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The kroon (ISO 4217 code: EEK) is the currency of Estonia and was also the currency of the country between 1928 and 1940. One kroon (2, 5, 10, ... krooni) is divided into 100 senti (1 sent).
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 krooni.
Second Kroon, 1992-
The second kroon was introduce in 1992, replacing the Soviet ruble at a rate of 1 kroon = 10 rubles. Initially, the Estonian kroon was pegged to the Deutsche 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 [1].
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 senti coins and 1 krooni notes are no longer being issued. The 5 krooni coins were only issued as commemoratives. As a result, all three are currently rarely found in circulation.
| Kroon |
| front |
back |
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| 1 kroon(1996) |
See also
External links
The content of this page is retrieved from http://en.wikipedia.org/wiki/Estonian_kroon under GFDL
