| Estonian kroon | |||
|---|---|---|---|
| Eesti kroon (Estonian) | |||
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| ISO 4217 code | EEK (num. 233) | ||
| User(s) | None, previously Estonia | ||
| Inflation | 2.8% | ||
| Source | European Central Bank, May 2010 | ||
| Method | HICP | ||
| ERM | |||
| Since | 28 June 2004 | ||
| Fixed rate since | 31 December 1998 | ||
| Replaced by €, non cash | 1 January 2011 | ||
| Replaced by €, cash | 1 January 2011 | ||
| € = | 15.6466 krooni | ||
| Band | did not fluctuate[1] | ||
| Subunit | |||
| 1/100 | sent | ||
| Nickname | paper, The family names of the persons on notes: 100 krooni – Koidula, 500 krooni – Jakobson etc., eek | ||
| Plural | krooni | ||
| sent | senti | ||
| Coins | |||
| Freq. used | 10, 20, 50 senti, 1 kroon | ||
| Rarely used | 5 senti, 5 krooni | ||
| Banknotes | |||
| Freq. used | 2, 5, 10, 25, 100, 500 krooni | ||
| Rarely used | 1, 50, | ||
| Central bank | Bank of Estonia | ||
| Website | www.bankofestonia.info | ||
| This infobox shows the latest status before this currency was rendered obsolete. | |||
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, after which it was replaced by the Soviet ruble. After Estonia regained its independence, the kroon was reintroduced in 1992.
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The kroon became the currency of Estonia on 1 January 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 senti.
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, Eesti Pank 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, devaluated 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 invasion of 1940. The kroon was exchanged for the Soviet ruble at a rate of 1 ruble = 0.8 kroon.
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 founding of Estonian SSR, the last Estonian pre-WW II coin, 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.
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 maximally 1500 rubles to 150 kroons.) 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 27 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 exchange banknotes and coins of kroon and sent without amount and time limit into the Euro.
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 kroon notes were issued only once.
Notes in circulation before being replaced by the euro:
| Current Series | ||||||
|---|---|---|---|---|---|---|
| Image | Value (EEK) | Value (€) | Main Colour | Description | ||
| Obverse | Reverse | Obverse | Reverse | |||
| 1 kroon | €0.06 | Orange/Brown | Kristjan Raud | Toompea Castle | ||
| 2 krooni | €0.13 | Grayish blue | Karl Ernst von Baer | University of Tartu | ||
| 5 krooni | €0.32 | Orange | Paul Keres | Narva castle & Ivangorod fortress | ||
| 10 krooni | €0.64 | Red | Jakob Hurt | Tamme-Lauri oak tree | ||
| 25 krooni | €1.60 | Green | Anton Hansen Tammsaare | Vargamäe village | ||
| 50 krooni | €3.20 | Dark green | Rudolf Tobias | Estonia Theatre | ||
| 100 krooni | €6.39 | Light blue | Lydia Koidula | Baltic Klint | ||
| 500 krooni | €31.96 | Purple | Carl Robert Jakobson | Barn swallow | ||
| 50 senti 2004 | |
|---|---|
| Reverse | Obverse |
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 & 1995 stopped being legal tender on 31 May 1998.[9] The 5 krooni coins were commemorative pieces and were rarely seen in circulation.
Coins in circulation before being replaced by the euro:[10]
| Image | Nominal value | Technical parameters | |||
|---|---|---|---|---|---|
| Diameter | Weight | Edge | Composition | ||
| 5 senti | 15.95 mm | 1.29 g | plain | copper 93%, aluminum 5%, nickel 2% | |
| 10 senti | 17.20 mm | 1.87 g | |||
| 20 senti | 18.95 mm | 2.27 g | |||
| 50 senti | 19.50 mm | 3 g | |||
| 1 kroon | 23.25 mm | 5 g | jagged | copper 89%, aluminum 5%, zinc 5% Sn 1% | |
| 5 krooni | 26.20 mm | 7.1 g | |||
| Current EEK exchange rates | |
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| From Google Finance: | AUD CAD CHF EUR GBP HKD JPY USD RUB |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD RUB |
| From OzForex: | AUD CAD CHF EUR GBP HKD JPY USD RUB |
| From XE.com: | AUD CAD CHF EUR GBP HKD JPY USD RUB |
| From OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD RUB |
| Preceded by: Estonian mark Reason: independence Ratio: at par |
Currency of Estonian kroon 1928 – 1940 |
Succeeded by: Soviet ruble Reason: Estonian SSR Ratio: ? |
| Preceded by: Soviet ruble Reason: Estonian SSR Ratio: at par |
Currency of Estonian kroon 1992 – 2010 |
Succeeded by: Euro Reason: entry into Eurozone Ratio: 1 EUR = 15.6466 EEK |
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