Czech koruna

History

In 1892, the Austro-Hungarian krone replaced the gulden at the rate of two kronen to one gulden (which is also the reason why the 10 Kč coin had been nicknamed pětka or "fiver" - and has been in use in informal conversation up until nowadays). The name was suggested by the emperor, Franz Joseph I of Austria. After Austria-Hungary dissolved in 1918, Czechoslovakia was the only successor state to retain the name of its imperial-era currency. During the Second World War, the currency on the occupied Czech territory was artificially weakened. The Czechoslovak crown was restored after the war. It underwent a highly controversial monetary reform in 1953.

The Czech koruna replaced the Czechoslovak koruna in 1993 after the dissolution of Czechoslovakia. It first consisted of overstamped 20 Kčs, 50 Kčs, 100 Kčs, 500 Kčs, and 1,000 Kčs banknotes, and a new series was properly introduced in 1993.

In November 2013, the Czech National Bank (ČNB) intervened to weaken the exchange rate of the koruna through a monetary stimulus to stop the currency from excessive strengthening. This was meant to support the Czech economy, mainly focused on export, but people were unhappy about this step because it was set up before Christmas, which led to raising the prices of imported goods. In late 2016, the ČNB stated that the return to conventional monetary policy was planned for mid-2017. After higher-than-expected inflation and other figures, the national bank removed the cap at a special monetary meeting on April 6, 2017. The koruna avoided significant volatility and City Index Group stated: "If you want to drop a currency peg, then the ČNB can show you how to do it".

Euro adoption discussion

Main article: Czech Republic and the euro

The Czech Republic planned to adopt the euro in 2010, but its government suspended that plan indefinitely in 2005. Although the country is economically well positioned to adopt the euro, there is considerable opposition to the move within the Czech Republic. According to a survey conducted in April 2014, only 16% of the Czech population was in favour of replacing the koruna with the euro. As reported by an April 2018 survey by CVVM (Public Opinion Research Center), this value remained at nearly identical levels between 2014-18, with only 20% of the Czech population above 15 years old supporting euro adoption.

Coins

The coins of the Czech koruna increase in size and weight with value.

In 1993, coins were introduced in denominations of 10, 20 and 50 haléřů (h), 1 Kč, 2 Kč, 5 Kč, 10 Kč, 20 Kč and 50 Kč. The 10 h and 20 h coins were taken out of circulation by 31 October 2003 and the 50 h coins by 31 August 2008 due to their diminishing purchasing power and circulation. However, financial amounts are still written with the accuracy of 1-haléř (CZK 0.01); prices in retail shops are usually multiples of CZK 0.10. When cash transactions are made, the amount is rounded to the nearest integer.

In 2000, the 10 Kč and 20 Kč coins were minted with different obverses to commemorate the millennium. In 1993 and 1994, coins were minted in Winnipeg and Hamburg, then in the Czech Republic. The 10 Kč and 50 Kč coins were designed by (1934–2007).

Since 1997, sets for collectors have also been issued yearly with proof-quality coins. In addition, there is a tradition of issuing commemorative coins – including silver and gold coins – for numismatic purposes.

For a complete listing, see Commemorative coins of the Czech Republic.

Current series

Circulating commemorative coins

Banknotes

The first Czech banknotes were issued on 8 February 1993 and consisted of Czechoslovak notes with adhesive stamps affixed to them. Only the 100 Kčs, 500 Kčs and 1,000 Kčs notes were overstamped, the lower denominations circulated unchanged during this transitional period. Each stamp bears a Roman and Arabic numeral identifying the denomination of the banknote to which it is affixed (C and 100, D and 500, M and 1,000). Subsequent issues of the 1,000 Kč note replaced the adhesive stamp with a printed image of same.

A newly designed series of banknotes in denominations of 20 Kč, 50 Kč, 100 Kč, 200 Kč, 500 Kč, 1,000 Kč and 5,000 Kč were introduced later in 1993 and the designs are still in use at present – except for 20 Kč, 50 Kč and the first versions of 1,000 Kč and 5,000 Kč notes, since the security features of 1,000 Kč and 5,000 Kč notes were upgraded in the subsequent issues. These banknotes, designed by Oldřich Kulhánek, feature renowned Czech persons on the obverse and abstract compositions on the reverse. Modern protective elements can be found on all banknotes.

In 2007, the Czech National Bank started issuing new upgraded banknotes with upgraded security features. These include a new colour-shifting security thread, additional watermarks and EURion constellations. The first denomination to be issued with the new features was the 2,000 Kč, followed by the 1,000 Kč in 2008, the 500 Kč and 5,000 Kč in 2009 and finally ending with the issuance of the 100 Kč and 200 Kč notes in 2018. In 2022, all older versions of the 100-2000 Kč notes without the upgraded security features were withdrawn.

In practice, the 5000 Kč is not commonly found in circulation due to them being prone to misuse or illicit activity (e.g., money laundering). As of December 2025, there were 24.4 million of those banknotes in circulation. In contrast, the next-highest denomination, the 2000 Kč, is the most widely circulated banknote in the country, with 209.7 million in circulation.

Stamped series

First series

Upgraded series

Commemorative series

Exchange rates

Historic rates

The currency had a record exchange rate run in 2008.

Current rates

References

References

1. (8 July 2015). "Czech Koruna Approaches Euro Cap: Intervention Policy Explained". Bloomberg.com.
2. (29 September 2016). "Czech Central Bank Zeros In on Ending Koruna Cap in Mid-2017". Bloomberg.com.
3. (13 September 2016). "Czech Central Banker Quashes Bets on Earlier Koruna Cap Exit". Bloomberg.com.
4. (6 April 2017). "Czechs Trigger Long-Awaited Koruna Float Without Swiss Shock". Bloomberg.com.
5. "Finance Ministry backtracks on joining the Euro by 2012". Radio Praha.
6. (5 August 2008). "Euros in the wallets of the Slovaks, but who will be next?". Sparkasse.at.
7. "Introduction of the euro in the more recently acceded member states".
8. "Občané ČR o budoucnosti EU a přijetí eura".
9. "The CNB decides 50-heller coins will cease to be legal tender".
10. "České mince - Česká národní banka".
11. "Platidla ČR (1993–20..) – Papírová platidla, bankovky". Papirovaplatidla.cz.
12. "Structure of currency in circulation - Czech National Bank".
13. "ČNB".
14. "Czech Republic to replace 50-koruna note with coin 01.04.2011 - Banknote News".
15. "ČNB za rok ukončí platnost starších bankovek 100 Kč – 2 000 Kč s úzkým stříbřitým proužkem, staré postupně mizí z oběhu (The CNB will terminate the validity of older CZK 100 - CZK 2,000 banknotes with a narrow silver stripe in a year, the old ones will gradually disappear from circulation)".
16. "CNB issues new versions of the CZK 100 and 200 banknotes".
17. "The CNB puts into circulation a new version of the CZK 500 banknote".
18. "The CNB puts into circulation a new version of the CZK 1000 banknote".
19. "The CNB puts into circulation a new version of the CZK 2000 banknote".
20. "The CNB puts into circulation a new version of the CZK 5000 banknote".
21. "The CNB issues a new version of the CZK 5,000 banknote".
22. "CZK 1000 version 2008 with an additional print "The 30th anniversary of the CNB and the Czech currency"". Czech National Bank.
23. (7 July 2008). "Czech crown extends record run, eyes on CPI". Forbes.
24. "Exchange rates – yearly history".