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Slovakia introduces the euro on 1-Jan-2009


tabbs
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In about half a year, Slovakia will replace the korun (SKK) with the euro. The Council of the European Union decided last week that Slovakia can be a member of the euro area as from 1 January 2009. After the convergence reports from the ECB and the Commission, and the positive vote of the European Parliament, the heads of state/government concluded that Slovakia meets the euro criteria.

http://www.eu2008.si/en/News_and_Documents...vakia_euro.html

 

The ECB report earlier this year was a little skeptical, due to inflation concerns, but the bank does not make the decisions in this regard. The next, and final, step will be the meeting of the Ecofin Council on 8 July when issues like the final SKK-EUR conversion rate will be on the agenda.

 

Slovakia will be the fourth country that introduces the common currency after the 2004 enlargement of the EU, and the first from the former "Eastern Bloc". Here http://www.coinpeople.com/index.php?showtopic=5079 is some more info about the design contest and the 2005 design vote.

 

Christian

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Here are some images of actually minted Slovak euro and cent coins. The Kremnica mint - one of the oldest mints in the world http://www.mint.sk/onas_historia.php?lang=en by the way - was fast, it seems. :ninja: It will take some more time, however, until people can get hold of them: Frontloading won't start until September/October. The pieces will become legal tender on 1 January.

 

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The €2 coin (http://farm4.static.flickr.com/3047/2590531340_003a78130f.jpg)

 

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The €1 coin (http://farm4.static.flickr.com/3152/2590531306_9e8ea83e9a.jpg)

 

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The 20 cent coin (http://farm4.static.flickr.com/3050/2590531244_7243e2014e.jpg - this is the design for the 10, 20, 50 ct coins)

 

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The 2 cent coin (http://farm4.static.flickr.com/3075/2589695605_6fd0ce36dc.jpg - this is the design for the 1, 2, 5 ct coins)

 

Here is a video (in Slovak ... or Slovakian?) that shows the coins, brief interviews with two coin designers, the mint in Kremnica (well, from outside) and more:

 

Christian

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I must say, those designs look pretty good now I see them minted.

Yes, I find them nice too. The background pattern on the €1 and €2 coins I don't like that much, but all in all they are OK. At least they picked three different designs. (Bulgaria had a public design vote this month, and it seems they will use the Madara Horseman only.)

 

Saor Alba 2010!! :ninja:

Catalunya Lliure 2011! Vrij Vlaanderen 2012! (And may I add Freies Rheinland 20 - - ;) ) Problem is, will the EU accept us? No further enlargements due to the Irish No, I suppose. We would have to stay out and cannot have Scottish, Flemish, Catalan or Rhenanian euro coins minted. Bummer ...

 

Christian

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Well I wont get into it in great detail but there are some who argue since Scotland is already in the EU, with MEP's and implementing EU legislation, that Independence would largely be a "reconfiguration" and not a full on enlargement. In addition some argue that since the basis of the UK is the Union between England and Scotland that any split would effect the status of both Scotland and the remainder of the UK in several areas including international memberships. Unfortunately Westminster would like to keep this argument as confusing as possible to put people off the idea. :ninja:

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We'll see. :ninja: In the meantime we have some more info about the changeover from the Slovak korun (SKK) to the euro:

 

July 2008

The official EUR-SKK conversion rate is determined. The rate will be fixed at the Ecofin meeting tomorrow, I think - should be somewhere near 30 korun per euro. (see further below)

August 2008

Dual pricing becomes mandatory for most products and services (until December 2009).

September 2008

Euro cash "frontloading" starts (for commercial banks and some major businesses).

November 2008

Euro cash "sub-frontloading" starts (money supply for retailers).

 

January 2009

* Thu 1 Jan - On New Year's Day the euro becomes legal tender in Slovakia. As from that day "scriptural payments" (guess that affects non-cash transactions) will be in euro. The SKK cash can be used for about two more weeks (see below).

* Thu 1 Jan - Until the end of February, the central banks in Euroland and their branch offices will exchange SKK cash (paper money only) into EUR cash.

* Sat 17 Jan - The SKK cash cannot be used for payments any more. Coins and notes can be exchanged at commercial banks: SKK coins until 30 June, notes until 31 December. (Banks may charge a fee for amounts exceeding 100 notes or coins.)

 

Cash redemption

The central bank (NBS) exchanges SKK circulation coins until the end of 2013. There is no deadline for the redemption of paper money and commemorative coins. The service is free of charge.

 

(Edit) The conversion rate is 30.1260, see http://www.consilium.europa.eu/ueDocs/cms_...ofin/101730.pdf

 

Christian

Edited by tabbs
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  • 2 weeks later...

More news from Slovakia: The euro starter kits (500 SKK) will be available as from 1 December 2008. One kit "costs" 500 korun, and you'll get euro and cent coins worth 500.09 SKK. The kits can be had at Slovakian banks and post offices.

 

Next year Slovakia will of course participate in the joint €2 commemorative issue (10 Years Monetary Union). But according to the central bank http://www.nbs.sk/MENA/EMIS/INDEXA.HTM there will also be an extra €2 commem later that year, dedicated to the 20th anniversary of the fight for freedom and democracy ...

 

Christian

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  • 1 month later...

Today the Slovak finance minister Pociatek and central bank governor Sramko were at the mint in Kremnica to officially launch the serial production of the country's euro coins. Here is a short article in English: http://www.tasr.sk/30.axd?k=20080819TBB00364

 

Here in one in Slovak http://www.euromena.sk/10820/1611s10820c - and while I do not understand much, I noticed the link to this photo gallery: http://www.euromena.sk/photogallery-zaciat...ch-minci/10821c Below is one of the pictures.

 

01-DSC_6580.jpg

 

Christian

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Did anyone ever find any of those Euro coins which where stamped with two standard sides?

"Found" only in the sense that I found a picture of such a piece, hehe ...

http://www.cgb.fr/monnaies/vso/v18/fr/monnaies0705.html

 

Well, of course you cannot really see anything special :ninja: but apparently that piece has two common sides. According to the description, however, that is not a coin from Kremnica (SK) but from Pessac (FR): It was in the Parisian area, in an original (mint) roll.

 

Christian

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