Kroonista

Kroonista refers to the Estonian kroon, the former currency of Estonia. The name kroon means crown in Estonian, and the unit was commonly abbreviated as kr, with the ISO code EEK. It was subdivided into 100 senti (senti). The Bank of Estonia issued coins and banknotes for everyday use throughout its circulation.

The Estonian kroon was introduced after Estonia regained independence in the early 1990s, replacing the Estonian ruble as the country reestablished monetary sovereignty. It served as the national currency during Estonia’s transition to a market economy and integration with European financial systems.

From a monetary standpoint, the kroon existed alongside a range of coin and banknote denominations typical of modern currencies, featuring security features and designs reflecting Estonian culture, history, and landscapes. Its value fluctuated in foreign-exchange markets, while the central bank pursued price stability and financial system integrity.

Estonia adopted the euro on 1 January 2011, and the kroon ceased to be legal tender on that date. For conversion purposes, the fixed exchange rate was set at 1 euro = 15.6466 krooni. Krooni banknotes and coins could be exchanged for euros at the Bank of Estonia without a set time limit, ensuring a long-term conversion option for holders of kroon-denominated assets.

Etymologically, kroon is cognate with other Northern European currency names such as the Danish krone and Swedish krona, all ultimately deriving from the word for crown. The kroon thus reflected Estonia’s historical and cultural ties to the broader European monetary landscape.