Croatian kuna

Croatian kuna
hrvatska kuna (Croatian)
ISO 4217 code HRK
User(s)  Croatia
Inflation 1.8%[1]
Source Croatian Bureau of Statistics, November 2010[1]
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 5, 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 since 1994 (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. The word lipa means "linden (lime) tree".

Contents

History and etymology

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. It has no relation to the various Slavic currencies named "koruna" (translated as kruna in Croatian). 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.[4]

In 1941, when the Ustaše formed the Independent State of Croatia, they introduced the Independent State of Croatia kuna.[4] This currency remained in circulation until 1945, when it along with competing issues by the communist Partisans,[5] disappeared with the establishment of FPR Yugoslavia.

Modern currency

The modern kuna was introduced on May 30, 1994, starting a transitional period from Croatian dinar, ending on December 31, 1994.[6] The exchange rate between dinar and kuna was 1 kuna = 1000 dinars.

The choice of the name kuna was controversial because the same currency name had been used by the Independent State of Croatia kuna, but this was dismissed as a red herring, since the same name was in also in use during the Banovina of Croatia and by the ZAVNOH.[5] An alternative proposition 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.[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.[7][8] Kuna is expected to be replaced by the euro within two or three years after joining the European Union.[8]

Coins

In 1994,[6] coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 lipa (Croatian word for linden or tilia tree), 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).

Due to their low value, 1 and 2 lipa coins are rarely used. Croatian National Bank stated in 2001 that it had no plans for withdrawing the 1, 2 and 5 lipa coins.[9]

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 kune 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.

First series - Regular issues (www.hnb.hr)
Image Value Technical parameters Description Date of
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse First minting Issue
1 lp 17.0 mm 0.70 g Aluminium-Magnesium alloy Smooth Coat of arms, state title, indication of value Maize, "KUKURUZ" or "ZEA MAYS", year of minting 1993 31 May 1994
2 lp 19.0 mm 0.92 g Aluminium-Magnesium alloy Smooth Coat of arms, state title, indication of value Grapevine, "VINOVA LOZA" or "VITIS VINIFERA", year of minting 1993 31 May 1994
5 lp 18.0 mm 2.50 g Bronze plated steel Smooth Coat of arms, state title, indication of value Oak branch, "HRAST LUŽNJAK" or "QUERCUS ROBUR", year of minting 1993 31 May 1994
10 lp 20.0 mm 3.25 g Bronze plated steel Smooth Coat of arms, state title, indication of value Tobacco plant, "DUHAN" or "NICOTIANA TABACUM", year of minting 1993 31 May 1994
20 lp 18.5 mm 2.90 g Nickel plated steel Smooth Coat of arms, state title, indication of value Olive branch, "MASLINA" or "OLEA EUROPAEA", year of minting 1993 31 May 1994
50 lp 20.5 mm 3.65 g Nickel plated steel Smooth Coat of arms, state title, indication of value Degenia, "VELEBITSKA DEGENIJA" or "DEGENIA VELEBITICA", year of minting 1993 31 May 1994
1 kn 22.5 mm 5.00 g Nickel silver Milled Coat of arms, state title, indication of value Nightingale, "SLAVUJ" or "LUSCINIA MEGARHYNCHOS", year of minting 1993 31 May 1994
2 kn 24.5 mm 6.20 g Nickel silver Milled Coat of arms, state title, indication of value Tuna, "TUNJ" or "THUNNUS THYNNUS", year of minting 1993 31 May 1994
5 kn 26.5 mm 7.45 g Nickel silver Milled Coat of arms, state title, indication of value Brown bear, "MRKI MEDVJED" or "URSUS ARCTOS", year of minting 1993 31 May 1994
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

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 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 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 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 134 × 67 mm Blue Ivan Gundulić The Old City of Dubrovnik As portrait 7 March 2002 25 November 2002
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 142 × 71 mm Brown Stjepan Radić The old army command building in Tvrđa, Osijek As portrait 7 March 2002 12 August 2002
500 kuna 146 × 73 mm Olive green Marko Marulić Diocletian's Palace in Split As portrait 31 October 1993 31 May 1994
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 (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. ^ a b c "Consumer price indices, December 2010" (Press release). Croatian Bureau of Statistics. January 18, 2011. http://www.dzs.hr/Hrv_Eng/publication/2010/13-01-01_12_2010corr.htm. Retrieved 2011-02-06. 
  2. ^ Brozović, Dalibor. "History of Croatian money". http://www.hr/croatia/economy/money/history. Retrieved 2011-01-01.  - 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. ^ a b "Prvi novac - Povijest hrvatskog novca - Kraljevina SHS i Nezavisna Država Hrvatska" (in Croatian). Croatian National Bank. http://www.hnb.hr/novcan/povijest/h-nastavak-4.htm. Retrieved 2011-01-01. 
  5. ^ a b c Milinović, Ante (2001). "Bogatstvo likovne simbolike hrvatskoga novca [The rich visual symbolism of Croatian currency]" (in Croatian). Croatian Emigrant Almanac. Croatian Heritage Foundation. http://www.matis.hr/zbornici/2001/Text/Text2-4.htm. Retrieved 2011-01-01. 
  6. ^ a b Croatian Government and Croatian National Bank decisions published in Narodne novine 37/94 [1][2][3][4]
  7. ^ "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. 
  8. ^ a b "Vujčić: uvođenje eura dvije, tri godine nakon ulaska u EU" (in Croatian). Poslovni dnevnik. HINA. 1 July 2006. http://www.poslovni.hr/16573.aspx. Retrieved 2011-01-01. 
  9. ^ "HNB predstavio nove novčanice od 5,10 i 20 kuna" (in Croatian). hrt.hr. Croatian Radiotelevision. 12 June 2001. http://www.hrt.hr/arhiv/2001/06/12/HRT0031.html. Retrieved 2011-01-06. 

Further reading

External links

Current HRK exchange rates
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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