The Republic of Czechoslovakia was founded after the World War I with its independence being proclaimed on October 28, 1918. Its area used to be a part of the old Austrian-Hungarian Empire. The so-called First Republic lasted till 1938 when the region along the border with Germany called Sudetenland was annexed by the Germany. The country was invaded by Germany in 1939 and the protectorate of Bohemia and Moravia was established. The country's independence was reestablished after the World War II in 1945. The control of the government was seized by the Communists in February 1948, which sent the country under the Soviet sphere of influence. The country was converted into the Czechoslovak Socialist Republic by the adoption of new constitution in 1960. The era of Communists ended in 1989 by the so-called Velvet Revolution and the Czech and Slovak Federal Republic was formed, which was split into the Czech Republic and The Republic of Slovakia in 1993. After the creation of an independent Czechoslovakia in 1918, an urgent need emerged for the establishment of a new currency system that would distinguish itself from the currencies of the other newly born countries suffering from inflation. On April 10, 1919, a currency reform took place, defining the new koruna as equal in value to the Austro-Hungarian krone. The first banknotes came into circulation the same year, the coins three years later, in 1922. This first koruna circulated until 1939, when separate currencies for Bohemia and Moravia and Slovakia were introduced (both at par with the Czechoslovak koruna). The Czechoslovak koruna was re-established in 1945, replacing the two previous currencies at par. Effective from June 1, 1953, a currency reform was declared. On February 8, 1993, the Czechoslovak koruna was replaced by the Czech koruna and the Slovak koruna, both at par.
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