Estonian kroon

The kroon (ISO 4217 code: EEK) has been the currency of the Republic of Estonia since 1928. One kroon is divided into 100 senti.

History

First Kroon, 1928-1940

The first kroon was introduced in 1928. It replaced the mark at a rate of one hundred to one. It circulated until the Soviet invasion of 1940. The kroon was exchanged for Soviet rubles at a rate of 1 ruble = 0.8 kroon.

Second Kroon, 1992-

The second kroon was introduced in 1992, replacing the Soviet ruble at a rate of 1 kroon = 10 rubles. Initially, the Estonian kroon was pegged to the German mark at a rate of 8 EEK = 1 DEM. It has been stable since 20 June 1992. After the introduction of the euro the fixed exchange rate of 1.95583 DEM to EUR lead to an exchange rate of 15.64664 krooni to the euro.

The kroon is now pegged closely to the Euro in ERM II, the EU's exchange rate mechanism. Estonia was party to joining the mechanism since joining the EU - actual entry was on 28 June 2004 ^*.

Circulating Currency

Notes in circulation: 1, 2, 5, 10, 25, 50, 100, 500 krooni.
Coins in circulation: 5, 10, 20 and 50 senti, 1 and 5 krooni.

The 5 sent coins and 1 kroon notes are no longer being issued. The 5 kroon coins were only issued as commemoratives. As a result, all three are currently rarely found in circulation.

Estonian banknotes ^*
Denomination	Portrait
1	Kristjan Raud
2	Karl Ernst von Baer
5	Paul Keres
10	Jakob Hurt
25	Anton Hansen Tammsaare
50	Rudolf Tobias
100	Lydia Koidula
500	Carl Robert Jakobson
Estonian kroon coins ^*

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History

First Kroon, 1928-1940

Second Kroon, 1992-

Circulating Currency

See also