1 kroon 1 kroon The 1 kroon (1 EEK) is the smallest valued banknote of the Estonian kroon, the former currency of Estonia. Kristjan Raud (1865–1943), an Estonian painter, teacher, and cultural historian, is featured with a portrait on the obverse. A view of Toompea Castle in Tallinn appears on the reverse. The 1 kroon was only issued once and had been steadily going out of circulation since a coin of the same value was also issued. At the time of replacement by the euro, it was very rarely found in use on an everyday basis. It can be exchanged indefinitely at
European Monetary Institute creation of the ECB and the European System of Central Banks (ESCB) which took over its expanded responsibilities as the euro was launched. The EMI was the key monetary institution of the second phase of the Economic and Monetary Union of the European Union. The EMU encouraged cooperation between the national banks of the member states of the European Union (EU) and laid the foundation for the euro. It had less than 250 staff, mostly seconded from national central banks, and was based in the Eurotower, Frankfurt (Germany), where the ECB is now based. European Monetary Institute The European Monetary