The koruna is the official currency of the Czech Republic. In English, it is often referred to as the Czech crown since the word koruna translates into English as crown. Unlike most currencies, the symbol for the koruna, Kč, is written after the numeric value. The koruna is a decimal currency with a hundredths subunit called the haler. The Czech Republic had planned to convert its koruna currency to the euro by 2012, but that plan has been suspended indefinitely by the government due to the conversion being highly unpopular with the Czech people. A 2011 poll estimates only 22 percent of Czechs are in favour of adopting the euro.
The koruna was introduced as the official currency on 8 February 1993, shortly after the breakup of Czechoslovakia into the Czech Republic and Slovakia. It replaced the former Czechoslovak koruna at a one-to-one ratio. The new currency of Slovakia was also called the koruna, but Slovakia adopted the euro in 2008. The original Czechoslovak koruna had been the currency of Czechoslovakia since 1919, except for several years of German occupation in World War II. The koruna was modelled after the Austria-Hungarian krone that had been in use since 1892. In 1953, the Czechoslovak koruna went through a drastic reform under the Communist Party whereby new banknotes printed in the Soviet Union replaced all previous banknotes to stem rampant capitalism in the country.
The Czech koruna is issued through the Czech National Bank, the central bank of the Czech Republic. In addition to issuing currency, the Czech National Bank sets monetary policy, manages internal payment systems, oversees the insurance industry and supervises foreign currency exchange. The National Bank also acts as the treasury, overseeing the spending of all state funds.
The Czech National bank circulates the koruna through a series of coins and banknotes. The first coins minted were in denominations of 10, 20, and 50 halers, and 1, 2, 5, 10, 20 and 50 korunas. The haler coins were removed from circulation in 2008, due to their limited purchasing power, but all of the koruna coins remain in circulation. The first banknotes were issued in 1993. In the months before their printing, old Czechoslovak koruna notes were used with stamps affixed to them. Banknotes are currently available in denominations of 100, 200, 500, 1000 and 5000 koruna.