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The kuna was the currency of the Independent State of Croatia in the period between 1941 and 1945 during World War II. The word "kuna" means "marten" in Croatian and the same word is used for the current Croatian kuna currency. This kuna was subdivided into 100 banica. It was preceded and replaced by the Yugoslav dinar.



The Croatian kuna was introduced in the Independent State of Croatia (NDH) on 26 July 1941.

The kuna replace the Yugoslav dinar at par and was fixed to the German Reichsmark (RM) with dual exchange rates, one fixed at 20 kuna = 1 RM, the other a state-stimulated rate of

  • 31 December 1941 - 25.00 Kn = 1 RM
  • 31 December 1942 - 37.50 Kn = 1 RM
  • 31 December 1943 - 40.00 Kn = 1 RM
  • 31 December 1944 - 80.00 Kn = 1 RM
  • 6 May 1945 - 120.00 Kn = 1 RM

The kuna was withdrawn from circulation from 30 June to 9 July, 1945 and replaced by the 1944 issue of the Yugoslav dinar at a rate of 40 kuna = 1 dinar.


Zinc coins were issued in denominations of 1 and 2 kune in 1941, but only the 2 kune pieces are available today in appreciable numbers.


10 kuna
100 kuna
500 kuna

Kuna banknotes were introduced by the government in 1941, in denominations of 10, 50, 100, 500 and 1000 kuna. These were followed in 1942 by notes for 50 banicas and 1 and 2 kunas. In 1943, the Hrvatska Državna Banka (Croatian State Bank) introduced 100, 1000 and 5000 kuna notes. The notes were printed in Germany by Giesecke & Devrient.

Competing issues

Notes were also issued by partisan groups. These included the Zagreb Government Region (Oblasni Narod. Oslobod. Odbor Zagrebačke Oblasti), the Croatian Anti-Fascist Authority (Zemaljsko Antifašističko Vijeće Hrvatske) and the Croatian Anti-Fascist Government Authority ZAVNOH (Zemaljsko Antifašističko Vijeće Narodnog Oslobodenja Hrvatske).

The Zagreb Government Region issued notes for 500, 1000, 5000, 10,000 and 50,000 kunas. The Croatian Anti-Fascist Authority and Croatian Anti-Fascist Government Authority issued notes in 1943, denominated in both dinars and kunas, for 100, 500, 1000, 5000, 10,000 and 100,000 kunas/dinars. Notes for 100, 500 and 1000 liras were also issued without indication as to the value in kunas.

See also

External links

Independent State of Croatia kuna
Preceded by:
Yugoslav 1918 dinar
Reason: establishment of a pro-Axis puppet state
Currency of Independent State of Croatia
1941 – 1945
Succeeded by:
Yugoslav 1944 dinar
Reason: reunification of Yugoslavia as a result of World War II
Ratio: 1 dinar = 40 kuna


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