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The KROON (sign : KR; code : EEK) was the official currency of Estonia
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. The kroon was subdivided into 100 cents (_senti_; singular _sent_). The word _kroon_ (Estonian pronunciation: , “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 and Estonia's subsequent incorporation into the Soviet Union
Soviet Union
when it was replaced by the Soviet ruble . After Estonia
Estonia
regained its independence, the kroon was reintroduced in 1992.

CONTENTS

* 1 First kroon, 1928–1940

* 1.1 History * 1.2 Banknotes and coins

* 2 Second kroon, 1992–2010

* 2.1 History * 2.2 Banknotes * 2.3 Coins

* 3 See also * 4 References * 5 External links

FIRST KROON, 1928–1940

HISTORY

The kroon became the currency of Estonia
Estonia
on 1 January 1928 after having been a unit of account since 1924. It replaced the mark at a rate of 100 mark = 1 kroon. The kroon was subdivided into 100 sent.

In 1924, the kroon was pegged to the Swedish krona
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, the Bank of Estonia
Estonia
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
Great Depression
in 1933, the kroon went off the gold standard , devalued 35% and obtained a currency peg with the Great Britain Pound (GBP) at 1 GBP = 18.35 kroon. The Estonian kroon
Estonian kroon
kept this peg and circulated until the Soviet occupation of 1940. The kroon was exchanged for the Soviet ruble at a rate of 1 ruble = 0.8 kroon.

BANKNOTES AND COINS

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 the founding of the Estonian SSR, the last Estonian pre-WW II coin, the 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.

1928–1935 ISSUE

IMAGE DENOMINATION OBVERSE REVERSE

5 krooni Fisherman Coat of arms of Estonia
Estonia

10 krooni Estonian girl wearing a national costume and holding sheaves Coat of arms of Estonia
Estonia

20 krooni Shepherd Coat of arms of Estonia
Estonia

50 krooni Rannamõisa Coat of arms of Estonia
Estonia

100 krooni Blacksmith Coat of arms of Estonia
Estonia

SECOND KROON, 1992–2010

HISTORY

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 a maximum of 1500 rubles to 150 kroons.) Initially, the Estonian kroon
Estonian kroon
was pegged to the Deutsche Mark at a rate of 8 krooni = 1 Deutsche Mark. 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 28 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. 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. However, the Eesti Pank will indefinitely exchange kroon banknotes and coins in any amount into euro .

BANKNOTES

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 krooni notes were issued only once.

Notes in circulation before being replaced by the euro:

* 1 kroon (1992), * 2 krooni (1992, 2006, 2007), * 5 krooni (1991, 1992, 1994), * 10 krooni (1991, 1992, 1994, 2006, 2007), * 2 5 krooni (1991, 1992, 2002, 2007), * 50 krooni (1994), * 100 krooni (1991, 1992, 1994, 1999, 2007), * 500 krooni (1991, 1994, 1996, 2000, 2007).

1992–2011 ISSUE

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
Karl Ernst von Baer
University of Tartu

5 krooni €0.32 Orange Paul Keres Narva castle & Ivangorod fortress

10 krooni €0.64 Pink Jakob Hurt Tamme-Lauri oak tree

2 5 krooni €1.60 Green Anton Hansen Tammsaare Vargamäe village

50 krooni €3.20 Dark green Rudolf Tobias Estonia
Estonia
Theatre

100 krooni €6.40 Light blue Lydia Koidula Baltic Klint

500 krooni €31.96 Purple Carl Robert Jakobson Barn swallow

COINS

50 SENTI 2004

Reverse Obverse

In 1992, coins were introduced (some dated 1991) in denominations of 5, 10, 20 border:solid #aaa 1px">

* Estonia
Estonia
portal

* Currency
Currency
board * Economy of Estonia
Estonia
* Estonian euro coins * Estonian mark

REFERENCES

* ^ General principles of the Estonian monetary system, Bank of Estonia * ^ "Stages of cash changeover". European Central Bank. Retrieved 2010-05-12. * ^ Ministers offer Estonia
Estonia
entry to eurozone January 1 France24, 8 June 2010 * ^ "Estonian Coinage". European Commission. Retrieved 2010-05-13. * ^ Bank of Estonia. "Some facts from the history of Eesti Pank and Estonian finance". Retrieved 13 May 2010. * ^ Bank of Estonia
Estonia
. "History – Eesti Pank 1919–1992". Retrieved 2006-12-30. * ^ " Estonian kroon