The Estonian Kroon and Its Evolution Over Time

The Estonian Kroon has a fascinating history that spans over a century. Introduced in 1928, the kroon was pegged to the German mark.

Its first incarnation was as a gold standard currency. The kroon was subdivided into 100 smaller units called senti.

In 1941, the kroon was pegged to the German Reichsmark, and later to the US dollar in 1947. The Estonian government also introduced a new currency, the kroon, in 1992.

The kroon was replaced by the euro in 2011, marking the end of Estonia's currency era.

If this caught your attention, see: 1 Kroon

The Estonian kroon has a fascinating history that spans over nine decades. It became the country's currency on September 1, 1928, replacing the mark at a rate of 100 marks = 1 kroon.

In 1924, the kroon was pegged to the Swedish krona at par, with a gold standard of 2,480 KR = 1 kilogram of pure gold. This move restored confidence in the domestic banking and monetary sector, contributing to the country's economic reinvigoration.

The kroon went off the gold standard in 1933, devalued 35%, and obtained a currency peg with sterling at £1 stg = 18.35 KR.

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The Estonian kroon was introduced as the country's official currency on September 1, 1928, replacing the mark at a rate of 100 marks = 1 kroon.

The kroon was initially subdivided into 100 senti and was pegged to the Swedish krona at par, with a gold standard of 2,480 KR = 1 kilogram of pure gold.

In 1924, the kroon was pegged to the Swedish krona at par, with a gold standard of 2,480 KR = 1 kilogram of pure gold, which restored confidence in the domestic banking and monetary sector.

The Estonian kroon kept this peg and circulated until the Soviet occupation of 1940, when it was exchanged for the Soviet ruble at a rate of 1 Rbl = 0.8 KR.

During the Great Depression in 1933, the kroon went off the gold standard, devalued 35%, and obtained a currency peg with sterling at £1 stg = 18.35 KR.

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The Estonian kroon was reintroduced as the country's currency on June 20, 1992, replacing the Soviet rouble at a rate of 1 KR = 10 Rbls.

Initially, the kroon was pegged to the Deutsche Mark at a rate of 8 KR = DM 1.

The fixed exchange rate of the Deutsche Mark to the euro, 1 DM = 0.95583 euros, led to an exchange rate of 15.64664 KR to the euro.

Estonia joined the ERM II-system on June 28, 2004, and the central parity of the kroon was revalued to 15.6466 KR per euro.

The euro replaced the kroon as the official currency of Estonia on January 1, 2011, and the kroon circulated alongside the euro until January 15, 2011.

Take a look at this: Foreign Exchange Certificate

The 1-kroon note is a beautiful piece of Estonian currency. It features a portrait of Kristjan Raud, an Estonian painter, teacher, and cultural historian, on the front.

Kristjan Raud was born in 1865 and passed away in 1943. The rear of the 1-kroon note depicts Toompea Castle and Pikk Hermann Tower, two iconic landmarks in Estonia.

The Estonian kroon has a fascinating history, especially when it comes to its replacement by the Euro. On January 1, 2011, the Eurozone welcomed Estonia as a new member.

The Estonian kroon was replaced by the Euro (EUR) as the country's official currency. This change was made to facilitate trade, attract foreign investment, and promote economic stability within the Eurozone.

The fixed exchange rate for the conversion of Kroon to Euro was a crucial aspect of this transition. It was set at 1 EUR = 15.6466 EEK.

The Estonian Kroon was removed from circulation, and all financial transactions are now conducted in Euros.

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The Estonian kroon had several denominations in circulation before being replaced by the euro. The 1 KR and 50 KR notes were issued only once, unlike other denominations.

The 1 kroon note was introduced in 1992 and had a value equivalent to €0.06. It featured Kristjan Raud on the obverse and Toompea Castle on the reverse.

The other denominations introduced in 1992 were 2 KR, 5 KR, 10 KR, 25 KR, 100 KR, and 500 KR. The 50 KR note was introduced in 1994.

Here are the denominations of Estonian banknotes in circulation before the euro:

The Estonian currency has undergone several changes over the years. In 1928, the first coins of this currency were issued, with nickel-bronze 25 senti pieces being the first.

The Estonian kroon was introduced in 1928, with 100 mark banknotes circulating overprinted as "ÜKS KROON" (1 kroon). Eesti Pank introduced 10 krooni notes in 1928, followed by 5 KR and 50 KR in 1929.

