The euro became Estonia’s official currency in 2011, making Estonia the euro area’s 17th member.
Estonia adopted euro banknotes and coins on 1 January 2011, replacing the Estonian kroon. The change followed approval by European Union institutions after Estonia met the convergence requirements for joining the single currency.
The euro is divided into 100 cents and is managed through the Eurosystem, which includes the European Central Bank and the national central banks of euro-area countries. Estonia’s transition made it the first former Soviet republic to adopt the euro.
The Estonian kroon had been reintroduced in 1992 after independence from the Soviet Union. It had replaced the Soviet ruble and was linked to a currency-board system before Estonia entered the euro area. Estonia’s euro coins carry a national design featuring an outline map of the country.