The 

koruna (sign: Kč; code: CZK) is the currency of the Czech Republic since 1993. The koruna is

one of European Union's 11 currencies, and Czechia is legally bound to adopt the euro currency in
the future.
The official name in Czech is koruna česká (plural koruny české, though the zero-
grade genitive plural form korun českých is used on banknotes and coins of value 5 Kč or higher).
The ISO 4217 code is CZK and the local acronym is Kč, which is placed after the numeric value
(e.g., "50 Kč") or sometimes before it (as is seen on the 10-koruna coin). One koruna equals
100 haléřů (abbreviated as "h", singular: haléř, nominative plural: haléře, genitive plural: haléřů –
used with numbers higher or equal to 5 – e.g. 3 haléře, 8 haléřů), but haléře have been withdrawn,
and the smallest unit of physical currency is 1 Kč.

History[edit]
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]

Euro adoption discussion[edit]

Main article: Czech Republic and the euro
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]

Coins[edit]
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 [cs] (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.

Banknotes[edit]
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.