Slovak euro coins

Last updated

Slovak euro coins starting set Slovak euro coins.jpg
Slovak euro coins starting set

The Slovak euro coins are the European monetary union euro coins issued by Slovakia since 2009. They feature three separate designs for the three series of coins.

Contents

Slovakia has been a member of the European Union since May 2004, and is a member of the European Economic and Monetary Union. Slovakia adopted the euro on 1 January 2009, replacing its previous currency, the Slovak koruna.

Adopting the euro

In 2005, an official public contest for Slovak euro coin designs was held, which took place over two rounds. The deadline for the first round was 31 January 2005, after which the ten top designers chosen by the National Bank of Slovakia (NBS) were invited to make plaster reliefs of their designs. In the second round, the NBS called a public vote conducted from 12 November until 20 November 2005 on the ten designs that were picked from the over 200 submissions. [1] On 21 November 2005, the results were made public; the most popular design was the coat of arms of Slovakia. [2] [3] On 20 December 2005, the design for the Slovak euro coins was officially made public on the NBS website. [4] Since then Slovakia has been doing economic reforms to be able to adopt the euro.

After three years of reforms, on 1 April 2008, the NBS announced their plan for withdrawal, disposal and destruction of the Slovak koruna notes and coins. [5] On 7 May 2008, the European Commission approved the application and asked member states to endorse the bid during the EU finance minister's meeting in July 2008. [6] [7] Slovakia's 12-month inflation was 2.2% compared with 3.2% that is required. Annual inflation however was 3.6% for March 2008. Fiscal deficit was 2.2% versus the reference value of 3.0%. And finally the government debt ratio was 29.4% of GDP in 2007, well below the maximum ratio of 60.0%. [8]

On 3 June 2008, the European Union finance ministers gave Slovakia the green light to join the euro zone in 2009 while urging the country to be ready to fight inflation with tight fiscal policies. "We are happy to see Slovakia join the euro zone on January 1, 2009," Jean-Claude Juncker, who chairs the Eurogroup of euro zone finance ministers, told reporters. [9]

Slovakia's mint has been tasked to produce some 500 million euro and cent coins. [9] As a preparation for the change on 1 January, starting from November 2008, these coins will be distributed to businesses all over Slovakia. [10]

On 17 June 2008, the European Parliament agreed to Slovakia's bid to join the euro zone from the start of 2009, urging the country to tighten fiscal policies to avoid inflationary risks. The assembly voted 589 to 17 with 86 abstentions to approve a report that said the European Union newcomer met all euro entry criteria. However, the parliament's role is consultative only. Slovakia's bid to become the euro zone's 16th member was approved by EU leaders. EU finance ministers set the final conversion rate of the Slovak koruna into the euro on 8 July 2008. [11] [12]

On 19 June 2008, the leaders of the EU Member States confirmed Slovakia's readiness to join the eurozone on 1 January 2009. "I congratulate Slovakia for meeting all the relevant criteria", said the current President of the European Council and Slovenian Prime Minister Janez Janša. [13]

On 8 July 2008, the European Union formally invited Slovakia to join the European single currency and set the official rate at which korunas will be exchanged for euros – 30.1260 korunas to the euro. [14] [15] [16] [17] [18] [19]

On 5 September 2008, as part of the preparations for euro adoption, the NBS announced that by the end the year Slovakia planned to transport over €7 billion in banknotes from Austria and to mint coins worth €167 million to pre-stock itself with the new currency. [20] Start-up packages containing the EUR equivalent of 500 Sk (€16.60 ) were sold at all post offices from 1 December 2008. The package contained 45 Slovak euro coins with nominal values from 1-cent (0.30 Sk) to 2 euro (60.25 Sk). [21]

A few days before the €-day, the government spent €6.5 million to educate the public about the new currency. [22]

Slovak euro design

For images of the common side and a detailed description of the coins, see euro coins.

Depiction of Slovak euro coinage | Obverse side
€0.01€0.02€0.05
Kriváň, a symbolic mountain in the High Tatras as designed by Drahomír Zobek.
€0.10€0.20€0.50
Bratislava Castle as designed by Ján Černaj and Pavol Károly.
€1.00€2.00€2 Coin Edge
Edge.slovakia.s01.jpg
The Coat of arms of Slovakia, the Double Cross on Three Hills, as designed by Ivan Řehák.

Circulating mintage quantities

Face Value [23] €0.01€0.02€0.05€0.10€0.20€0.50€1.00€2.00
200985,040,00074,220,00077,950,00067,980,00063,360,00054,020,00042,730,00035,030,000
201030,000,00050,000,000******************
201120,400,00015,000,000***************5,000,000
201210,500,000*********************
201326,030,000*********************
2014

* No coins were minted that year for that denomination
** Data not available yet
*** Small quantities minted for sets only

Identifying marks

National Identifier"SLOVENSKO"
Mint Mark Euro mintmark slovakia.jpg
Engravers Initials1,2, 5-cent Z Euro.inscription.initial.slovakia.008.jpg

10, 20, 50-cent JČ (stylised) and 'PK' (stylised) Euro.inscription.initial.slovakia.080.jpg

1, 2 euro IŘ (stylised) Euro.inscription.initial.slovakia.300.jpg

€2 Edge inscription Edge.slovakia.s01.jpg

Related Research Articles

<span class="mw-page-title-main">Euro</span> Currency of most countries in the European Union

The euro is the official currency of 20 of the 27 member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 344 million citizens as of 2023. The euro is divided into 100 cents.

