Koruna is the currency of the Czech Republic since it was officially adopted in February 8, 1993 after disintegration from Czechoslovakia. A koruna is subdivided into 100 haleru. The ISO 4217 code for the koruna is CZK. It is written with the symbol Kc.
The first coins issued were of 10, 20 as well as 50 haleru denominations. 1, 2, 5, 10, 20 along with 50 koruna coins were also minted. The haleru coins were made in aluminum while the coins 1, 2 and 5 koruna were made of steel that is nickel-plated. The 10 koruna coin was made of steel plated with copper, the 20 koruna was in a brass-plated material while the 50 koruna coin had a steel center that’s brass-plated and a steel ring plated with copper.
10 and 20 haleru coins were dropped from circulation by October 31, 2003 while the 50 haleru coin was taken out on August 31, 2008. Weakening purchasing power was the given reason behind the pull-outs. This incident makes the following koruna the only available coins in current circulation: 1, 2, 5, 10, 20, as well as 50.
The obverse side of the coins features the state lion and the value on the reverse. Commemorative coins are also minted and introduced regularly since 1997 for numismatic or coin-collecting purposes. For instance in 2000, 10 and 20 koruna coins were minted with varying obverses or facades in commemoration of the Millennium.
The first koruna banknotes were over-stamped 20, 50, 100, 500 and 1000 Czechoslovak koruna. Later in 1993 until 1994, new series were printed in 20, 50, 100, 200, 500, 1000, 2000 as well as 5000 denominations. The said denominations are in current circulation except for the 20 koruna note which was dropped from circulation on August 31, 2008. The 50 koruna note will also be taken out of circulation beginning April 1, 2011.
The koruna banknotes were upgraded with security features in 2006. The koruna banknotes feature famous Czechs on their obverse side and abstract works on the other, or reverse side.
The koruna is translated as crown into Czech language. Exchange rate is currently pegged at 18 korunas against a US dollar.
It is said that by 2012, Czech Republic will adopt the Euro as its currency. However, considerable oppositions to the plan have been present since 2007 causing the delay of the said adoption.