*** Welcome to piglix ***

Estonian Kroon

Estonian kroon
Eesti kroon  (Estonian)
EST-coins-overview.jpg
Coins of the Estonia kroon.
ISO 4217
Code EEK
Number 233
Exponent 2
Denominations
Subunit
 1/100 sent
Plural krooni (Estonian partitive sg.)
sent senti (Estonian partitive sg.)
Nickname paper, The family names of the persons on notes: 100 krooni – Koidula, 500 krooni – Jakobson etc.
Banknotes
 Freq. used 1, 2, 5, 10, 25, 50, 100, 500 krooni
Coins
 Freq. used 10, 20, 50 senti, 1 kroon
 Rarely used 5 senti, 5 krooni
Demographics
User(s) None, previously:
 Estonia
Issuance
Central bank Bank of Estonia
 Website www.bankofestonia.info
Valuation
Inflation 2.8%
 Source European Central Bank, May 2010
 Method HICP
ERM
 Since 28 June 2004
 Fixed rate since 31 December 1998
 Replaced by €, non cash 1 January 2011
 Replaced by €, cash 1 January 2011
= 15.6466 krooni
 Band did not fluctuate
This infobox shows the latest status before this currency was rendered obsolete.

The kroon (sign: kr; code: EEK) was the official currency of 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: [ˈkroːn], “crown”) is related to that of the other Nordic currencies (such as the Swedish krona and the Danish and Norwegian krone) and derived from the Latin word ("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 when it was replaced by the Soviet ruble. After Estonia regained its independence, the kroon was reintroduced in 1992.

The kroon became the currency of 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 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 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.


...
Wikipedia

...