Croatian kuna

Monetary currency of Croatia
1100lipaSymbol lipalpBanknotes Freq. used10, 20, 50, 100, 200 kn Rarely used5, 500, 1000 knCoins Freq. used5, 10, 20, 50 lp, 1, 2, 5 kn Rarely used1, 2 lp, 25 knDemographicsDate of introduction30 May 1994User(s) CroatiaIssuanceCentral bankCroatian National Bank Websitewww.hnb.hrPrinterGiesecke & Devrient Websitewww.gi-de.comMintCroatian Mint Websitewww.hnz.hrValuationInflation1.3% (August 2018)[1] SourceCroatian Bureau of Statistics, September 2018[1] MethodCPI[1]Pegged withEuro (EUR)
1 EUR = 7.53450 HRKERM Since10 July 2020 =HRK 7.53450[2] Band15.0%

The kuna is the currency of Croatia, in use since 1994 (sign: kn; code: HRK). It is subdivided into 100 lipa. The kuna is issued by the Croatian National Bank and the coins are minted by the Croatian Mint. The plural form of the word kuna in Croatian can be kuna or kune (e.g. 2 kune, 10 kuna) because of different number declension rules. 2022 will be the final year for the kuna as Croatia is scheduled to replace it with the euro (€, EUR) on 1 January 2023. All Croatian bank accounts and credit cards will automatically be converted to euros and kuna cash may be exchanged for euros at no charge.

The word kuna means "marten" in Croatian, referring to the historical use of marten pelts as units of value in medieval trading. The word lipa means "linden (lime) tree", a species that was traditionally planted around marketplaces in Croatia and other lands under Habsburg monarchy rule during the early modern period.

History and etymology

During Roman times, in the provinces of upper and lower Pannonia (today Hungary and Slavonia), taxes were collected in the then highly valued marten skins. Hence the Croatian word marturina ("tax"), which derived from the Medieval Latin word for "marten" martus, which came from Proto-Germanic *marþuz through Old Dutch and Old French (modern Croatian for "marten": kuna). The kuna was a currency unit in several Slavic states, most notably Kievan Rus and its successors until the early 15th century. It was equal to 125 (later 150) gryvna of silver.[citation needed] The plural form of kuna in Croatian is kune.[3]

It has no relation to the various Slavic currencies named "koruna" (translated as kruna in Croatian) which means "crown".

In the Middle Ages, many foreign monies were used in Croatia, but since at least 1018 a local currency was in use. From the beginning of the 12th century up to the middle of 13th century, Slavonia used an Austrian currency known as frizatik.[4] Between 1260 and 1380, Croatian Viceroys issued a marten-adorned silver coin called the banovac.[5][6] However, the diminishing autonomy of Croatia within the Croatian-Hungarian Kingdom led to the gradual disappearance of that currency in the 14th century.

The idea of a kuna currency reappeared in 1939 when Banovina of Croatia, an autonomous province established within Kingdom of Yugoslavia, planned to issue its own money, along with the Yugoslav dinar.[7][8] In 1941, when the Ustaše regime formed the Independent State of Croatia, they introduced the Independent State of Croatia kuna.[7] This currency remained in circulation until 1945, when it – along with competing issues by the communist Partisans – disappeared with the establishment of FPR Yugoslavia and was replaced by the Yugoslav dinar.[9]

Modern currency

The modern kuna was introduced on May 30, 1994, starting a period of transition from the Croatian dinar, introduced in 1991, which ended on December 31, 1994.[10] One kuna was equivalent to 1,000 dinars at a fixed exchange rate. The kuna was pegged to the German mark from the start. With the replacement of the mark by the euro, the kuna's peg effectively switched to the euro.

The choice of the name kuna was controversial because the same currency name had been used by the Independent State of Croatia kuna, but this was dismissed as a red herring, since the same name was also in use during the Banovina of Croatia and by the ZAVNOH.[9] An alternative proposal for the name of the new currency was kruna (crown), divided into 100 banica (viceroy's wife), but this was deemed too similar to the Austro-Hungarian krone and found inappropriate for the country which is a republic,[9] even though the Czech Republic and, until 2008, Slovakia have used currencies called "crown".

