Croatian kuna

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 Monetary Institute. The plural form of the kuna in Croatian is kune.

Croatian kuna
hrvatska kuna  (Croatian)
10 kuna banknote
ISO 4217
CodeHRK
Number191
Exponent2
Denominations
Subunit
 1/100lipa
PluralThe language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Symbolkn
 lipalp
Banknotes
 Freq. used10, 20, 50, 100, 200, 500 kn
 Rarely used5, 1000 kn
Coins
 Freq. used10, 20, 50 lipa, 1, 2, 5 kn
 Rarely used1, 2, 5 lipa, 25 kn
Demographics
Date of introduction30 May 1994
User(s) Croatia
Issuance
Central bankCroatian National Bank
 Websitewww.hnb.hr
PrinterGiesecke & Devrient
 Websitewww.gi-de.com
MintCroatian Monetary Institute
 Websitewww.hnz.hr
Valuation
Inflation1.3% (August 2018)[1]
 SourceCroatian Bureau of Statistics, September 2018[1]
 MethodCPI[1]
Pegged withEuro (EUR)
1 EUR = 7.53450 HRK
ERM
 Since10 July 2020
 € =HRK 7.53450[2]
 Band15.0%

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 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 ​1⁄25 (later ​1⁄50) gryvna of silver. The plural form of kuna in the Croatian language 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. Between 1260 and 1380, Croatian Viceroys issued a marten-adorned silver coin called the banovac.[4][5] 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.[6][7] In 1941, when the Ustaše regime formed the Independent State of Croatia, they introduced the Independent State of Croatia kuna.[6] 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.[8]

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.[9] One kuna was equivalent to 1000 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.[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 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.

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.[10][11] The kuna is expected to be replaced by the euro, even though the initial time estimate of standard four years after joining the European Union proved too short.[11]

Coins

In 1994,[9] 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.[12]

Due to their low value, 1 and 2 lipa coins are rarely used.[13] Since 2009, these coins are no longer minted,[13] 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.[14]

Coins intended for circulation[15] In each case, the obverse shows the coat of arms, state title and an indication of value.
ImageValueTechnical parametersDescriptionDate of
issue
ObverseReverse In Kuna Equivalent in Euros (€)DiameterMassCompositionEdgeReverseFirst
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.

ImageValueTechnical parameters
Obverse In Kuna Equivalent in Euros (€)DiameterMassCompositionEdgeDescription
25 kn 3.31807 € 32.0 mm 12.75 g Center: 92% Cu, 6% Al, 2% Ni
Steel Ring: 75% Cu, 25% Ni		 Milled
Reverse and Date of issue
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
2019 commemorating the 350th anniversary of the Founding of the University of Zagreb
Denomination Obverse Design[15]
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
2019 commemorating the 350th anniversary of the Founding of the University of Zagreb

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).[16] 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.[17]

New series of notes with similar designs but improved security features were released in 2001, 2004, 2012 and 2014.[18]

Kuna banknotes[19]
Image ValueDimensionsMain ColourDescriptionDate of
ObverseReverse In Kuna Equivalent in Euros (€)ObverseReversePrintingIssue
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 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 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 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 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 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 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 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 EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD
gollark: Don't be, or you WILL be dealt with.
gollark: For what?
gollark: Apiary form.
gollark: If we don't tell the computer about them, it's fine.
gollark: Don't tell anyone or they might notice.

See also

References
  1. "CONSUMER PRICE INDICES, SEPTEMBER 2019" (Press release). Croatian Bureau of Statistics. 16 December 2019. Retrieved 2019-11-27.
  2. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200710_1~88c0f764e7.en.html
  3. "Money in Croatia". Visit Croatia. 3 April 2013. Retrieved 18 February 2020.
  4. Brozović, Dalibor. "History of Croatian money". Retrieved 2011-01-01. - Excerpts from the book Kune and lipe - Currency of the Republic of Croatia, Zagreb, Croatian National Bank
  5. Povijest hrvatskog novca, Section 3 Archived October 22, 2006, at the Wayback Machine, Croatian National Bank compilation from multiple sources
  6. "Prvi novac - Povijest hrvatskog novca - Kraljevina SHS i Nezavisna Država Hrvatska" (in Croatian). Croatian National Bank. Archived from the original on 2003-04-21. Retrieved 2011-01-01.
  7. Granic 2008, p. 100.
  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 2011-05-21. Retrieved 2011-01-01.
  9. Croatian Government and Croatian National Bank decisions published in Narodne novine 37/94
  10. "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. 2004-06-25.
  11. "Vujčić: uvođenje eura dvije, tri godine nakon ulaska u EU". Poslovni dnevnik (in Croatian). HINA. 1 July 2006. Retrieved 2011-01-01. statements made by Boris Vujčić, deputy governor of the Croatian National Bank, at the Dubrovnik economic conference, June 2006
  12. "Kuna lipa - Croatian portal for numismatics" (in Croatian). Retrieved 2013-02-24.
  13. "Otkrivamo: Trgovci zarade 2 milijuna kn godišnje ne vraćajući 1 lipu". Večernji list (in Croatian). 20 April 2015. Retrieved 20 February 2017.
  14. "Zadnja 1 lipa iz 2009., izrada tisuću komada 7,7 puta skuplja od vrijednosti". Glas Slavonije (in Croatian). 7 September 2015. Retrieved 2017-02-20.
  15. "Kune i lipe, kovani novac Republike Hrvatske" (in Croatian). Croatian National Bank. Archived from the original on 2012-01-12. Retrieved 2012-01-12.
  16. "Features of Kuna Banknotes". Croatian National Bank. 29 May 2014. Archived from the original on 9 June 2014. Retrieved 23 June 2015.
  17. "Invalid banknotes - HNB". Hnb.hr. Retrieved 26 November 2017.
  18. "Banknotes - HNB". Hnb.hr. Retrieved 26 November 2017.
  19. "Archived copy". Archived from the original on 2013-07-03. Retrieved 2013-07-05.CS1 maint: archived copy as title (link)

Bibliography

Further reading
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.