Czech koruna

In 1892, the Austro-Hungarian krone replaced the gulden, at the rate of one gulden equaling two kronen (which is also the reason why the 10-koruna coin had been nicknamed pětka or "the five" by the Czechs even long time after the empire fell apart). The name "krone" was invented by the emperor, Franz Joseph I of Austria. After Austria-Hungary dissolved in 1918, the only successor state that kept the name of the currency, the koruna, was Czechoslovakia. In the late 1920s, the Czechoslovak koruna was the hardest currency in Europe. During the Second World War, the currency on the occupied Czech territory was artificially weakened. The Czechoslovak koruna was restored after the war. It underwent a highly controversial monetary reform in 1953.

The Czech koruna replaced the Czechoslovak koruna when it was introduced in 1993 after the dissolution of Czechoslovakia. It first consisted of overstamped 20-, 50-, 100-, 500-, and 1000-Czechoslovak koruna banknotes, but a new series was properly introduced in 1993.

In November 2013, the Czech National Bank (ČNB) intervened to weaken the exchange rate of the koruna through a monetary stimulus to stop the currency from excessive strengthening.[1] This was meant to support the Czech economy, mainly focused on export, but people were unhappy about this step because it was set up before Christmas, which led to raising the prices of imported goods. In late 2016, the ČNB stated that the return to conventional monetary policy was planned for mid-2017.[2][3] After higher-than-expected inflation and other figures, the national bank removed the cap at a special monetary meeting on April 6, 2017. The koruna avoided significant volatility and City Index Group stated: "If you want to drop a currency peg, then the ČNB can show you how to do it".[4]

The Czech Republic planned to adopt the euro in 2010, but its government suspended that plan indefinitely in 2005.[5] Although the country is economically well positioned to adopt the euro, there is considerable opposition to the move within the Czech Republic.[6] According to a survey conducted in April 2014, only 16% of the Czech population was in favour of replacing the koruna with the euro.[7] As reported by an April 2018 survey by CVVM (Public Opinion Research Center), this value has remained at nearly identical levels over the past four years, with only 20% of the Czech population above 15 years old supporting euro adoption.[8]

The coins of the Czech koruna increase in size and weight with value.

In 1993, coins were introduced in denominations of 10, 20 and 50 haléřů, 1, 2, 5, 10, 20 and 50 korun. The 10- and 20-haléřů coins were taken out of circulation by 31 October 2003 and the 50-haléřů coins by 31 August 2008 due to their diminishing purchasing power and circulation.[9] However, financial amounts are still written with the accuracy of 1-haléř (CZK 0.01); prices in retail shops are usually multiples of CZK 0.10. When transactions are made, the amount is rounded to the nearest integer.

In 2000, the 10- and 20-korun coins were minted with different obverses to commemorate the millennium. In 1993 and 1994, coins were minted in Winnipeg and Hamburg, then in the Czech Republic. The 10- and 50-korun coins were designed by Ladislav Kozák (1934–2007).

Since 1997, sets for collectors are also issued yearly with proof-quality coins. Also, a tradition exists of issuing commemorative coins – including silver and gold coins – for numismatic purposes.

For a complete listing, see Commemorative coins of the Czech Republic.

