5 Korun

Czechoslovakia's first postwar issues were produced in a hurry. This 5 Korun belongs to the inaugural domestic series issued directly by the Ministry of Finance — not a central bank — because no such institution yet existed. The new state had been declared only in October 1918, and the immediate priority was stamping Austro-Hungarian notes to sequester currency before capital fled across the new borders. These printed replacements followed shortly after, filling the gap while monetary institutions were still being legislated into existence.

The print run of just over twelve million is modest for a low-denomination note, suggesting limited reissue. Surviving examples in any condition above heavy use are harder to locate than the circulation figures might imply.