It was devalued, on 1 October 1940, to a rate of 11.62 Slovak korunas to one Reichsmark, while the value of the Bohemian and Moravian currency remained unchanged against the Reichsmark.

Compared to the pre-war Czechoslovak koruna, the Slovak koruna coins had an additional 50 Ks, the silver content of the 10 and 20 Ks coins was reduced from 700 ‰ to 500 ‰ and all but 5 Ks shrank in physical sizes.

The designers were Anton Hám, Andrej Peter, Gejza Angyal, Ladislav Majerský and František Štefunko.

In 1939, Czechoslovak notes for 100, 500 and 1000 korún were issued with Slovak Republic overprinted on them for use in Slovakia.

That year also saw the introduction of 10 and 20 koruna notes by the government.