|íslensk króna (|
500 krónur (1928) of the first Icelandic króna (no longer in circulation)
|Banknotes||500, 1000, 2000, 5000, 10,000 krónur|
|Coins||1, 5, 10, 50, 100 krónur|
The króna (Icelandic pronunciation:
The Icelandic króna separated from the
Iceland was forced to devalue the Icelandic króna in 1922, by 23% against the Danish krone, which saw the beginning of an independent monetary policy in Iceland, and was to be the first of many subsequent devaluations of the króna.
Iceland's first coins were 10- and 25-aurar pieces introduced in 1922. These were followed in 1925 by 1 króna and 2 krónur pieces and in 1926 by 1-, 2- and 5-aurar pieces. In 1946, the coins' designs were altered to remove the royal monogram (CXR), following Icelandic independence from Denmark in 1944.
Starting in 1967, new coins were introduced due to a considerable fall in the value of the króna. 10 krónur coins were introduced in that year, followed by 50 aurar and 5 krónur pieces in 1969 and 50 krónur pieces in 1970.
The first notes issued in 1885 by the Landssjóður Íslands were in denominations of 5, 10 and 50 krónur. In 1904, the Bank of Iceland (Íslands Banki) took over note production and introduced 100 krónur notes. In 1921, the Ríkissjóður Íslands began issuing paper money, with notes for 1, 5, 10 and 50 krónur.
In 1928, another bank, the