The currency of the Czech republic is the koruna (crown), plural koruny or korun. The currency code CZK is often used internationally, but the local symbol is Kč (for Koruna česká). 1 koruna is made up of 100 haléř (haléřů), abbreviated to hal., but coins are only issued in whole koruna values from October 2008 on.
The exchange rate is approximately 25Kč = €1, 30Kč = £1 GBP, 20Kč = $1 (US), or 16Kč = $1 (Canadian). As of 5 April 2012, €1 = 24,66Kč (Google).
Coins are issued in 1Kč, 2Kč, 5Kč (all stainless steel), 10Kč (copper-colored), 20Kč (brass-colored) and 50 Kč (copper-colored ring, brass-colored center). Notes are issued in 100Kč (aqua), 200Kč (orange), 500Kč (red), 1000Kč (purple), 2000Kč (olive green) and 5000Kč (green-purple). Be aware that all 20Kč banknotes, haléř coins, and older-style 1000Kč and 5000Kč banknotes from 1993 are NOT a legal tender.
Some major stores (mainly bigger chains) will accept Euros, and it's also fairly common for accommodation providers to quote the price in Euros. At shopping areas along the Austrian border and petrol stations in the whole country change is given in Euros, but supermarkets and similar stores in downtown Prague (and probably other cities) return only Kč, even though they accept €.
Never exchange money on the street. Also, if you're in Prague, don't exchange it in the banks. There is no "black market" with better rates, but there is a good chance you'll end up with a roll of worthless paper. Be very careful when you are exchanging money at a small exchange kiosk. They try to use tricks in order to give you a bad exchange rate. Ask for the total amount you will get and recompute it by yourself. Do not trust "0% commission" in big letters signs (often there is an "only when selling CZK" amendment in small letters, and buying CZK still includes a commision).
Generally, exchange offices on the airport, rail stations and main tourist streets do not offer a good rate. Local people exchange money in exchange offices in less frequented areas, such as around the "Politických vězňů", "Opletalova" or "Kaprova" streets. In some cases, one can get a better rate by using ATMs instead of changing cash.
Major stores throughout the country accept Visa and EC / MC, as do all the tourist stores in Prague.
Prague is really very cheap. Compared with other European major cities such as Paris, Rome, London, Munich, Barcelona, Venice, etc. it is the best city in appreciation of historical monuments, great original architecture, culture and art. It is almost half the cost as in the above cities.
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