CASH
Estonia issued into circulation 1501.6 million kroons of cash in 1993. Together with cash already in circulation, the total amount of cash in circulation was 2730.2 kroons.
Table 4
Structure of cash in circulation (excl. Eesti Pank cash position) as of 1 January 1994
| Denomination |
Structure as of 1.01.1994 |
Share |
Thousand
kroons |
Thousand
pcs. |
Thousand
kroons as of
21.06.92 |
% as of
1.01.94 |
Thousand
pcs. as of
21.06.92 |
% as of
1.01.94 |
| I.Banknotes |
|
|
|
|
|
|
| 1 kroon |
9109.8 |
9109.80 |
2.77 |
0.34 |
29.52 |
14.48 |
| 2 kroons |
12040.3 |
6020.15 |
2.84 |
0.44 |
15.13 |
9.57 |
| 5 kroons |
43081.3 |
8616.26 |
10.93 |
1.59 |
23.25 |
13.7 |
| 10 kroons |
125721.9 |
12572.19 |
15.85 |
4.64 |
16.86 |
19.99 |
| 25 kroons |
283524.8 |
11340.99 |
29.83 |
10.47 |
12.69 |
18.03 |
| 100 kroons |
1347317.3 |
13473.17 |
20.43 |
49.77 |
2.17 |
21.42 |
| 500 kroons |
886409 |
1772.82 |
17.35 |
32.74 |
0.38 |
2.82 |
| Banknotes total |
2707204.4 |
62905.38 |
100 |
100 |
100 |
100 |
| II.Coins total |
22989.4 |
X |
X |
X |
X |
X |
| III TOTAL |
2730193.8 |
X |
X |
X |
X |
X |
| o/w cash position of commercial banks
|
349829 |
X |
X |
X |
X |
X |
As it was necessary to start producing banknotes long before monetary reform, without knowing decisions which would be made by the Monetary Reform Committee later, it was not possible to foresee the optimal structure of banknotes. Because of this, since monetary reform, small denomination banknotes have constantly been withdrawn from circulation. The changes that have taken place in the structure of cash from 21 June 1992 to 1 January 1994 can be seen in the following Table.
Table 5
Structure of cash as of 21 June 1992 compared to that of 1 January 1994 (thousand pcs.)
| Denomination |
As of 21 June 1992 compared
to that of 1 January 1994 (+;-) |
| Banknotes |
|
| 1 kroon |
-6890.20 |
| 2 kroons |
-2179.85 |
| 5 kroons |
-3983.74 |
| 10 kroons |
+3432.19 |
| 25 kroons |
+4460.99 |
| 100 kroons |
+12295.17 |
| 500 kroons |
+1572.82 |
| Total |
+8707.38 |
In general, Estonian banknotes have proven durable. This is true also of the technically less successful 1- and 2-kroon banknotes. The Money Laboratory of Eesti Pank compiled regulations for giving expert opinion on banknotes and conducted 50 examinations of damaged banknotes to prepare suggestions for withdrawing them from circulation. Work on a methology for measuring security features on Estonian banknotes according to international convention was started.
In 1993 the Eesti Pank Money Laboratory conducted 21 examinations of forged 100- and 500-kroon banknotes that had been withdrawn from circulation. Results show that the security against forgery of Estonian banknotes is high. The quality of forged banknotes does not reach the level of standard proofs and it is not difficult to detect forgery. Information of forged banknotes was immediately passed to Estonian commercial banks, the Police Department, Security Police and the Interpol National Bureau.
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