1 kroon coin (1934) of only 16 mm and on the front the inscription "Eesti" instead of "Eesti Vabariik". These coins are both made of gold as well as silver. Another re-issued version of the coin is about its original size, but the quality of the parts is much worse. In 2012, the 1934 one-kroon coin was voted "the prettiest coin ever to be in circulation in Estonia". 1 kroon coin (1934) The 1 kroon coin was put in circulation from 1 August 1934 to 25 March 1941, during the first independence period of Estonia. The exact number of coins minted is not known,
History of the euro and devaluations set back aspirations for European monetary union. However, in March 1979 the European Monetary System (EMS) was created, fixing exchange rates onto the European Currency Unit (ECU), an accounting currency, to stabilise exchange rates and counter inflation. It also created the European Monetary Cooperation Fund (EMCF). In February 1986 the Single European Act formalised political co-operation within the Community including competency in monetary policy. European Council summit in Hannover on 14 June 1988 began to outline monetary co-operation. France, Italy and European Commission backed a fully monetary union with a central bank, which British Prime Minister Margaret Thatcher