Croatian_Kuna

Croatian kuna

Croatian kuna

Currency of Croatia from 1994 to 2022

The kuna (Croatian pronunciation: [kǔːna]; sign: kn; code: HRK) was the currency of Croatia from 1994 until 2023. It was replaced by the euro in 2023. The kuna was subdivided into 100 lipa. It was issued by the Croatian National Bank and the coins were minted by the Croatian Mint.

Quick Facts Hrvatska kuna, ISO 4217 ...

In the Croatian language, the word kuna means "marten" and lipa means "linden tree", both references to their historical use in medieval trading.

History and etymology

Main article: History of Croatian currency

Records exist from the Middle Ages of a tax and/or a currency in the then highly valued marten skins, which were recorded as marturina ("marten tax") or kunovina, in Lower Pannonia, modern day Hungary and Slavonia. Slavonia's first minted currency was the frizatik,[3] but in the 13th century the Ban of Slavonia issued a marten-adorned silver coin called the banovac.[4][5]

The idea of a kuna currency reappeared in 1939 when the Banovina of Croatia, an autonomous province established within the Kingdom of Yugoslavia, planned to issue its own money, along with the Yugoslav dinar.[6][7] In 1941, when the Ustaše regime formed the Independent State of Croatia, they used the kuna as its currency.[6] It remained in circulation until 1945, when Croatia became part of SFR Yugoslavia and the Yugoslav dinar became the official currency.[8]

The plural form of kuna in Croatian is kune.[9] It can vary because of different number declension rules, e.g. 2 kune, 10 kuna.

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

Modern currency

The modern kuna was introduced on 30 May 1994, starting a period of transition from the Croatian dinar, introduced in 1991, which ended on 31 December 1994.[10] One kuna was equivalent to 1,000 dinars at a fixed exchange rate. The kuna was pegged to the Deutsche 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, but this was dismissed as a red herring, since the same name was also in use during the Banovina of Croatia and by the State Anti-Fascist Council for the National Liberation of Croatia (ZAVNOH).[8] 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,[8] even though Czechia and, until 2008, Slovakia have used currencies whose names translate to "crown".

A long-time policy of the Croatian National Bank was 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.[11][12]

The kuna was replaced by the euro on 1 January 2023 after satisfying prerequisites,[13] as the initial time estimate of standard four years after joining the European Union proved too short.[14]

A two-week transition period during which kuna cash remained as legal tender in circulation alongside the euro ended on 14 January. Cash could be exchanged at any eurozone national central banks until 28 February, and at any bank, Fina and Hrvatska pošta in Croatia until the end of 2023, at no charge. The Croatian National Bank will do the same for notes indefinitely and for coins until the end of 2025.[15][16]

Coins

In 1994,[10] coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 lipa, 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.[17]

Lipa is the Croatian word for linden or tilia tree, a species that was traditionally planted around marketplaces in Croatia and other lands under Habsburg monarchy rule during the early modern period.

Due to their low value, 1 and 2 lipa coins were rarely used.[18] Since 2009, these coins were no longer minted,[18] but the Croatian National Bank stated that it had no plans for withdrawing them, and the 1 and 2 lipa coins were still minted as non-circulating, mainly for numismatic collections.[19]

More information Value, Technical parameters ...

For table standards, see the coin specification table.

Commemorative coins

Commemorative coins of the Croatian were issued between 1995 and 2022.

More information Denomination, Obverse Design ...

Banknotes

The notes were designed by Miroslav Šutej and Vilko Žiljak [hr], 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).[21] 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.[22]

New series of notes with tweaked, but similar designs and improved security features were released in 2001, 2004, 2012 and 2014.[23]

More information Value, Dimensions ...

For table standards, see the banknote specification table.

Exchange rates

Euro exchange rate to Croatian kuna
More information Current HRK exchange rates ...

See also

References

  1. [1]
    "CONSUMER PRICE INDICES, SEPTEMBER 2019" (Press release). Croatian Bureau of Statistics. 16 December 2019. Retrieved 27 November 2019.
  2. [2]
    Bank, European Central (10 July 2020). "Communiqué on Croatia".
  3. [3]
    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. 24. Zagreb: Ured za kulturna dobra Zagrebačke biskupije.
  4. [4]
    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
  5. [5]
    Povijest hrvatskog novca, Section 3 Archived October 22, 2006, at the Wayback Machine, Croatian National Bank compilation from multiple sources
  6. [6]
    "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.
  7. [7]
    Granic 2008, p. 100.
  8. [8]
    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.
  9. [9]
    "Money in Croatia". Visit Croatia. 3 April 2013. Retrieved 18 February 2020.
  10. [10]
    Croatian Government and Croatian National Bank decisions published in Narodne novine 37/94
  11. [11]
    "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.
  12. [12]
    "Vujčić: uvođenje eura dvije, tri godine nakon ulaska u EU". Poslovni dnevnik (in Croatian). HINA. 1 July 2006. Archived from the original on 7 January 2020. Retrieved 1 January 2011. statements made by Boris Vujčić, deputy governor of the Croatian National Bank, at the Dubrovnik economic conference, June 2006
  13. [13]
    "Croatia adopts plan for replacing kuna by euro to protect consumer rights". SeeNews. Retrieved 9 June 2021.
  14. [14]
    THOMSON, AINSLEY (4 June 2013). "Croatia Aims for Speedy Adoption of Euro". Wall Street Journal. Retrieved 7 September 2013.
  15. [15]
    Bank, European Central (29 November 2022). "Croatia (from 1 January 2023)". European Central Bank. Retrieved 1 January 2023.
  16. [16]
    "Hoće li se plaćati naknada za zamjenu valute?" (in Croatian). Croatian National Bank. Retrieved 1 January 2023.
  17. [17]
    "Kuna lipa – Croatian portal for numismatics" (in Croatian). Retrieved 24 February 2013.
  18. [18]
    "Otkrivamo: Trgovci zarade 2 milijuna kn godišnje ne vraćajući 1 lipu". Večernji list (in Croatian). 20 April 2015. Retrieved 20 February 2017.
  19. [19]
    "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.
  20. [20]
    "Kune i lipe, kovani novac Republike Hrvatske" (in Croatian). Croatian National Bank. Archived from the original on 12 January 2012. Retrieved 12 January 2012.
  21. [21]
    "Features of kuna Banknotes". Croatian National Bank. 29 May 2014. Archived from the original on 9 June 2014. Retrieved 23 June 2015.
  22. [22]
    "Invalid banknotes – HNB". Hnb.hr. Retrieved 26 November 2017.
  23. [23]
    "Banknotes – HNB". Hnb.hr. Archived from the original on 29 July 2018. Retrieved 26 November 2017.
  24. [24]
    "HRVATSKA NARODNA BANKA: Nov?anice i kovanice". Archived from the original on 3 July 2013. Retrieved 5 July 2013.

Bibliography

Further reading

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