Fascist Authority and Croatian Anti-Fascist Government Authority issued notes in 1943, denominated in both dinari and kune, for 100, 500, 1000, 5000, 10,000 and 100,000 kuna/dinara. Notes for 100, 500 and 1000 lire were also issued without indication as to the value in kuna.

Second kuna, 1994-present

The modern kuna was introduced in June, 1994, after a transitional period during which the Yugoslav dinar was replaced with the Croatian dinar. The exchange rate between dinar and kuna was 1 kuna = 1000 dinara. The modern kuna is subdivided into 100 lipa. The word lipa means "linden (lime) tree". The kuna is issued by the Croatian National Bank and the coins are minted by the Croatian Monetary Institute.

The choice of the name kuna was controversial for a number of Croatian citizens, including the Serb minority, as this currency name had been used by the World War II Independent State of Croatia. The Croatian government claimed continuity in the historical use of marten pelts, the use of a marten adorned coin by Croatian viceroys and the consideration of the kuna during the Banovina of Croatia in the first Yugoslavia. Detractors accused the government of attempting to establish symbolic continuity of modern Croatia with the World War II extremist Fascist regime, and using these relatively little known historical facts as an excuse. An alternative proposition for the name of the new currency was kruna (crown) after the Austro-Hungarian krone. However, this proposition was challenged on the same basis as the previous, since the kruna was proposed to be divided in 100 banica. Additionally, terms like kruna (crown) and banica (viceroy's wife) were found inappropriate for the country which is a republic. [3] The transition to the new currency went smoothly and the controversy quickly blew over.

The self-proclaimed Serbian entity Republic of Serbian Krajina did not use the kuna or the Croatian dinar. Instead, they issued their own dinar until Krajina was integrated back into Croatia in 1995.

Coins

In 1994, coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 lipa, 1, 2 and 5 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).

Denomination Obverse Design
Croatian Latin English translation
1 lipa kukuruz Zea mays Maize
2 lipe vinova loza Vitis vinifera Grapevine
5 lipa hrast lužnjak Quercus robur Oak
10 lipa duhan Nicotiana tabacum Tobacco
20 lipa maslina Olea europaea Olive
50 lipa velebitska degenija Degenia velebitica Degenia
1 kuna slavuj Luscinia megarhynchos Nightingale
2 kune tuna Thunnus thynnus Tuna
5 kuna mrki medvjed Ursus arctos Brown Bear

A number of commemorative designs have also been issued for circulation, see Commemorative coins of the Croatian kuna.

Banknotes

Present-day Croatian banknotes
Denomination Obverse Design Reverse Design
5 kuna
(withdrawn)		 Petar Zrinski and
Fran Krsto Frankopan		 Varaždin's Old Town fortress, mirrored view
10 kuna Juraj Dobrila Arena colosseum in Pula
20 kuna Josip Jelačić The castle of Count Eltz in Vukovar
50 kuna Ivan Gundulić Dubrovnik;
historic, UNESCO-protected town core
100 kuna Ivan Mažuranić Rijeka; church of St. Vid
200 kuna Stjepan Radić Osijek; the building of the High Command at Tvrđa
500 kuna Marko Marulić Split; Diocletian's Palace
1000 kuna Ante Starčević Statue of King Tomislav and the Zagreb cathedral
Current HRK exchange rates
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD

See also

References

  • Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991 (18th ed. ed.). Krause Publications. ISBN 0873411501. 
  • Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed. ed.). Krause Publications. ISBN 0-87341-207-9. 
  • Pick, Albert (1990). Standard Catalog of World Paper Money: Specialized Issues. Colin R. Bruce II and Neil Shafer (editors) (6th ed. ed.). Krause Publications. ISBN 0-87341-149-8. 

External links

WWII Croatian kuna
Preceded by:
Yugoslav 1918 dinar
Reason: establishment of a pro-Germany puppet state		 Currency of Independent State of Croatia
1941 – 1945		 Succeeded by:
Yugoslav 1944 dinar
Reason: reunification of Yugoslavia as a result of World War II
Ratio: 1 dinar = 40 kuna
Modern Croatian kuna
Preceded by:
Croatian dinar
Reason: inflation
Ratio: 1 kuna = 1000 dinara		 Currency of Croatia except for Republic of Serbian Krajina
June 1, 1994 – August, 1995		 Currency of Croatia
August, 1995 –		 Succeeded by:
Current
Preceded by:
Serbian Krajina 1994 dinar
Reason: reunification by force