Estonian kroon
| Estonian kroon | |
|---|---|
| Eesti kroon (Estonian) | |
Coins of the Estonia kroon.
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| ISO 4217 | |
| Code | EEK |
| Number | 233 |
| Exponent | 2 |
| Denominations | |
| Subunit | |
| 1/100 | sent |
| Plural | krooni (Estonian partitive sg.) |
| sent | senti (Estonian partitive sg.) |
| Nickname | paper, The family names of the persons on notes: 100 krooni – Koidula, 500 krooni – Jakobson etc. |
| Banknotes | |
| Freq. used | 1, 2, 5, 10, 25, 50, 100, 500 krooni |
| Coins | |
| Freq. used | 10, 20, 50 senti, 1 kroon |
| Rarely used | 5 senti, 5 krooni |
| Demographics | |
| User(s) | None, previously: Estonia
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| Issuance | |
| Central bank | Bank of Estonia |
| Website | www |
| Valuation | |
| Inflation | 2.8% |
| Source | European Central Bank, May 2010 |
| Method | HICP |
| ERM | |
| Since | 28 June 2004 |
| Fixed rate since | 31 December 1998 |
| Replaced by €, non cash | 1 January 2011 |
| Replaced by €, cash | 1 January 2011 |
| € = | 15.6466 krooni |
| Band | did not fluctuate |
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This infobox shows the latest status before this currency was rendered obsolete.
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The kroon (sign: kr; code: EEK) was the official currency of Estonia for two periods in history: 1928–1940 and 1992–2011. Between 1 January and 14 January 2011, the kroon circulated together with the euro, after which the euro became the sole legal tender in Estonia. The kroon was subdivided into 100 cents (senti; singular sent). The word kroon (Estonian pronunciation: [ˈkroːn], “crown”) is related to that of the other Nordic currencies (such as the Swedish krona and the Danish and Norwegian krone) and derived from the Latin word ("crown"). The kroon succeeded the mark in 1928 and was in use until the Soviet invasion in 1940 and Estonia's subsequent incorporation into the Soviet Union when it was replaced by the Soviet ruble. After Estonia regained its independence, the kroon was reintroduced in 1992.
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 sent.
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, the 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.
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