HRK - Croatian Kuna

History of the Croatian Kuna

The Croatian Kuna has been officially in circulation in Croatia since 1994. The name "kuna" in Croatian means "marten." Previously, marten fur was used as a medium of exchange in this country.

The Kuna was first introduced in 1994, replacing the old dinar at a rate of 1 kuna = 1000 dinar. The Kuna was initially pegged to the German Mark with a fixed exchange rate. With the replacement of the Mark with the Euro, the exchange rate of the Kuna was converted to the Euro.

The Croatian National Bank applies a fixed exchange rate regime between the kuna and the euro (or previously the mark). Since pegging to the euro in 1999, the exchange rate between these two currencies has stabilized at 7.5:1. (HRK sang EUR).

Croatia decided to join the European Union on July 1, 2013, and the Exchange Rate Mechanism on July 10, 2020, with an exchange rate of 7.53450 HRK for 1 euro.

The Croatian kuna has been replaced by the euro since January 1, 2023, after meeting the prerequisite conditions.

The transition period lasted for about two weeks during which kuna cash remained legal tender circulating alongside the euro in Croatia. This currency is considered invalid from January 14th. Cash can be exchanged at any national central bank in the euro area until February 28 and at any Croatian bank until the end of 2023 without any fee. The Croatian National Bank applies this policy indefinitely for banknotes and until the end of 2025 for coins.

The Croatian Kuna Denominations

The Croatian Kuna circulates in both coins and banknotes with the following denominations:

• Banknotes: 10, 20, 50, 100, 200, 500 kn, 1000 kn

• Coins: 1, 2 lp, 5, 10, 20, 50 lp, 1, 2, 5 kn, 25 kn

Coins

Coins were introduced in 1994 with denominations of 1, 2, 5, 10, 20, and 50 lipa, and 1, 2, 5, and 25 kuna. The coins were issued in two versions: one version released in odd years featuring plant or animal names in Croatian, and another version released in even years in Latin.

The unit of the coin is lipa - meaning the linden tree - a type of tree that was common during the Habsburg monarchy's rule in the early modern period.

Because the 1 and 2 lipa coins are rarely used. Since 2009, these coins have not been minted anymore, but the Croatian National Bank has no intention of withdrawing them. These coins are still minted but are not used, mainly for collection purposes.

Banknotes

The banknotes were designed by Miroslav Šutej and Vilko Žiljak, featuring prominent images of Croatians on the front and architectural images on the back. 

The first series of banknotes was issued on October 31, 1993. However, the banknotes with denominations of 5, 10, and 20 kuna were withdrawn from circulation on April 1, 2007, and the banknotes with denominations of 50, 100, and 200 kuna were withdrawn on January 1, 2010, but they can still be exchanged at HNB in Zagreb.

A new series of banknotes with refined designs but similar security features were issued in 2001, 2004, 2012, and 2014.

The Croatian Kuna (HRK) exchange rate

The Croatian Kuna, before being replaced by the Euro in 2023, was subject to a fixed exchange rate regime. Accordingly, the value of the HRK is fixed to the Euro and the exchange rate rarely fluctuates, remaining stable at 7.5:1. (HRK to EUR).

Previously, when the Croatian Kuna was pegged to the German Mark, Croatia also adopted this fixed exchange rate regime, ensuring the stability of the currency, controlling inflation, and maintaining economic stability.

Currently, Croatia has switched to the Euro, but the Croatian Kuna still holds its own significance, reflecting the development of the economy and monetary independence of Croatia in the previous period. The Croatian Kuna, once the official currency of Croatia, has seen its relevance shift significantly with the country's recent integration into the Eurozone. As of January 1, 2023, Croatia adopted the Euro as its official currency, marking the end of the Kuna's role in everyday transactions. While the Kuna is no longer used for official payments, it still holds historical and sentimental importance for many Croatians, serving as a reminder of the country’s monetary independence prior to euro adoption. Additionally, the Kuna remains in circulation for collectors and those interested in the country's recent economic history. However, in terms of practical use, the Kuna is no longer important in the context of national finance or commerce, reflecting a broader trend among EU member states toward economic integration and the stability offered by a centralized currency.

Here is information about the Croatian Kuna. Don't forget to use Gocuco for the fastest and most accurate currency conversion!