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
Monetary system Monetary system A monetary system is the set of institutions by which a government provides money in a country's economy. Modern monetary systems usually consist of the national treasury, the mint, the central banks and commercial banks. A commodity money system is a monetary system in which a commodity such as gold or silver is made the unit of value and physically used as money. The money retains its value because of its physical properties. In some cases, a government may stamp a metal coin with a face, value or mark that indicates its weight or asserts its purity, but