| československá koruna(Czech andSlovak) | |
|---|---|
 One Crown of theFirst Czechoslovak Republic | |
| ISO 4217 | |
| Code | CSK |
| Unit | |
| Plural | The language(s) of this currency belong(s) to theSlavic languages. There is more than one way to construct plural forms. |
| Symbol | Kčs |
| Denominations | |
| Subunit | |
| 1⁄100 | haléř (Czech) halier (Slovak) |
| Banknotes | |
| Freq. used | 10, 20, 50, 100 Kčs |
| Rarely used | 500, 1000 Kčs |
| Coins | |
| Freq. used | 10, 20, 50 h; 1, 2, 5 Kčs |
| Rarely used | 5 h, 3, 10 Kčs |
| Demographics | |
| User(s) |
|
| Issuance | |
| Central bank | State Bank of Czechoslovakia |
| Printer | Státní tiskárna cenin (State Securities Printer,Prague) |
| Website | www |
| Mint | Mincovňa Kremnica (Kremnica Mint) |
| Website | www |
| Valuation | |
| Inflation | 57.9% |
| Source | World Bank, 1991[1] |
| This infobox shows the latest status before this currency was rendered obsolete. | |
TheCzechoslovak koruna (inCzech andSlovak:koruna československá, at timeskoruna česko-slovenská;koruna meanscrown) was thecurrency ofCzechoslovakia from 10 April 1919 to 14 March 1939, and from 1 November 1945 to 7 February 1993. For a brief time in 1939 and again in 1993, it was also the currency of both the separateCzech Republic andSlovakia.
On 8 February 1993, it was replaced by theCzech koruna and theSlovak koruna, both at par.
The (last)ISO 4217 code and the local abbreviations for the koruna wereCSK andKčs. One koruna equalled 100haléřů (Czech,singular:haléř) orhalierov (Slovak, singular:halier). In both languages, the abbreviationh was used. The abbreviation was placed behind the numeric value.
A currency called thekrone inGerman andkoruna in Czech was introduced inAustria-Hungary on 11 September 1892, as the first modern gold-based currency in the area. After the creation of an independentCzechoslovakia in 1918, an urgent need emerged for the establishment of a new currency system that would distinguish itself from the currencies of the other newly born countries suffering from inflation. The next year, on 10 April 1919, a currency reform took place, defining the newkoruna as equal in value to the Austro-Hungarian krone. The first banknotes came into circulation the same year, the coins three years later, in 1922.
This first koruna circulated until 1939, when separate currencies forBohemia and Moravia andSlovakia were introduced, at par with the Czechoslovak koruna. These were theBohemian and Moravian koruna and theSlovak koruna.
The Czechoslovak koruna was re-established in 1945, replacing the two previous currencies at par. As a consequence of the war, the currency had lost much of its value.
The koruna went through a number of further reforms. A particularly drastic one was undertaken in 1953. At that time, theCommunist Party of Czechoslovakia had to deal with the existence of a double market in the country: a fixed market ensuring basic food availability (a remnant of the postwar quota system); and a free market, in which goods were as much as eight times more expensive but better quality. They decided to declare a currency reform effective from 1 June 1953 and to distribute new banknotes printed in theSoviet Union. The reform had been prepared very quickly and was confidential up to the last minute, but some information leaked anyway, causing a lot of panic.
The night before the deadline, the president of Czechoslovakia,Antonín Zápotocký, made a radio speech, in which he lied to the nation that there was no possibility of a reform and quietened down the inhabitants. The next day, people (those lucky enough not to fit into the category of "capitalistic elements", a pejorative category which the intelligence agency used to blacklist certain individuals) were allowed to change up to 1,500 old korunas for new korunas at the rate of 5 old to 1 new koruna and the rest at the rate of 50 to 1. All insurance stock, state obligations and othercommercial papers were nullified. The economic situation of many people got worse, and many petitions and demonstrations broke out, the largest of which took place inPlzeň, where 472 people were arrested.
In 1993, on thebreakup of Czechoslovakia, the Czechoslovak koruna split into two independent currencies: theSlovak koruna and theCzech koruna. Accession to the EU in 2004 meant both currencies were slotted to be replaced by theeuro once their respective countries met the criteria for economic convergence and there was the political will to do so. The Slovak koruna was replaced by the euro on 1 January 2009; there is currently no set or estimated date for the Czech koruna to be replaced.
Annual increase in the consumer price index
| Year | Increase (%)[1] |
|---|---|
| 1980 | 2.9 |
| 1981 | 0.8 |
| 1982 | 5.1 |
| 1983 | 0.9 |
| 1984 | 0.5 |
| 1985 | 2.7 |
| 1986 | 0.5 |
| 1987 | 0.1 |
| 1988 | 0.2 |
| 1989 | 1.4 |
| 1990 | 10.0 |
| 1991 | 57.9 |
| 1992 | 11.0[2] |
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