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 System were used to keep the currencies within a narrow range. In the early 1990s the European Monetary System was strained by the differing economic policies and conditions of its members, especially the newly reunified Germany, and Britain (which had initially declined to join and only did so in 1990) permanently withdrew from the system in September 1992. Speculative attacks on the French Franc during the following year led to the so-called Brussels Compromise in August 1993 which established a new fluctuation band of +15%. European currency exchange rate stability has been one of the most important objectives of European policy