The self-proclaimed Serbian entity Republic of Serbian Krajina did not use the kuna or the Croatian dinar. Instead, they issued their own Krajina dinar until the region was reintegrated into Croatia in 1995. Between 1996 and 1998 United Nations Transitional Administration for Eastern Slavonia, Baranja and Western Sirmium facilitated gradual introduction of the currency into Eastern Slavonia, Baranja and Western Syrmia where it was used in parallel with other currencies.[11]

A long-time policy of the Croatian National Bank has been to keep the fluctuations of the kuna's exchange rate against the euro (or, previously, the mark) within a relatively stable range. Since the introduction of the euro in 1999, the exchange rate between the two currencies rarely fluctuated to a substantial degree, remaining at a near constant 7.5:1 (HRK to EUR) rate. Croatia joined the European Union on 1 July 2013 and the Exchange Rate Mechanism on 10 July 2020 at a rate of 7.53450 HRK to €1.[12][13] The kuna is expected to be replaced by the euro on 1 January 2023 after satisfying prerequisites,[14] as the initial time estimate of standard four years after joining the European Union proved too short.[15]

Coins

In 1994,[10] coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 lipa (Croatian word for linden or tilia tree), 1, 2, 5 and 25 kuna. The coins are issued in two versions: one with the name of the plant or animal in Croatian (issued in odd years), the other with the name in Latin (issued in even years). Overall more coins have been minted with Croatian names than with names in Latin.[16]

Due to their low value, 1 and 2 lipa coins are rarely used.[17] Since 2009, these coins are no longer minted,[17] but the Croatian National Bank has stated that it had no plans for withdrawing them, and the 1 and 2 lipa coins are still minted as non-circulating, mainly for numismatic collections.[18]

Coins intended for circulation[19] In each case, the obverse shows the coat of arms, state title and an indication of value.
Image Value Technical parameters Description Date of
issue
In Kuna Equivalent in Euros () Diameter Mass Composition Edge Reverse First
minting
1 lp €0.0013296 17.0 mm 0.70 g Aluminium-Magnesium alloy Smooth Maize, "KUKURUZ" or "ZEA MAYS", year of minting 1993 31 May 1994
2 lp €0.0026592 19.0 mm 0.92 g Aluminium-Magnesium alloy Smooth Grapevine, "VINOVA LOZA" or "VITIS VINIFERA", year of minting 1993 31 May 1994
5 lp €0.006648 18.0 mm 2.50 g Bronze-plated steel Smooth Oak branch, "HRAST LUŽNJAK" or "QUERCUS ROBUR", year of minting 1993 31 May 1994
10 lp €0.013296 20.0 mm 3.25 g Bronze-plated steel Smooth Tobacco plant, "DUHAN" or "NICOTIANA TABACUM", year of minting 1993 31 May 1994
20 lp €0.026592 18.5 mm 2.90 g Nickel-plated steel Smooth Olive branch, "MASLINA" or "OLEA EUROPAEA", year of minting 1993 31 May 1994
50 lp €0.06648 20.5 mm 3.65 g Nickel-plated steel Smooth Degenia, "VELEBITSKA DEGENIJA" or "DEGENIA VELEBITICA", year of minting 1993 31 May 1994
1 kn €0.13296 22.5 mm 5.00 g Nickel-brass Milled Nightingale, "SLAVUJ" or "LUSCINIA MEGARHYNCHOS", year of minting 1993 31 May 1994
2 kn €0.26592 24.5 mm 6.20 g Nickel-brass Milled Tuna, "TUNJ" or "THUNNUS THYNNUS", year of minting 1993 31 May 1994
5 kn €0.6648 26.5 mm 7.45 g Nickel-brass Milled Brown bear, "MRKI MEDVJED" or "URSUS ARCTOS", year of minting 1993 31 May 1994

These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Commemorative coins

Commemorative coins of the Croatian kuna have been issued since 1994.

