The next year, on 10 April 1919, a currency reform took place, defining the new koruna as equal in value to the Austro-Hungarian krone.

They decided to declare a currency reform effective from 1 June 1953 and to distribute new banknotes printed in the Soviet Union.

The reform had been prepared very quickly and was confidential up to the last minute, but some information leaked anyway, causing a lot of panic.

The night before the deadline, the president of Czechoslovakia, Antonín Zápotocký, made a radio speech, in which he lied to the nation that there was no possibility of a reform and quietened down the inhabitants.

Accession to the EU in 2004 meant both currencies were slotted to be replaced by the euro once their respective countries met the criteria for economic convergence and there was the political will to do so.