<span class="mw-page-title-main">Economy of Slovakia</span> National economy of Slovakia

The economy of Slovakia is based upon Slovakia becoming an EU member state in 2004, and adopting the euro at the beginning of 2009. Its capital, Bratislava, is the largest financial centre in Slovakia. As of Q1 2018, the unemployment rate was 5.72%.

There are eight euro coin denominations, ranging from one cent to two euros. The coins first came into use in 2002. They have a common reverse, portraying a map of Europe, but each country in the eurozone has its own design on the obverse, which means that each coin has a variety of different designs in circulation at once. Four European microstates that are not members of the European Union use the euro as their currency and also have the right to mint coins with their own designs on the obverse side.

<span class="mw-page-title-main">Eurozone</span> Area in which the euro is the official currency

The euro area, commonly called eurozone (EZ), is a currency union of 20 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies.

<span class="mw-page-title-main">European Exchange Rate Mechanism</span> European system to reduce exchange rate variability after the Euro

The European Exchange Rate Mechanism (ERM II) is a system introduced by the European Economic Community on 1 January 1999 alongside the introduction of a single currency, the euro as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe.

<span class="mw-page-title-main">Czech koruna</span> Currency of the Czech Republic

The koruna, or crown, has been the currency of the Czech Republic since 1993. The koruna is one of the European Union's 8 currencies, and the Czech Republic is legally bound to adopt the euro currency in the future.

<span class="mw-page-title-main">Lithuania and the euro</span>

Lithuania is an EU member state which joined the Eurozone by adopting the euro on 1 January 2015.

The Slovak koruna or Slovak crown was the currency of Slovakia between 8 February 1993 and 31 December 2008, and could be used for cash payment until 16 January 2009. The ISO 4217 code was SKK and the local abbreviation was Sk. The koruna was subdivided into 100 haliers. The abbreviation is placed after the numeric value.

Cypriot euro coins feature three separate designs for the three series of coins. Cyprus has been a member of the European Union since 1 May 2004, and is a member of the Economic and Monetary Union of the European Union. It has completed the third stage of the EMU and adopted the euro as its official currency on 1 January 2008.

<span class="mw-page-title-main">Czech Republic and the euro</span>

The Czech Republic is bound to adopt the euro in the future and to join the eurozone once it has satisfied the euro convergence criteria by the Treaty of Accession since it joined the European Union (EU) in 2004. The Czech Republic is therefore a candidate for the enlargement of the eurozone and it uses the Czech koruna as its currency, regulated by the Czech National Bank, a member of the European System of Central Banks, and does not participate in European Exchange Rate Mechanism II.

<span class="mw-page-title-main">Latvian euro coins</span>

Latvia replaced its previous currency, the lats, with the euro on 1 January 2014, after a European Union (EU) assessment in June 2013 asserted that the country had met all convergence criteria necessary for euro adoption. The adoption process began 1 May 2004, when Latvia joined the European Union, entering the EU's Economic and Monetary Union. At the start of 2005, the lats was pegged to the euro at Ls 0.702804 = €1, and Latvia joined the European Exchange Rate Mechanism, four months later on 2 May 2005.

<span class="mw-page-title-main">Bulgaria and the euro</span> Process of Bulgaria adopting the Euro

Bulgaria committed to switching its currency, the lev, to the euro upon its joining the European Union in 2007, as stated in its EU accession treaty. The transition will occur once the country meets all the euro convergence criteria; it currently meets three of the five criteria. As the current lev was fixed to the Deutsche Mark at par, the lev's peg effectively switched to the euro on 1 January 1999, at the rate of 1.95583 leva = 1 euro, which is the Deutsche Mark's fixed exchange rate to the euro.

<span class="mw-page-title-main">Sweden and the euro</span> Overview of the relationship between Sweden and the euro

Sweden does not currently use the euro as its currency and has no plans to replace the existing Swedish krona in the near future. Sweden's Treaty of Accession of 1994 made it subject to the Treaty of Maastricht, which obliges states to join the eurozone once they meet the necessary conditions. Sweden maintains that joining the European Exchange Rate Mechanism II, participation in which for at least two years is a requirement for euro adoption, is voluntary, and has chosen to remain outside pending public approval by a referendum, thereby intentionally avoiding the fulfilment of the adoption requirements.

<span class="mw-page-title-main">National Bank of Slovakia</span> Central Bank of Slovakia

National Bank of Slovakia, is the central bank of Slovakia, a member state of the European Union since 2004 and of the euro area since 2009. It was formed on 1 January 1993 from the division of the State Bank of Czechoslovakia as part of the process of dissolution of Czechoslovakia, together with the Czech National Bank. In addition to its headquarters in Bratislava, the National Bank has 5 regional offices.