Denomination Obverse Design[19]
1 lipa Maize with inscriptions FAO (Food and Agriculture Organization of the United Nations), 1945 (year of FAO founding), 1995 (50th anniversary of FAO and issue year of coin) and fiat panis (Latin expression for "Let there be bread!")
2 lipe Emblem of the Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of the 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games)
5 lipa Emblem of the Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of the 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games)
10 lipa Emblem of the United Nations with inscriptions Organizacija ujedinjenih naroda (Croatian for United Nations Organization), 1945 (founding year of United Nations), and 1995 (50th anniversary of United Nations and issue year of coin)
20 lipa Olive with inscriptions FAO (Food and Agriculture Organization of the United Nations), 1945 (year of FAO founding), 1995 (50th anniversary of FAO and issue year of coin) and fiat panis (Latin expression for "Let there be bread!")
50 lipa Emblem of the Croatian Football Federation with inscriptions Europsko nogometno prvenstvo (Croatian for European Football Championship), Engleska (Croatian for England), and 1996 (European Championship year and issue year of coin)
1 kuna Emblem of the Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of the 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games)
2 kune Tuna with inscriptions FAO (Food and Agriculture Organization of the United Nations), 1945 (year of FAO founding), 1995 (50th anniversary of FAO and issue year of coin) and fiat panis (Latin expression for "Let there be bread!")
5 kuna Images commemorating the 500th anniversary of the printing of the Breviary of Senj in 1494
25 kuna 28 May 1997 commemorating the peaceful reintegration of the Srem-Baranja Oblast in Croatia
24 June 1997 commemorating the Esperantist congress
27 October 1997 commemorating the accession of Croatia to the United Nations
26 June 1998 commemorating the EXPO in Lisbon
29 December 1999 commemorating the introduction of the euro in EU
27 November 2000 commemorating the year 2000.
15 January 2002 commemorating the 10th anniversary of the international recognition of independence of Croatia
4 August 2005 commemorating the candidacy of Croatia for accession to the EU
12 May 2010 commemorating yearly meeting of EBRD in Zagreb
3 December 2012 commemorating the Accession treaty of Croatia to the EU
1 July 2013 commemorating the accession of Croatia to the EU
7 October 2016 commemorating the 25th anniversary of the independence of Croatia
22 May 2017 commemorating the 25th anniversary of the accession of Croatia to the United Nations
30 May 2019 commemorating the 25th anniversary of the introduction and issuance of the kuna
4 November 2019 commemorating the 350th anniversary of the Founding of the University of Zagreb
15 January 2020 commemorating the Croatian Presidency of the Council of the EU
23 June 2021 commemorating the 75th anniversary of the Croatian Association of Technical Culture (CATC)
19 November 2021 commemorating World Children's Day on 20 November
26 July 2022 commemorating the opening of the Pelješac Bridge for traffic and road connections in the territory of the Republic of Croatia

Banknotes

The notes were designed by Miroslav Šutej and Vilko Žiljak, and all feature prominent Croatians on front and architectural motifs on back. The geometric figures at lower left on front (except the 5-kuna note) are intaglio printed for recognition by the blind people. To the right of the coat of arms on front is a microprinted version of the Croatian national anthem, Lijepa naša domovino (Our Beautiful Homeland).[20] The overall design is reminiscent of Deutsche Mark banknotes of the fourth series.