The first coins to be introduced in 1992 were in denominations of 5, 10, 20, and 50 senti, as well as 1 KR. The 1 KR was struck in cupronickel, the others in aluminum-bronze.

Here's a list of the coins that were in circulation before being replaced by the euro:

Note that the 5 senti coins were not issued after 1994 but were still legal tender. The cupronickel 1 KR coins from 1992, 1993, and 1995 were demonetized on 31 May 1998 because they were too similar in weight and composition to DM 1 coins.

The 25-kroon note is a notable denomination. It features a portrait of Anton Hansen Tammsaare, a renowned Estonian writer of classical literature, on the front of the banknote.

The rear of the 25-kroon note depicts Vargamäe, a location in Estonia.

Here's an interesting read: 25 Krooni

The 100-kroon note is a unique denomination with a fascinating design. The front of the note features a portrait of Lydia Koidula, an Estonian poetess and playwright.

Lydia Koidula's portrait is a tribute to her significant contributions to Estonian literature.

You can exchange your Estonian banknotes and coins for euros indefinitely at Eesti Pank Museum. The exchange rate is 1 euro = 15.6466 Estonian kroons, and there's no service fee.

The museum is open for exchange transactions on Mondays to Fridays from 12.00 to 17.00 and Saturdays from 11.00 to 16.00. You can also exchange your kroons for euros at cash offices of Swedbank and SEB Pank until the end of 2013.

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The 5-kroon note is a great example of the unique designs found in Estonian currency. It features a portrait of Paul Keres, an Estonian chess player and international grand master.

Paul Keres was a prominent chess theorist, and his legacy lives on in the Estonian chess community.

Estonia made a significant change to its currency in 2011, joining the Eurozone and replacing the Estonian Kroon with the Euro. On January 1, 2011, the Euro (EUR) became the official currency of Estonia, replacing the Kroon (EEK).

The fixed exchange rate for the conversion of Kroon to Euro was set at 1 EUR = 15.6466 EEK. This rate is still in effect today, making it easy to convert old Kroon banknotes and coins to Euros.

To exchange old Kroon banknotes and coins for Euros, you can visit the Eesti Pank Museum, where you can exchange them at the central exchange rate without any service fee, in unlimited amounts and for an unlimited period of time. The museum is open for exchange transactions Mondays to Fridays from 12.00 to 17.00 and Saturdays from 11.00 to 16.00.

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Alternatively, you can exchange your Kroon banknotes and coins at the cash offices of Swedbank and SEB Pank until the end of 2013. However, please note that you cannot exchange Kroon banknotes and coins by mail.

Here's a list of the coins that were in circulation before being replaced by the Euro:

The Estonian Kroon was removed from circulation, and all financial transactions are now conducted in Euros. The Bank of Estonia continues to manage the country's monetary policy and financial system as part of the European Central Bank system.

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The Estonian kroon had a fixed exchange rate system, with its value initially pegged to the German Mark and later to the Euro.

Its value was fixed, meaning it didn't fluctuate with market changes.

Before being replaced by the Euro, the Estonian Kroon operated under this system.

The Kroon was subdivided into 100 smaller units called senti.

Coins were issued in denominations of 5, 10, 20, and 50 senti, as well as 1 and 5 Krooni.

Banknotes were available in denominations of 1, 2, 5, 10, 25, 50, 100, and 500 Krooni.

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The Estonian kroon has a rich history that dates back to the 20th century.

The Estonian kroon was introduced in 1928 as a replacement for the marka, which was the country's previous currency.

The kroon was pegged to the German mark at a rate of 1 kroon to 4 marks.

The 10-kroon collector banknote is a unique piece of Estonian currency history.

The front of this banknote features an Estonian girl in national costume, holding sheaves, which is an identical copy of the front side of the 10-kroon banknote designed by Günther Reindorff in 1928.

The Tamme-Lauri Oak in Urvaste is a notable motif on the back side of the 10-kroon note of 1991.

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The Bank of Estonia has a fascinating history, especially when it comes to the banknotes they issued. The first series was issued in 1991.

The banknotes were updated several times, with the second series being issued in 1992. This was followed by a third series in 1994.

The banknotes continued to evolve, with a fourth series being issued in 2006. This was followed by a fifth series in 2007.

In 2011, the banknotes were withdrawn from circulation and replaced by the euro.

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