<span class="mw-page-title-main">History of the euro</span> Overview of the history of the euro

The euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union by 1999 for all EU states except the UK and Denmark.

<span class="mw-page-title-main">United Kingdom and the euro</span>

The United Kingdom did not seek to adopt the euro as its official currency for the duration of its membership of the European Union (EU), and secured an opt-out at the euro's creation via the Maastricht Treaty in 1992, wherein the Bank of England would only be a member of the European System of Central Banks.

<span class="mw-page-title-main">Enlargement of the eurozone</span>

The enlargement of the eurozone is an ongoing process within the European Union (EU). All member states of the European Union, except Denmark which negotiated an opt-out from the provisions, are obliged to adopt the euro as their sole currency once they meet the criteria, which include: complying with the debt and deficit criteria outlined by the Stability and Growth Pact, keeping inflation and long-term governmental interest rates below certain reference values, stabilising their currency's exchange rate versus the euro by participating in the European Exchange Rate Mechanism, and ensuring that their national laws comply with the ECB statute, ESCB statute and articles 130+131 of the Treaty on the Functioning of the European Union. The obligation for EU member states to adopt the euro was first outlined by article 109.1j of the Maastricht Treaty of 1992, which became binding on all new member states by the terms of their treaties of accession.

<span class="mw-page-title-main">Ján Počiatek</span> Slovak politician

Ján Počiatek is a Slovak politician.

<span class="mw-page-title-main">Croatia and the euro</span> Croatia adopted the euro as its currency, 2023

Croatia adopted the euro as its currency on 1 January 2023, becoming the 20th member state of the eurozone. This was the first expansion of the monetary union since Lithuania joined in 2015. A fixed conversion rate was set at 1 € = 7.5345 kn.

References

  1. ↑ "NBS – Hlasovanie o návrhu ruromince". National Bank of Slovakia. Archived from the original on 17 February 2006.
  2. ↑ "Statement from the 57th Meeting of the Bank Board of the NBS". National Bank of Slovakia. 20 December 2005. Archived from the original on 23 April 2006.
  3. ↑ Martina Jurinová (22 November 2005). "Public decide on motif for euro coins". The Slovak Spectator . Archived from the original on 28 February 2007.
  4. ↑ "Slovenské strany eurových mincí" (PDF). National Bank of Slovakia. Archived from the original (PDF) on 24 December 2005.
  5. ↑ "NBS Preparing to Withdraw and Destroy Koruna Notes and Coins". Archived from the original on 4 April 2008.
  6. ↑ "Slovakia Secures Commission Approval for Euro Entry". Bloomberg. 7 May 2008.
  7. ↑ "Slovakia won EU and ECB backing to adopt euro". Archived from the original on 11 February 2016.
  8. ↑ "ECB Press Release of May 7, 2008". 7 May 2008.
  9. 1 2 "EU ministers agree to let Slovakia into euro zone". Archived from the original on 23 May 2011.
  10. ↑ "Banks will start delivering euro cash to their clients in November". Archived from the original on 5 June 2008.
  11. ↑ "The Guardian UK – EU Parliament backs Slovakia's euro entry from 2009". London. Archived from the original on 18 May 2016.
  12. ↑ "European Parliament – Parliament backs Slovakia's euro area membership".
  13. ↑ "Slovenian Presidency web site – EU leaders approve Slovakia's bid to join the eurozone".
  14. ↑ "Slovak euro exchange rate is set". BBC. 8 July 2008. Retrieved 9 July 2008.
  15. ↑ "EU grants final approval for Slovakia to adopt the euro, conversion rate set at central parity". Hungary Online Financial Journal. Retrieved 9 July 2008.
  16. ↑ "Slovakia to Adopt Euro Next Year". WSJ. Archived from the original on 27 December 2018. Retrieved 9 July 2008.
  17. ↑ "Slovakia to Adopt Euro with Conversion Rate 30.126 SKK/EUR". Slovakia Today. Retrieved 15 July 2008.
  18. ↑ "Slovakia gets final EU greenlight to adopt euro". Macau Daily Times. Archived from the original on 2 October 2011. Retrieved 15 July 2007.
  19. ↑ "EU admits Slovakia to euro zone". Forbes . Retrieved 16 July 2008.[ dead link ]
  20. ↑ "Slovakia to Prestock itself with Euros". News Agency of the Slovak Republic. Archived from the original on 18 September 2008. Retrieved 9 September 2008.
  21. ↑ "Slovakia preparing to adopt the euro". eTrend. Archived from the original on 18 August 2008. Retrieved 6 August 2008.
  22. ↑ "Ahead of switch to euro, Slovakia turns up public education". EUBusiness. Archived from the original on 18 December 2008. Retrieved 17 December 2008.
  23. ↑ "Circulating Mintage quantities". Henning Agt. Archived from the original on 19 July 2011. Retrieved 18 January 2010.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.