The first series of notes was dated 31 October 1993. The 5, 10 and 20 kuna notes from this series were withdrawn on 1 April 2007, and the 50, 100 and 200 kuna notes were withdrawn on 1 January 2010, but remain exchangeable at the HNB in Zagreb.[21]

New series of notes with slightly tweaked, but similar designs and improved security features were released in 2001, 2004, 2012 and 2014.[22]

Kuna banknotes[23]
Image Value Dimensions Main Colour Description Date of
Obverse Reverse In Kuna Equivalent in Euros () Obverse Reverse Printing Issue
5 Kuna €0.6648 122×61 mm Green Fran Krsto Frankopan
and Petar Zrinski
The Old Fort and layout of the old Varaždin castle. 7 March 2001 9 July 2001
10 kuna banknote obverse.jpg 10 kuna banknote commemorative issue reverse.jpg 10 Kuna €1.3296 126×63 mm Green-Brown Bishop Juraj Dobrila The Pula Arena and Motovun town layout. 7 March 2001
9 July 2012
18 June 2001
18 March 2013
20 Kuna €2.6592 130×65 mm Red Ban Josip Jelačić The Eltz Manor in Vukovar and the Vučedol Dove. 7 March 2001
9 July 2012
16 August 2001
18 March 2013
50 kuna banknote obverse.jpg 50 kuna banknote reverse.jpg 50 Kuna €6.648 134×67 mm Blue Ivan Gundulić The Old City of Dubrovnik and its Rector's Palace. 7 March 2002
9 July 2012
25 November 2002
25 September 2017
100 kuna banknote obverse.jpg 100 kuna banknote reverse.jpg 100 Kuna €13.296 138×69 mm Orange Ban Ivan Mažuranić
and the Baška tablet
St. Vitus Cathedral in Rijeka and its layout. 7 March 2002
9 July 2012
3 June 2002
1 July 2013
200 kuna banknote obverse.jpg 200 kuna banknote reverse.jpg 200 Kuna €26.592 142×71 mm Brown Stjepan Radić The old General Command building in Osijek
and layout of the City-fortress of Tvrđa.
7 March 2002
9 July 2012
12 August 2002
1 July 2013
500 kuna banknote obverse.jpg 500 kuna banknote reverse.jpg 500 Kuna €66.48 146×73 mm Olive green Marko Marulić Diocletian's Palace in Split and
the motif of Croatian ruler from 11th century.
31 October 1993 30 May 1994
1000 kuna banknote obverse.jpg 1000 kuna banknote reverse.jpg 1000 Kuna €132.96 150×75 mm Blue-Red-Grey Ante Starčević Statue of King Tomislav and the Zagreb Cathedral. 31 October 1993 30 May 1994
Commemorative issues in circulation
10 kuna banknote commemorative issue obverse.jpg 10 kuna banknote commemorative issue reverse.jpg 10 Kuna €1.3296 126×63 mm Green-Brown Bishop Juraj Dobrila The Pula Arena and Motovun town layout.
(10th anniversary issue)
24 May 2004 30 May 2004
20 Kuna €2.6592 130x65 mm Red Ban Josip Jelačić The Eltz Manor in Vukovar and
the Vučedol Dove.
(20th anniversary issue)
30 May 2014 30 May 2014

These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Exchange rates

Euro exchange rate to Croatian kuna
Current HRK exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD

