Estonian Kroon

The Estonian kroon (EEK) was the official currency of Estonia from 1992 to 2011. The kroon was subdivided into 100 cents. The last kroon was struck in Tallinn on 15 January 2011 and withdrawn from circulation on 1 January 2012, after Estonia joined the eurozone on 1 January 2011. The euro replaced the kroon as Estonia's currency on 1 January 2012. The Estonian kroon was introduced on 20 June 1992, replacing the Soviet ruble at a rate of 10 rubles to 1 kroon. With the re-establishment of Estonian independence on 20 August 1991 and the collapse of the Soviet Union in December 1991, Estonia declared that it would continue to use the Soviet ruble as its currency until a new national currency, the kroon, could be introduced. The kroon was pegged to the German mark from the beginning, with a fixed exchange rate of 8 EEK = 1 DEM. In 1994, the kroon was pegged to the British pound at a rate of 15.64564 EEK = 1 GBP. This peg lasted until 2 May 1998, when the kroon was re-pegged to the German mark, at a rate of 8 EEK = 1 DEM. In January 1999, the kroon was re-pegged to the newly introduced euro at a rate of 15.6466 EEK = 1 EUR. This peg lasted until 1 January 2011, when Estonia joined the eurozone and the euro replaced the kroon as Estonia's currency. The kroon was subdivided into 100 cents. Coins were issued in denominations of 1, 2, 5, 10, 20 and 50 cents, as well as 1, 2 and 5 kroon. Banknotes were issued in denominations of 10, 20, 50, 100 and 500 kroon. The Estonian kroon was replaced by the euro as Estonia's currency on 1 January 2012, at a rate of 1 EUR = 15.6466 EEK.