Back in 1892 the krone or crown in English replaced the Guiden which was the currency in this country. The name Krone was invented by the emperor at the time named Frantz Joseph I. By the 1920s this was the hardest currency in all of Europe. During the Second World War, the value of money in this country decreased like the currencies of much of Europe. Once the war was over the entire monetary system was revised in 1953.
By 1993 the koruna was introduced. The koruna was off to a tough start. For a time the value of money decreased, and the exchange rate was very low. To strengthen the economic system, there is a policy that started going into effect in 2016 and will continue into 2017. The koruna is made up of paper money as well as coins with different values. The paper money is known as stamps. They have images on them that show the heritage of the country and the struggle that has gone on in Europe over the years.