Gold coin St. Wenceslas 1 Ducat | 1925 | NGC | MS 63

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In the period following the establishment of the republic, the theory of direct free convertibility of banknotes into gold persisted. This goal was not easy to achieve, so a commercial coin, the ducat, had to be issued first. The law stipulated that the ducat would be minted in accordance with historical parameters and that its weight and purity would remain completely unchanged. Law No. 62/1923 on the minting of Czechoslovak ducats stipulated that ducats would be minted as commercial coins.

The term "commercial coin" means that it is not legal tender, i.e., it is not compulsory currency, and its value fluctuates based on supply and demand. The law precisely defined the technical parameters of the one-ducat and two-ducat coins and also stipulated that the obverse would bear the image of Duke Wenceslas, as had been the case on Czech coins for centuries, especially in the 15th and 16th centuries. Due to great interest, it was decided that five and ten ducats would also be issued on the occasion of the 1000th anniversary of Duke Wenceslas' death. These were minted from 1929. Ducats of all denominations were minted until 1938 at the mint in Kremnica. The minting was interrupted with the establishment of the Slovak state. The minting of ducats with St. Wenceslas was discontinued in 1951, when a limited quantity was minted for foreign trade. Further minting was permanently discontinued with the repeal of the law on their issuance in 1976.