Circulation coins[10]
Image	Value	Technical parameters				Description			Date of
		Diameter	Thickness	Mass	Composition	Edge	Obverse	Reverse	first minting	issue	withdrawal
	10 h	15.5 mm	1.7 mm	0.6 g	99% aluminium 1% magnesium	Plain	"ČESKÁ REPUBLIKA", the Czech lion, year of minting	Value, stylized river	1993	1993	2003
	20 h	17 mm		0.74 g		Milled		Value, linden leaf	1993	1993	2003
	50 h	19 mm		0.9 g		Alternately plain and milled		Value	1993	1993	2008
	1 Kč	20 mm	1.85 mm	3.6 g	Nickel-plated steel	Milled		Value, St. Wenceslas crown	1993	1993	Current
	2 Kč	21.5 mm, 11-sided		3.7 g		Rounded, plain		Value, a Great Moravian button-jewel	1993	1993	Current
	5 Kč	23 mm		4.8 g		Plain		Value, Charles Bridge, Vltava, linden leaf	1993	1993	Current
	10 Kč	24.5 mm	2.55 mm	7.62 g	Copper-plated steel	Milled		Value, Cathedral of St. Peter and Paul at Petrov monument in Brno	1993	1993	Current
	20 Kč	26 mm, 13-sided		8.43 g	Brass-plated steel	Rounded, plain		Value, the St. Wenceslas monument on Wenceslas Square, inscription from the monument: "SVATÝ VÁCLAVE NEDEJ ZAHYNOUT NÁM I BUDOUCÍM"	1993	1993	Current
	50 Kč	27.5 mm center: 17 mm		9.7 g	Outer ring: Copper-plated steel Center plug: Brass-plated steel	Plain		"PRAGA MATER URBIUM" (Prague, the Mother of Towns), view of Prague	1993	1993	Current

The first Czech banknotes were issued on 8 February 1993 and consisted of Czechoslovak notes with adhesive stamps affixed to them. Only the 100-, 500- and 1,000-korun notes were overstamped, the lower denominations circulated unchanged during this transitional period. Each stamp bears a Roman and Arabic numeral identifying the denomination of the banknote to which it is affixed (C and 100, D and 500, M and 1,000). Subsequent issues of the 1,000-korun note replaced the adhesive stamp with a printed image of same.[11]

A newly designed series of banknotes in denominations of 20-, 50-, 100-, 200-, 500-, 1,000 and 5,000-korun were introduced later in 1993 and are still in use at present – except for 20, 50 and the first versions of 1,000 and 5,000 korun notes, since the security features of 1,000 and 5,000 notes were upgraded in the subsequent issues (The 2,000 korun note, which was introduced in 1996, is still valid in all versions, with and without the new security features). These banknotes feature renowned Czech persons on the obverse and abstract compositions on the reverse. Modern protective elements can be found on all banknotes.

Stamped banknotes

Image		Value	Dimensions	Main Colour	Language	Description		Date of
Obverse	Reverse					Obverse	Reverse	printing	issue	withdrawal
Czechoslovak banknotes
		10 Kčs	133 × 67 mm	Brown	Slovak	Pavol Országh-Hviezdoslav	Orava scene	1986	7 February 1993	31 July 1993
		20 Kčs	138 × 67 mm	Blue	Czech	Comenius	Illustration related to culture and education	1988	7 February 1993	31 July 1993
		50 Kčs	143 × 67 mm	Red	Slovak	Ľudovít Štúr	View of Bratislava with the castle (from the restaurant on the top of the pylon of the Nový Most)	1987	7 February 1993	31 July 1993
Overstamped Czechoslovak banknotes
		100 Kč	165 × 81 mm	Green	Czech	Peasant couple	View of Prague with the castle and the Charles Bridge	1961	7 February 1993	31 August 1993
		500 Kč	153 × 67 mm	Brown	Slovak	Partisans of the SNP 1944	Devín Castle	1973	7 February 1993	31 August 1993
		1,000 Kč	158 × 67 mm	Blue	Czech	Bedřich Smetana	View of the Vltava at Vyšehrad	1985	7 February 1993	31 August 1993

Commemorative banknotes

Commemorative banknote series[14]

Image		Value	Dimensions	Description			Date of
Obverse	Reverse			Obverse	Reverse	Watermark	printing*	issue	withdrawal	lapse
		100 Kč	150 × 65 mm	Alois Rašín	Czech National Bank	RČS	2019	25 February 2019	TBD
		100 Kč Green and pink	140 × 69 mm	Charles IV, overprint on watermark area	Seal of Charles University							TBD

For the 100th anniversary of the Czechoslovak koruna, a new banknote will be created, featuring the face of Czech politician Alois Rašín. There is also an overprint on the normal 100 Korun note as second commemorative note.