Currency in Czech Republic
The currency of the Czech Republic is the Czech crown (Koruna česká), or Kč for short. The ISO 4217 code of the Czech crown is CZK. The crown is divided into 100 hellers (Haléřů).
The following banknotes are in circulation in the Czech Republic: 100 kroner notes, 200 kroner bills, 500 kroner notes, 1,000 kroner bills, 2,000 kroner bills and 5,000 kroner bills.
History of the Czech Currency
After the division of the Czech Republic into the Czech and Slovak Republics on January 1, 1993, the Czech koruna was introduced as a means of payment on February 8, 1993 for the territory of what is now the Czech Republic.
On February 8, 1993, the Czech crown replaced the previously valid Czechoslovak crown (koruna československá or koruna česko-slovenská), which until then was the common currency of the Czech and Slovak parts of the former Czechoslovak Republic. This Czechoslovak crown was introduced as a means of payment in 1945.
Already during the so-called first Czechoslovak Republic and the time of the Protectorate of Bohemia and Moravia, from 1939 to 1945, the krona, abbreviated as Ks or K, was the valid currency in this area.
The crown, which had been Austria-Hungary’s gold-based currency since September 11, 1892, was introduced with the establishment of Czechoslovakia in 1918. However, since the currency reform of 1922, the Austro-Hungarian crown has been replaced by its own Czech coinage.
The conversion to the Czech koruna took place in 1993 mainly in order to separate the currency from the now separate Slovak Republic.
The following valid currency coins are in circulation from the Czech crown today: the 1-crown coin, the 5-crown coin, the 10-crown coin, the 20-crown coin and the 50-crown coin. In 1994, the Czech 50-krone coin received the title of the most beautiful currency coin in the world from “World of Coins”. In order to underline the complete separation from the Slovak Republic from a monetary point of view, the 50-krone coin was minted in 1993, but then withdrawn and gradually replaced by 50-krone notes. Nevertheless, the 50 kroner coin remained valid. Today, however, the 50 kroner coins that were withdrawn at the time are being put back into circulation.
The 10, 20 and 50 Heller coins that were in circulation until 1993 have been withdrawn.
In 2010 the Czech Republic considered adopting the euro. Strong currency fluctuations of the Czech crown and the opposition of the strongest ruling party in the Czech Republic have prevented this so far. The introduction of the euro as the official Czech currency is expected around 2015 or 2016.
Exchange into the Czech currency
Czech crowns can be withdrawn for a fee from ATMs after entering the Czech Republic or exchanged for euros in financial institutions. Exchanges on the street are not recommended.
