Exchange your Estonian Krooni

Estonian Krooni Information

The Estonian Kroon (EEK) was the official currency of Estonia from 1928 until 2011 when the country adopted the Euro. The Kroon played a vital role in Estonia’s journey toward independence and economic development, both during its first period of independence in the early 20th century and following its reintroduction in the early 1990s after the collapse of the Soviet Union.

The Estonian Kroon was first introduced in 1928, replacing the Estonian mark, which had been in use since 1918. However, the currency was short-lived, as Estonia was occupied by the Soviet Union during World War II, and the Soviet ruble became the official currency of the country. The Kroon remained a symbol of Estonia’s lost independence until it was reintroduced in 1992, following the collapse of the Soviet Union and Estonia’s subsequent restoration of sovereignty.

The reintroduction of the Kroon in 1992 was a critical moment for Estonia’s post-Soviet economic recovery. The currency was pegged to the German Deutsche Mark at a fixed exchange rate, which provided much-needed stability and confidence in the new currency. The Estonian Kroon was later pegged to the Euro in 1999 as part of Estonia’s preparations for joining the European Union and eventually adopting the Euro.

The Estonian Kroon was subdivided into 100 senti, and the currency was issued in both coins and banknotes. Coins were minted in denominations of 5, 10, 20, and 50 senti, as well as 1 and 5 krooni. Banknotes were available in denominations of 1, 2, 5, 10, 25, 50, 100, and 500 krooni. The designs of Estonian Kroon banknotes often featured portraits of important historical figures and national symbols, reflecting Estonia’s cultural heritage and its drive for independence.

The Estonian Kroon was managed by the Bank of Estonia (Eesti Pank), which was re-established in 1990. The central bank played a crucial role in maintaining the stability of the Kroon, particularly during the challenging years of economic transition in the 1990s. Estonia pursued a series of market-oriented reforms, and the stability of the Kroon helped to facilitate foreign investment and economic growth.

Estonia’s decision to adopt the Euro was a significant milestone in its integration into the European Union. On January 1, 2011, the Estonian Kroon was officially replaced by the Euro at a fixed exchange rate of 15.6466 EEK to 1 EUR. The transition was smooth, and the adoption of the Euro was seen as a major step in securing Estonia’s economic future within the European Union.

Although the Estonian Kroon is no longer in circulation, it remains a symbol of Estonia’s struggle for independence and its economic resilience. Kroon banknotes and coins are now valued by collectors for their historical significance and unique designs, representing an important period in Estonia’s modern history.

In conclusion, the Estonian Kroon was the official currency of Estonia during two distinct periods, playing a key role in the country’s post-independence economy until its replacement by the Euro in 2011. It remains a significant part of Estonia’s financial history.