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Banknotes

The first banknotes were provisional payment notes issued on October 8, 1991, in denominations of 1, 2, 5, 10, 50, 100, 200, 500, 1000 and 5000 tolarjev. These notes all feature a bee on the obverse and Triglav, the tallest mountain in Slovenia, on the reverse. In 1992, the Bank Slovenije introduced the following banknotes, all of which feature important Slovenians.

Coins

In 1992, coins were introduced in denominations of 10, 20 and 50 stotinov, 1, 2 and 5 tolarjev. 10 tolarjev coins were added in 2000, followed by 20 and 50 tolarjev in 2003. The obverse designs all show the denomination, with animals native to Slovenia on the reverses.

Description

The tolar was the currency of Slovenia from 1991 until the introduction of the euro on December 31, 2006. It was subdivided into 100 stotinov. The ISO 4217 currency code for the Slovenian tolar was SIT.

Etymology

The name tolar comes from Thaler, and is cognate with dollar. As Slovenian is one of the few languages with a grammatical dual, the correct inflections of the word "tolar" are 2 tolarja for 2 SIT, but tolarji for 3 or 4 SIT. For 5 SIT or more, the word tolarjev, genitive plural of tolar, is used.

Historical exchange rates

Lower number indicates the tolar has a higher value. * SIT per EUR – 233.0 (April 2006); 239.5 (June 2005); 235.7 (November 2003); 227.3 (June 2002). From 1 January 2007 the rate was irrevocably set at 239.640 and has been finalised by the EC. * SIT per USD – 193.0 (April 2006); 198.0 (June 2005); 201.3 (November 2003); 195.06 (January 2000); 181.77 (1999); 166.13 (1998); 159.69 (1997); 135.36 (1996); 118.52 (1995).

History

The tolar was introduced on October 8, 1991. It replaced the 1990 (Convertible) version of Yugoslav dinar at parity. On June 28, 2004 the tolar was pegged against the euro in the ERM II [1], the EU's exchange rate mechanism. All recalled banknotes can be exchanged at the central bank for current issue.

Phase-out

On January 1, 2007, the tolar was supplanted by the euro. Slovenia issues its own euro coins, like all other nations in the Eurozone. The timescale for conversion from the tolar to the euro operated differently from the first wave of EMU. The permanent euro/tolar conversion rate was finalised on July 11, 2006 at 239.640 tolar per euro. During the first wave of EMU, this period was only a day (the conversion rates were fixed on 31 December 1998 and euro non-cash payments were possible from 1 January 1999). Also unlike the first wave of EMU which had a three year transition period (1999-2001), there was no transition period when non-cash payments could be made in both tolar and euro. The tolar was used for all transactions (cash and non-cash) until 31 December 2006 and the euro must be used for all payments (cash and non-cash) from 1 January 2007. However, as with the first wave of EMU, cash payments with the tolar could continue until 14 January 2007, but change had to be given in euro.

References

* Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991 (18th ed. ed.). Krause Publications. ISBN 0873411501.  * Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9. 

See also

* Slovenian euro coins * Economy of Slovenia