See also

References

  1. ^ a b c "CONSUMER PRICE INDICES, SEPTEMBER 2019" (Press release). Croatian Bureau of Statistics. 16 December 2019. Retrieved 27 November 2019.
  2. ^ Bank, European Central (10 July 2020). "Communiqué on Croatia".
  3. ^ "Money in Croatia". Visit Croatia. 3 April 2013. Retrieved 18 February 2020.
  4. ^ Mirnik, Ivan (2008). "Najsitnija kulturna dobra - Novac i njegova uloga u srednjovjekovnoj Hrvatskoj i Slavoniji" [The tiniest cultural goods - Money and its role in medieval Croatia and Slavonia] (PDF). Godišnjak. Zagreb: Ured za kulturna dobra Zagrebačke biskupije. 24.
  5. ^ Brozović, Dalibor. "History of Croatian money". Retrieved 1 January 2011. - Excerpts from the book Kune and lipe - Currency of the Republic of Croatia, Zagreb, Croatian National Bank
  6. ^ Povijest hrvatskog novca, Section 3 Archived October 22, 2006, at the Wayback Machine, Croatian National Bank compilation from multiple sources
  7. ^ a b "Prvi novac - Povijest hrvatskog novca - Kraljevina SHS i Nezavisna Država Hrvatska" (in Croatian). Croatian National Bank. Archived from the original on 21 April 2003. Retrieved 1 January 2011.
  8. ^ Granic 2008, p. 100.
  9. ^ a b c Milinović, Ante (2001). "Bogatstvo likovne simbolike hrvatskoga novca" [The rich visual symbolism of Croatian currency]. Croatian Emigrant Almanac (in Croatian). Croatian Heritage Foundation. Archived from the original on 21 May 2011. Retrieved 1 January 2011.
  10. ^ a b Croatian Government and Croatian National Bank decisions published in Narodne novine 37/94 [1][2][3][4]
  11. ^ Derek Boothby (January–March 2004). "The Political Challenges of Administering Eastern Slavonia". Global Governance. Global Governance: A Review of Multilateralism and International Organizations. 10 (1): 37–51 (15 pages). doi:10.1163/19426720-01001005. JSTOR 27800508.
  12. ^ "Monetary policy and ERM II participation on the path to the euro". Speech by Lucas Papademos, Vice President of the ECB at the tenth Dubrovnik economic conference, in Dubrovnik. European Central Bank. 25 June 2004.
  13. ^ "Vujčić: uvođenje eura dvije, tri godine nakon ulaska u EU". Poslovni dnevnik (in Croatian). HINA. 1 July 2006. Retrieved 1 January 2011. statements made by Boris Vujčić, deputy governor of the Croatian National Bank, at the Dubrovnik economic conference, June 2006
  14. ^ "Croatia adopts plan for replacing kuna by euro to protect consumer rights". SeeNews. Retrieved 9 June 2021.
  15. ^ THOMSON, AINSLEY (4 June 2013). "Croatia Aims for Speedy Adoption of Euro". Wall Street Journal. Retrieved 7 September 2013.
  16. ^ "Kuna lipa - Croatian portal for numismatics" (in Croatian). Retrieved 24 February 2013.
  17. ^ a b "Otkrivamo: Trgovci zarade 2 milijuna kn godišnje ne vraćajući 1 lipu". Večernji list (in Croatian). 20 April 2015. Retrieved 20 February 2017.
  18. ^ "Zadnja 1 lipa iz 2009., izrada tisuću komada 7,7 puta skuplja od vrijednosti". Glas Slavonije (in Croatian). 7 September 2015. Retrieved 20 February 2017.
  19. ^ a b "Kune i lipe, kovani novac Republike Hrvatske" (in Croatian). Croatian National Bank. Archived from the original on 12 January 2012. Retrieved 12 January 2012.
  20. ^ "Features of Kuna Banknotes". Croatian National Bank. 29 May 2014. Archived from the original on 9 June 2014. Retrieved 23 June 2015.
  21. ^ "Invalid banknotes - HNB". Hnb.hr. Retrieved 26 November 2017.
  22. ^ "Banknotes - HNB". Hnb.hr. Retrieved 26 November 2017.
  23. ^ "HRVATSKA NARODNA BANKA: Nov?anice i kovanice". Archived from the original on 3 July 2013. Retrieved 5 July 2013.

Bibliography

  • Granic, Stan (December 2008). "From Fur Money to Modern Currency: The Kuna" (PDF). Review of Croatian History. IV (1): 87–109. Retrieved 20 February 2017.
  • Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
  • Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
  • Pick, Albert (1990). Standard Catalog of World Paper Money: Specialized Issues. Colin R. Bruce II and Neil Shafer (editors) (6th ed.). Krause Publications. ISBN 0-87341-149-8.

Further reading

  • Viščević, Zlatko (2004). Kovani novac Republike Hrvatske od osamostaljenja do danas [Coins of the Republic of Croatia from Independence to the Present Day] (PDF) (in Croatian and English). ISBN 953-99817-0-0. Retrieved 11 January 2012.

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