Currency of Croatia

HistoryEdit

The history of currency in the now Croatian territory dates to much earlier than the adoption of the modern kuna in 1994,[1] and almost a thousand years of history which has seen the rise and fall of many different empires and kingdoms.[2]

Early historyEdit

Byzantine coinsEdit

Croats did not begin to create their own coins for currency until late in the 12th century (1100-1200). Previously, they minted replicas of Byzantine coins of emperor Heraclius.[2] Byzantine coinage was adopted by Byzantine Empire in the 4th century (300-400) and was the currency standard for the empire for about 700 years[3]

Cristatic and banovavEdit

In 1192, Croatian Duke Herceg Andrija minted a new coinage the Croatian fristatic, which included the silver denar and half-denar. His successors, the Croatian viceroys, minted a new coinage called the banovac (banski denar) which lasted from 1260 to 1380. This currency used fine silver from the mints in current day Zagreb and Pakrac.[1]

Republic of Dubrovnik coinageEdit

At the start of the 15th century (1400-1500), coastal Croatia came under increasing attack by the Ottoman Empire, which wanted to take control of it from the Republic of Venice. Venice succeeded in maintaining control over the current Croatian territory except for the city-state of Dubrovnik, which became independent during this time,[4] and minted and refined their own coinage over the span of five years. This “Republic of Dubrovnik” coinage was called the artiluc. During this five-year span, other Croatian coastal towns, Zadar, Šibenik, Trogir, Split and Hvar also minted their own similar coinage.[1]

Assignats (first printed money)Edit

Printed money was introduced into the Croatian territory in 1778 in the city of Pag. This new currency was referred to as assignats, which were also being introduced into France at the same time. Previously the city of Pag had relied on salt to pay officers, clerks and doctors. To convert salt to assignats, the salt amount was converted to a lira equivalent, which was noted on the assignats by including sum and issue date information.[1]

Križar, forint, and banknotesEdit

In 1848, Josip Jelačić was appointed Ban of Croatia, and issued a combination of coins and banknotes during his time as ruler. For smaller-scale transactions, coins called križar and forint (minted in Zagreb) were utilized. Križar were minted from copper and forint from silver. For larger transactions of enterprises, communalities, and trading houses, banknotes backed by guarantees were issued instead.[1]

YugoslaviaEdit

Serbian dinarEdit

With the creation of Yugoslavia in 1918, the Serbian dinar was adopted alongside the krone in Croatia. The Serbian dinar also became the currency of the Kingdom of Serbs and the Slovenes. These were the first banknotes that represented the Kingdom of the Serbians. In 1929, the name of the country was changed from Kingdom of the Serbs to Kingdom of Yugoslavia, and thus, the name of the currency was changed from the Serbian dinar to the Yugoslav dinar[5]

Croatian kuna (Independent State of Croatia)Edit

In 1929, a Croatian revolutionary movement, known as the Ustaša, started to form. This revolutionary movement was a Croatian, fascist, ultranationalist and terrorist organization that murdered hundreds of thousands of Serbs and Jews.[6] In 1941 Yugoslavia allowed the radical right Ustaša to come into power over the territory of Croatia, which progressed the formation of the Independent State of Croatia.[7] From 1941-1945 during WWII, Croatia was independent, and officially adopted the Kuna as the currency for the first time on July 26th,1941. The Croatian Kuna at the time of adoption included banknotes of 10, 50, 100, 500, and 1,000. Banknotes of 1, 2, were later introduced in 1942, and 5,000 banknotes were added in 1943.[8] The Kuna started with a fixed exchange rate of 20.00 Kn (Kuna) = 1 RM (Reichsmark), the currency for Germany at the time.[9] By May 6th 1945, the exchange rate between the Kuna and Reichsmark was fixed at 120.00 Kn (Kuna) = 1 RM (Reichsmark)[8]

The Yugoslav dinarEdit

In 1945, the Ustaša were forced to concede due to the Partisan resistance and their help from the Soviet Red Army, and the Independent State of Croatia was recaptured by Socialist Yugoslavia, and became part of a new communist system.[7] From June 30th to July 9th, the Kuna was removed from the currency circulation and replaced by the 1944 issue of the Yugoslav Dinar. At the time of reissue, the Yugoslav Dinar had a fixed exchange rate of 40 Kn (Kuna) = 1 dinar[9]

Croatian kunaEdit

In 1991, Croatia officially declared its independence from the socialist Republic of Yugoslavia and became a separate country.[10] After independence, a period of transition began from the dinar back to the kuna. The name was re-chosen as the name of the currency to represent the fiscal history of Croatia.[11] One kuna was equivalent to 1000 dinars. The modern kuna became the official currency of Croatia in 1994 on May 30th.[10] Currently, the Croatian kuna includes a combination of both coins and bills in the circulation. Coins are in denominations of 1, 2, 5, 10, 20, and 50 lipa. The banknotes are in denominations of 5, 10, 20, 50, 100, 200, 500, and 1000 kuna.[12] Today, the Croatian kuna has an inflation rate of 1.10%.[13] One Croatian Kuna(kn) = .13444 Euros, and one Euro = 7.44 Croatian Kuna(kn) [14]

ReferencesEdit

  1. ^ a b c d e "First Money — History of the Croatian Currency". old.hnb.hr. Retrieved 2019-11-13.
  2. ^ a b "First Money — History of the Croatian Currency". old.hnb.hr. Retrieved 2019-11-13.
  3. ^ "Byzantine Coinage". Ancient History Encyclopedia. Retrieved 2019-11-13.
  4. ^ https://hrcak.srce.hr/file/34960. Missing or empty |title= (help)
  5. ^ "Yugoslavia | International Encyclopedia of the First World War (WW1)". encyclopedia.1914-1918-online.net. Retrieved 2019-11-13.
  6. ^ "Fascism - Varieties of fascism". Encyclopedia Britannica. Retrieved 2019-11-13.
  7. ^ a b experience, Robert Wilde Robert Wilde is a historian with a focus on early medieval Europe who has 15 years of freelance writing. "The Ustasha: Terrorists and War Criminals". ThoughtCo. Retrieved 2019-11-13.
  8. ^ a b "Kratka povijest hrvatskog novca". web.archive.org. 2003-04-21. Retrieved 2019-11-13.
  9. ^ a b "Nazi Germany Coin Mint Marks". www.nazicoins.net. Retrieved 2019-11-13.
  10. ^ a b "When Did Croatia Become a Country?". WorldAtlas. Retrieved 2019-11-13.
  11. ^ "What is the Currency of Croatia?". WorldAtlas. Retrieved 2019-11-13.
  12. ^ "Currency in Croatia: exchange, import, money. What is the currency in Croatia?". Articles about tourism: interesting tourist articles, articles about countries, resorts, tour tips and other useful information. Retrieved 2019-11-13.
  13. ^ HRK - Croation Kuna. Xe Money Transfer https://www.xe.com/currency/hrk-croatian-kuna. Missing or empty |title= (help)
  14. ^ Salber, Paul. fx-rate https://fx-rate.net/HRK/EUR/. Missing or empty |title= (help)