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The Changing Faces Of Slovenian Money

The Changing Faces Of Slovenian MoneyThe Changing Faces Of Slovenian Money

Slovenian money has experienced much excitement in the past few decades. This country was formerly a part of Yugoslavia during the cold war. They used the currency of that country until they achieved independence in 1991. For most of the next two decades they used the Slovenian tolar. Finally they switched to the Euro in 2007.

The Slovenian Tolar

During the cold war Yugoslavia was a communist country associated with the Soviet Union. When the Soviet Union fell in 1991, Slovenia joined many other countries in asserting a new identity. After separating from Yugoslavia, the people of Slovenia formed their own government and established their own currency. They named this new currency the tolar, based on the word thaler. This latter word was a commonly applied to currency in Europe during the Middle Ages.

The tolar was divided into fragments known as stotins. It took 100 stotins to make one tolar. The government of Slovenia issued bills as large as 10,000 tolars.

The Euro

While Slovenia was busy establishing its new identity, Europe was also re-envisioning itself. Many new countries, like Slovenia, were invited to apply for entrance to the European Union. Slovenia successfully completed the application process. They began to phase out the tolar in favor of the Euro. On the first day of 2007, the Slovenian tolar was officially dropped and the Euro was accepted as the valid currency of Slovenia. The Euro remains the currency of Slovenia to this day.

In Slovenia, as in all of the European countries which share this currency, the Euro appears as seven notes and eight coins. It takes 100 cents to make one Euro. The coins are issued in denominations worth one, two, five, 10, 20 and 50 cents. There are also coins worth one and two Euros. Bills or bank notes begin at five Euros and include denominations as high as 500. The Euro is the single currency in Slovenia.

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