Krone

Krone (crown, Ukrainian: короно; korono). The basic monetary unit of the Austro-Hungarian Empire from 1892, when it replaced the gulden (1 gulden for 2 krone). A krone was divided into 100 haller. In 1913 the krone was equal to 0.20 US dollars. After the establishment of the Ukrainian National Republic in 1918, the Central Rada and the Central Powers fixed the exchange rate between the Austrian gold krone and the Ukrainian gold karbovanets at the 1913 foreign-exchange level of the tsarist ruble: ie, 1 krone (valued at 0.3018 gram of gold) for 0.4 karbovanets. After the collapse of the Austro-Hungarian Empire, Austria and Hungary each issued separate krone until 1924, when the schilling became the basic monetary unit in Austria and the pengö in Hungary. In Czechoslovak-ruled Transcarpathia (1918–38; see Subcarpathian Ruthenia), the basic monetary unit from 1919 was the Czechoslovak koruna. It was based on the Swiss franc and the American dollar until 1929 when it was placed on the gold standard (1 koruna equal to 0.04458 gram of gold).

[This article originally appeared in the Encyclopedia of Ukraine, vol. 2 (1988).]