Czechoslovakia was a former Central European country formed in 1918 from the provinces of Austria-Hungary. It was prosperous and stable in the interwar period, occupied by Nazi Germany, and under Soviet rule until 1989.  

Czechoslovakia emerged at the end of World War I, uniting the Czech Lands and Slovakia. The region's location at the heart of Europe brought various influences and traditions. Czechs and Slovaks shared many cultural similarities but developed distinct identities. The new country was recognized by France and other Allies, with Czechs and Slovaks accounting for the majority of the population. The country also had other nationalities, including Germans, Hungarians, Ruthenians, and Poles. 

Czechoslovakia had a centralized, socialist economy that was controlled by the government and the Communist Party. It operated on a national plan rather than market forces. The Soviet model was applied in Czechoslovakia despite its differences, as it aimed to quickly develop heavy industry and defense production. By the mid-1980s, the country had a highly industrialized economy, with the industrial sector contributing the most to aggregate production. The socialist sector generated almost all of the national income, and the majority of the workforce was employed in this sector. 

The koruna (Kcs) was the national currency of Czechoslovakia, divided into 100 haleru. Its first banknotes were those of the Austro-Hungarian Bank, to which adhesive stamps were affixed. These were denominated at 10, 20, 50, 100, and 1000 korun as a provisional issue. Regular banknotes of Czechoslovak koruna were subsequently issued by the Republic of Czechoslovakia between 1919 and 1926, in denominations of 1, 5, 10, 20, 50, 100, 500, 1000, and 5000 korun. 

In 1926, the Czechoslovak National Bank took over production. The bank introduced a new set of notes bearing the design of Alfons Mucha. The 100 koruna bill featured a portrait of Josephine Crane Bradley as Slavia.

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