Croatian kuna

Croatian kuna
hrvatska kuna  (Croatian)
ISO 4217 code HRK
Central bank Croatian National Bank
 Website www.hnb.hr
Date of introduction 30 May 1994
User(s)  Croatia
Inflation −0.6%[1]
 Source Croatian Bureau of Statistics, December 2015[1]
 Method CPI excluding rents and other gross fixed capital formation, lotteries and gambling, and life insurance[1]
Subunit
 1/100 lipa
Symbol kn
 lipa lp
Plural The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Coins
 Freq. used 5, 10, 20, 50 lipa, 1, 2, 5 kn
 Rarely used 1, 2 lipa, 25 kn
Banknotes
 Freq. used 10, 20, 50, 100, 200, 500 kn
 Rarely used 5, 1000 kn
Printer Giesecke & Devrient
 Website www.gi-de.com
Mint Croatian Monetary Institute
 Website www.hnz.hr

The kuna is the currency of Croatia since 1994 (ISO 4217 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 word "kuna" means "marten" in Croatian since it is based on the use of marten pelts as units of value in medieval trading. The word lipa means "linden (lime) tree".

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" or tax, derived from the Latin word "martus" (Croatian: "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.

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.[2][3] 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.[4] In 1941, when the Ustaše regime formed the Independent State of Croatia, they introduced the Independent State of Croatia kuna.[4] 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.[5]

Modern currency

The modern kuna was introduced on May 30, 1994, starting a transitional period from Croatian dinar, ending on December 31, 1994.[6] The exchange rate between dinar and kuna was 1 kuna = 1000 dinars. Since then, Croatia has been in a system of de facto currency board with a fixed exchanged rate. The kuna was pegged to the German mark from the start. With the replacement of the Deutsche 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.[5] An alternative proposition 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.[5] The transition to the new currency went smoothly and the controversy quickly blew over.

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.

The main reference currency for kuna was the German mark, and later the euro. A long-time policy of the Croatian National Bank has been to keep the fluctuations of the kuna exchange rate with the euro in a relatively stable range. The country joined the European Union on 1 July 2013 and it plans to join the European Monetary System.[7][8] Kuna is expected to be replaced by the euro within two or three years after joining the European Union.[8]

Coins

In 1994,[6] 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.[9]

Due to their low value, 1 and 2 lipa coins are rarely used. The Croatian National Bank stated in 2001 that it had no plans for withdrawing the 1, 2 and 5 lipa coins.[10]

Circulation coins[11]
Image Value Technical parameters Description Date of
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse First minting Issue
1 lp 17.0 mm 0.70 g Aluminium-Magnesium alloy Smooth Coat of arms, state title, indication of value Maize, "KUKURUZ" or "ZEA MAYS", year of minting 1993 31 May 1994
2 lp 19.0 mm 0.92 g Aluminium-Magnesium alloy Smooth Coat of arms, state title, indication of value Grapevine, "VINOVA LOZA" or "VITIS VINIFERA", year of minting 1993 31 May 1994
5 lp 18.0 mm 2.50 g Bronze plated steel Smooth Coat of arms, state title, indication of value Oak branch, "HRAST LUŽNJAK" or "QUERCUS ROBUR", year of minting 1993 31 May 1994
10 lp 20.0 mm 3.25 g Bronze plated steel Smooth Coat of arms, state title, indication of value Tobacco plant, "DUHAN" or "NICOTIANA TABACUM", year of minting 1993 31 May 1994
20 lp 18.5 mm 2.90 g Nickel plated steel Smooth Coat of arms, state title, indication of value Olive branch, "MASLINA" or "OLEA EUROPAEA", year of minting 1993 31 May 1994
50 lp 20.5 mm 3.65 g Nickel plated steel Smooth Coat of arms, state title, indication of value Degenia, "VELEBITSKA DEGENIJA" or "DEGENIA VELEBITICA", year of minting 1993 31 May 1994
1 kn 22.5 mm 5.00 g Nickel silver Milled Coat of arms, state title, indication of value Nightingale, "SLAVUJ" or "LUSCINIA MEGARHYNCHOS", year of minting 1993 31 May 1994
2 kn 24.5 mm 6.20 g Nickel silver Milled Coat of arms, state title, indication of value Tuna, "TUNJ" or "THUNNUS THYNNUS", year of minting 1993 31 May 1994
5 kn 26.5 mm 7.45 g Nickel silver Milled Coat of arms, state title, indication of value 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 have been issued since 1994.

