Czechoslovakia was a landlocked country in Central Europe, formed in 1918 following its independence from Austria-Hungary. However, the country lost territories to Hungary and Poland after the Munich Agreement in 1938, which saw the Sudetenland become part of Germany.
Eventually, between 1939 and 1945, Czechoslovakia ceased to exist as a state. During this period, Slovakia declared independence, and the eastern territories became part of Hungary, while the remaining Czech Lands were declared the German Protectorate of Bohemia and Moravia.
Prior to World War II, Czechoslovakia boasted one of the most robust economies among all industrialized European countries, and was the industrial hub for the Austro-Hungarian empire relying strongly on the manufacturing industry, producing a diverse range of goods including cars, trams, aircraft, ships, ship engines, cannons, shoes, turbines, and guns. It served as the industrial hub for the Austro-Hungarian empire, although the Slovak lands were more dependent on agriculture than the Czech lands.Following World War II, the economy shifted to a centrally planned system with command links under the control of the Communist Party, similar to that of the Soviet Union.
In 1892, the Austro-Hungarian crown was the currency of Czechoslovakia, replacing the florin. Following the dissolution of Austria-Hungary, Czechoslovakia was the only successor state to keep the name of its imperial-era currency. By the late 1920s, the Czechoslovak crown had become the most robust currency in Europe. During World War II, the currency was artificially weakened in occupied Czech territory, but it was restored after the war. However, in 1953, a highly controversial monetary reform was introduced.
When Czechoslovakia dissolved in 1993, the Czech koruna replaced the Czechoslovakian crown. Its first banknotes were overstamped 20, 50, 100, 500, and 1,000 koruna banknotes. The overstamped notes were used until a new set was introduced in 1993.