Estonia invents Euro on January 1, 2011

January 6, 2011 – On 13 July 2010 the Council of the European Union approved Estonia’s request to join the euro area on 1 January 2011. Estonia duly joined the euro area on that date and the euro replaced the kroon at a fixed conversion rate of €1 = EEK 15.6466. There will be a two-week period when both currencies are in circulation, with change normally provided in euro.

1 kroon. Photo: Wikipedia.

1 kroon. Photo: Wikipedia.

The kroon will cease to be legal tender from 15 January 2011.
From December 2010 at the latest customers can exchange kroon banknotes for euro free of charge at banks. From 1 January 2011 until 30 June 2011 kroon banknotes and coins can be exchanged at all banks that provide cash services, and until 31 December 2011 at a limited number of branches.

Eesti Pank will exchange kroon banknotes and coins for euro in unlimited amounts and for an unlimited time.
Since 1 July 2010, prices in shops and other businesses have been displayed in both kroons and euro. TV spots, leaflets, posters and other material provided practical information about euro banknotes and coins to the Estonian population.

The new Estonian Euros. Photo: Wikipedia.

The new Estonian Euros. Photo: Wikipedia.

The new Euros show the map of Estonia on the national side of all denominations. They were produced in the Finnish mint Rahapaja Oy.

If you want to see a Reuters documentation on the invention of the Estonian Euro, please click here.

Do you still have some Estonian kroons socked away? For a list of all bank notes, which can be exchanged, please click here.

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