Denomination Obverse Design[11]
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 Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games)
5 lipa Emblem of Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of 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 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 Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of 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

Banknotes

These 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 sight-impaired. 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).[12] The overall design is reminiscent of Deutsche Mark banknotes of the fourth series. The 5 kuna note is no longer in circulation, but remains a legal tender.

kuna banknotes[13]
Image Value Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark printing issue withdrawal
5 kuna (removed from circulation) 122 × 61 mm Green Fran Krsto Frankopan
and Petar Zrinski		 The Old Fort and layout of the old Varaždin castle. As portrait 7 March 2001 9 July 2001
10 kuna 126 × 63 mm Green-Brown Bishop Juraj Dobrila The Pula Arena and Motovun town layout. As portrait 7 March 2001 18 June 2001
20 kuna 130 × 65 mm Red Ban Josip Jelačić The Eltz Manor in Vukovar and
the Vučedol Dove.		 As portrait 7 March 2001 16 August 2001
50 kuna 134 × 67 mm Blue Ivan Gundulić The Old City of Dubrovnik and its Rector's Palace. As portrait 7 March 2002 25 November 2002
100 kuna 138 × 69 mm Orange Ban Ivan Mažuranić
and the Baška tablet		 St. Vitus Cathedral in Rijeka and its layout. As portrait 7 March 2002 3 June 2002
200 kuna 142 × 71 mm Brown Stjepan Radić The old General Command building in Osijek and
layout of the City-fortress of Tvrđa.		 As portrait 7 March 2002 12 August 2002
500 kuna 146 × 73 mm Olive green Marko Marulić Diocletian's Palace in Split and
the motif of Croatian ruler from 11th century.		 As portrait 31 October 1993 31 May 1994
1000 kuna 150 × 75 mm Blue-Red-Grey Ante Starčević Statue of King Tomislav and the Zagreb Cathedral. As portrait 31 October 1993 31 May 1994
Commemorative issues in circulation
10 kuna (10th anniversary issue) 126 × 63 mm Green-Brown Bishop Juraj Dobrila The Pula Arena and Motovun town layout. As portrait 24 May 2004 30 May 2004
20 kuna (20th anniversary issue) 130 x 65 mm Red Ban Josip Jelačić The Eltz Manor in Vukovar and
the Vučedol Dove.		 As portrait
These images are to scale at 0.7 pixels 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: AUD CAD CHF EUR GBP HKD JPY USD
From TransferWise: 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
From Currency.Wiki: AUD CAD CHF EUR GBP HKD JPY USD

See also

References

  1. 1 2 3 "Consumer price indices, December 2015" (Press release). Croatian Bureau of Statistics. January 15, 2016. Retrieved 2016-02-28.
  2. ↑ 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
  3. ↑ Povijest hrvatskog novca, Section 3, Croatian National Bank compilation from multiple sources
  4. 1 2 "Prvi novac - Povijest hrvatskog novca - Kraljevina SHS i Nezavisna Država Hrvatska" (in Croatian). Croatian National Bank. Retrieved 2011-01-01.
  5. 1 2 3 Milinović, Ante (2001). "Bogatstvo likovne simbolike hrvatskoga novca" [The rich visual symbolism of Croatian currency]. Croatian Emigrant Almanac (in Croatian). Croatian Heritage Foundation. Retrieved 2011-01-01.
  6. 1 2 Croatian Government and Croatian National Bank decisions published in Narodne novine 37/94
  7. ↑ "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.
  8. 1 2 "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
  9. ↑ "Kuna lipa - Croatian portal for numismatics" (in Croatian). Retrieved 2013-02-24.
  10. ↑ "HNB predstavio nove novčanice od 5,10 i 20 kuna". hrt.hr (in Croatian). Croatian Radiotelevision. 12 June 2001. Retrieved 2011-01-06.
  11. 1 2 Croatian National Bank. Available at: http://www.hnb.hr/novcan/hkovanic.htm
  12. ↑ "Features of Kuna Banknotes". Croatian National Bank. 29 May 2014. Retrieved 23 June 2015.
  13. ↑ http://www.hnb.hr/novcan/hnovcan.htm

Further reading

External links

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