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The Koruna (English translation Crown) is the currency used in the Czech Republic and Slovakia. It was also the currency of the federation of Czechoslovakia until the latter's dissolution in 1993.

The official name, the ISO 4217 code and the local acronym for koruna is Koruna Česká, CZK, Kč (for Czech koruna) and Slovenská koruna, SKK, Sk (for Slovak koruna). One koruna equals 100 hellers written shortly as "h" ( Czech: haléř, Slovak: halier). The Czech/Slovak koruna acronym is placed behind the numeric value.

1 History

The Crown (in German Krone) was introduced in the Austria-Hungary monarchy on 11 September, 1892, as the first modern gold-based currency in the area. After the creation of the independent Czechoslovakia in 1918Events January January 8 President Woodrow Wilson announces his " Fourteen Points" for the aftermath of World War I. February February 3 The Twin Peaks Tunnel begins service in San Francisco as the longest streetcar tunnel in the world (11,920 feet long)., an urgent need for establishing a new currency system, that would distinguish itself from the currencies of the other newly born countries suffering from inflation, emerged. The next year, on 10 April, 1919Events January January 1 Edsel Ford succeeds his father as head of the Ford Motor Company January 5 Spartacist uprising Socialist demonstrations in Berlin turn into attempted communist revolution with Spartacist League in the forefront January 9 Spartacus, a currency reform took place, defining the new Czechoslovak koruna (Koruna Československá, Kč/later Kčs). The first banknotes came into circulation the same year, the coins three years later, in 1922Events January 7 Dali Eireann ratifies the Anglo-Irish Treaty by 64-57 votes. January 10 Arthur Griffith is elected President of Dail Eireann January 11 First successful insulin treatment of diabetes. January 12 British government releases Irish prisoners.

The koruna currency went through a number of further reforms. A particularly drastic one was undertaken in 19531953 is a common year starting on Thursday (click on link for the calendar). Events January events January 7 President Harry S. Truman announces the United States has developed a hydrogen bomb. January 13 Marshal Josip Broz Tito chosen President of Yugosl. At that time the Communist Party of CzechoslovakiaThe Communist Party of Czechoslovakia in Czech and in Slovak: Komunisticka strana Ceskoslovenska (KSC) was a political party in Czechoslovakia that existed between 1921 and 1992. History 1921 1945 Formally founded in 1921, it was one of some twenty politi had to deal with the fact that the there was a double market in the country: a fixed market ensuring basic food availability - a remnant of the post war quota system, and a free market, in which goods were as much as eight times more expensive but of a higher quality. They decided to declare a currency reform valid from 1 June, 19531953 is a common year starting on Thursday (click on link for the calendar). Events January events January 7 President Harry S. Truman announces the United States has developed a hydrogen bomb. January 13 Marshal Josip Broz Tito chosen President of Yugosl, and to distribute new banknotes printed in the USSR. The reform had been prepared very quickly and was confidential up to the last minute, but some information leaked anyway, causing a lot of panic among people. The night before the deadline, the president of Czechoslovakia Antonín Zápotocký had a radio speech, in which he strictly denied any possibility of a reform and quieted down the inhabitants, though he had to know that he was lying to the nation. The next day, people (that were lucky enough not to fit into the category of "capitalistic elements") were allowed to change money up to 300 new crowns (in the rate of 5 old to 1 new koruna) and the rest in the rate of 50:1. All insurance stock, state obligations and other commercial papers were nullified. The economic situation of many people got worse insofar as many petitions and demonstrations broke out, the largest of which took place in Plzen, where 472 people were arrested.

In 1993, in accordance with the dissolution of the Czechoslovak federation, the Czechoslovak koruna split into two independent currencies - the Czech koruna and the Slovak koruna.