The currency of the Czech Republic is called the Koruna (pl. Korun). Koruna banknotes are issued in 20, 50, 100, 500, 1000, and 5000 Korun denominations. Coins are divided into Haler. 100 Haler equals 1 Koruna.

The importation or exportation of CZK 200,000 or more (or foreign currency equivalent to that amount) must be declared to and authorized by Czech financial authorities.

The Czech Koruna was issued in 1993 and replaced the notes of Czechoslovakia.

To view images of Czech Republic currency visit this site: http://www.banknotes.com/cz.htm

Prague is considered to be the most expensive place to live in the Czech Republic, yet even there the cost of living is significantly lower than in comparable western European cities. Outside of Prague the cost of living decreases dramatically. Real estate costs remain significantly lower than the rest of western Europe, although they are on the increase.

Examples

Estimated cost of a decent restaurant meal for two in Italy (including wine): Euro 80.00
Estimated cost of an equivalent restaurant meal for two in Prague: Euro 40.00
Estimated cost of a similar restaurant meal for two in a Czech provincial town: Euro 25.00

The two most expensive aspects of life in Prague are the cost of rental housing (which is in relatively short supply) and mobile telephone use. Rents are still significantly less expensive than in comparable western European cities.

Added 28/02/06 by Mick - "Coins exist in 1, 2, 5, 10, 20 and (very very seldom, keep it if you get one) 50 kC
Banknotes do not exist in 20 kC, but also in 2000."