The Estonian kroon was the official currency of Estonia for two periods in history: 1928–1940 and 1992–2011. Between 1 January and 14 January 2011, the Estonian kroon circulated together with the euro, after which the euro became the sole legal tender in Estonia (for more details see historical events of Bank of Estonia). The Estonian kroon was subdivided into 100 senti.

The word kroon is related to that of other Nordic currencies (such as the Swedish krona and the Danish and Norwegian krone) and derived from the Latin word corona („crown”). The kroon succeeded the mark in 1928 and was in use until the Soviet invasion in 1940, after which it was replaced by the Soviet ruble. After Estonia regained its independence, the kroon was reintroduced in 1992.

Summary info

Summary information about Estonian kroon

ISO 4217 Code:

EEK

Currency sign:

kr

Country:

Estonia

Subunit:

Estonian sent

Coins:

5 senti, 10 senti, 20 senti, 50 senti, 1 kroon, 5 krooni

Banknotes:

1 Estonian kroon, 2 Estonian krooni, 5 Estonian krooni, 10 Estonian krooni, 25 Estonian krooni, 50 Estonian krooni, 100 Estonian krooni, 500 Estonian krooni

Central bank:

Bank of Estonia

History

The kroon became the currency of Estonia on 1 January 1928 after having been a unit of account since 1924. It replaced the mark at a rate of 100 mark = 1 kroon. The kroon was subdivided into 100 senti.

In 1924, the kroon was pegged to the Swedish krona at par, with a gold standard of 2480 kroon = 1 kilogram of pure gold. The standard received real coverage with the reserves backing the kroon. The issue of treasury notes and exchange notes was terminated. In order to secure the credibility of the kroon, Bank of Estonia exchanged kroon for foreign currency. All these measures restored confidence in the domestic banking and monetary sector, contributing to the economic reinvigoration of the country and to the improvement of the reputation of the Estonian state in the international arena.

During the Great Depression in 1933, the kroon went off the gold standard, devaluated 35% and obtained a currency peg with the Great Britain Pound (GBP) at 1 GBP = 18.35 kroon. The Estonian kroon kept this peg and circulated until the Soviet invasion of 1940. The kroon was exchanged for the Soviet ruble at a rate of 1 ruble = 0.8 kroon.

The kroon was reintroduced as Estonia’s currency on 20 June 1992, replacing the Soviet ruble at a rate of 1 kroon = 10 rubles. (Each person was able to change maximally 1500 rubles to 150 kroons.) Initially, the Estonian kroon was pegged to the Deutsche Mark at a rate of 8 krooni = 1 Deutsche Mark. After the introduction of the euro the fixed exchange rate of 1.95583 DEM to EUR led to an exchange rate of 15.64664 krooni to the euro. On 27 June 2004, as Estonia joined the ERM II-system, the central parity of the Estonian kroon was revalued (by less than 0.001%) to 15.6466 krooni per euro.

On 1 January 2011 the euro replaced the kroon as the official currency of Estonia. The kroon circulated alongside the euro until 15 January 2011 at which point it ceased to be legal tender. However, the Bank of Estonia will exchange banknotes and coins of kroon and sent without amount and time limit into the Euro.

Coins

In 1928, the first coins of this currency were issued, nickel-bronze 25 senti pieces. These were followed by bronze 1 sent in 1929, silver 2 krooni in 1930, bronze 5 senti and nickel-bronze 10 senti in 1931, silver 1 kroon in 1933, bronze 2 senti and aluminum-bronze 1 kroon in 1934, nickel-bronze 20 senti in 1935, nickel-bronze 50 senti in 1936.

On 25 July 1940, 4 days after founding of Estonian SSR, the last Estonian pre-WW II coin, new 1 sent (date 1939) was issued.

In 1992, coins were introduced in denominations of 5, 10, 20 & 50 senti, as well as 1 kroon. The 1 kroon was struck in cupronickel, the others in aluminum-bronze. However, in 1997, nickel-plated steel 20 senti were introduced, followed by aluminum-bronze 1 kroon in 1998. 5 senti coins were not issued after 1994 but were still legal tender. The cupronickel 1 kroon coins from 1992, 1993 & 1995 stopped being legal tender on 31 May 1998.[9] The 5 krooni coins were commemorative pieces and were rarely seen in circulation.

Banknotes

In 1927, before the kroon was officially introduced, 100 marka banknotes circulated with an „ÜKS KROON” (1 kroon) overprint. Bank of Estonia introduced 10 krooni notes in 1928, followed by 5 and 50 krooni in 1929, 20 krooni in 1932 and 100 krooni in 1935.

In 1992, banknotes were introduced in denominations of 1, 2, 5, 10, 25, 100 and 500 krooni. Some of the 5, 10, 25, 100 and 500 krooni notes were dated 1991. In 1994, a 50 krooni note was introduced. Unlike others, the 1 kroon and 50 kroon notes were issued only once.

EEK banknotes pictures gallery

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Useful links

About Bank of Estonia:

Bank of Estonia

List of currencies:

Currencies

Security and design features of EEK banknotes:

EEK banknotes

EEK currency on Wikipedia:

Estonian kroon

Official Website of Bank of Estonia:

www.bankofestonia.info

Commemorative coins:

Commemorative Coins