Croatian kuna

Croatian kuna
hrvatska kuna (Croatian)
500 kuna 5 kuna
ISO 4217 Code HRK
User(s) Croatia Croatia
Inflation 0.6%
Source National Bank, April 2010
Method CPI excluding rents, gross fixed capital formation, lotteries and gambling, and life insurance[1]
Subunit
1/100 lipa
Symbol kn
lipa lp
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 500, 1000 kn
Central bank Croatian National Bank
Website www.hnb.hr
Printer Giesecke & Devrient
Website www.gi-de.com
Mint Croatian Monetary Institute
Website www.hnz.hr

The kuna is the currency of Croatia (ISO 4217 code: HRK). It is subdivided into 100 lipa. The kuna is issued by the Croatian National Bank and the coins are minted by the Croatian Monetary Institute.

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). The word lipa means "linden (lime) tree".

Contents

Earlier 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.[2][3] However, the diminishing autonomy of Croatia within the Croatia-Hungarian Kingdom led to the gradual disappearance of that currency.

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.

In 1941, when the Ustaše formed the Independent State of Croatia, they introduced the Independent State of Croatia kuna. This currency remained in circulation until 1945, when it disappeared together with the fascist puppet-state.

Kuna since 1994

The modern kuna was introduced on May 30, 1994, starting a transitional period from Croatian dinar, ending on December 31, 1994.[4] The exchange rate between dinar and kuna was 1 kuna = 1000 dinars.

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.[5]

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 Krajina dinar until the region was integrated back into Croatia in 1995.

The main reference currency for kuna was the German Mark, and later the Euro. A long-time policy of the Croatian National Bank has been to keep the fluctuations of the kuna exchange rate with the euro in a relatively stable range. The country has been on the path of accession to the European Union and it plans to join the European Monetary System.[6][7]

Coins

In 1994,[4] coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 lipa (Croatian word for linden or tilia tree), 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 Reverse Design
Croatian Latin English translation
1 lipa kukuruz Zea mays Maize
2 lipa 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 kuna tunj 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

Croatian kuna banknotes currently in circulation, as of 28 December 2009 (www.hnb.hr)
Image Value Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark printing issue
5 kuna banknote obverse.jpg 5 kuna banknote reverse.jpg 5 kuna 122 × 61 mm Green Fran Krsto Frankopan
and Petar Zrinski		 Old Town fort in Varaždin As portrait 7 March 2001 9 July 2001
10 kuna banknote obverse.jpg 10 kuna banknote reverse.jpg 10 kuna 126 × 63 mm Grey Bishop Juraj Dobrila The Pula Arena and the town plan of Motovun As portrait 7 March 2001 18 June 2001
20 kuna banknote obverse.jpg 20 kuna banknote reverse.jpg 20 kuna 130 × 65 mm Red Ban Josip Jelačić The Eltz Manor in Vukovar and
the Vučedol Dove		 As portrait 7 March 2001 16 August 2001
50 kuna banknote obverse.jpg 50 kuna banknote reverse.jpg 50 kuna 134 × 67 mm Blue Ivan Gundulić The Old City of Dubrovnik As portrait 7 March 2002 25 November 2002
100 kuna banknote obverse.jpg 100 kuna banknote reverse.jpg 100 kuna 138 × 69 mm Reddish-brown Ban Ivan Mažuranić and the Baška tablet St. Vitus Cathedral in Rijeka As portrait 7 March 2002 3 June 2002
200 kuna banknote obverse.jpg 200 kuna banknote reverse.jpg 200 kuna 142 × 71 mm Brown Stjepan Radić The old army command building in Osijek As portrait 7 March 2002 12 August 2002
500 kuna banknote obverse.jpg 500 kuna banknote reverse.jpg 500 kuna 146 × 73 mm Olive green Marko Marulić Diocletian's Palace in Split As portrait 31 October 1993 31 May 1994
1000 kuna banknote obverse.jpg 1000 kuna banknote reverse.jpg 1000 kuna 150 × 75 mm Bluish-grey Ante Starčević Statue of King Tomislav and the Zagreb Cathedral As portrait 31 October 1993 31 May 1994
Commemorative issues in circulation
10 kuna banknote commemorative issue obverse.jpg 10 kuna banknote commemorative issue reverse.jpg 10 kuna (10th anniversary issue) 126 × 63 mm Grey Bishop Juraj Dobrila The Pula Arena and the town plan of Motovun As portrait 30 May 2004 24 May 2004
These images are to scale at 0.7 pixels per millimetre. For table standards, see the banknote specification table.

See also

References

  1. ↑ "Consumer price indices, December 2008". Central Bureau of Statistics. January 14, 2009. http://www.dzs.hr/Eng/Publication/2008/13-1-1_12e2008.htm. Retrieved 2009-02-05. 
  2. ↑ History of Croatian money by Dalibor Brozović - Excerpts from the book Kune and lipe - Currency of the Republic of Croatia, Zagreb, Croatian National Bank
  3. ↑ Povijest hrvatskog novca, Section 3, Croatian National Bank compilation from multiple sources
  4. ↑ 4.0 4.1 Croatian Government and Croatian National Bank decisions published in Narodne novine 37/94 [1][2][3][4]
  5. ↑ "The rich visual symbolism of Croatian currency" by Ante Milinović, in the Croatian Heritage Foundation's Almanac for 2001
  6. ↑ 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, 2004-06-25
  7. ↑ "Vujčić: uvođenje eura dvije, tri godine nakon ulaska u EU", statements made by Boris Vujčić, deputy governor of the Croatian National Bank, at the Dubrovnik economic conference, June 2006
  • 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.). 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.). Krause Publications. ISBN 0-87341-149-8. 

External links

Current HRK exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
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


Modern Croatian kuna
Preceded by:
Croatian dinar
Reason: inflation
Ratio: 1 kuna = 1000 dinara		 Currency of Croatia
June 1, 1994 –		 Succeeded by:
Current
Note: competing Krajina dinar was issued on parts of Croatian territory between 1992 and 1995