Icelandic króna

Icelandic króna
íslensk króna (Icelandic)
Iceland 500 Kronur banknote of 1928.jpg
500 krónur (1928) of the first Icelandic króna (no longer in circulation)
ISO 4217
CodeISK
Denominations
Subunit
 1/100eyrir
(obsolete 2003)[1]
Pluralkrónur
 eyriraurar
Symbolkr, Íkr
Nicknamekall
Banknotes500, 1000, 2000, 5000, 10,000 krónur
Coins1, 5, 10, 50, 100 krónur
Demographics
User(s) Iceland
Issuance
Central bankCentral Bank of Iceland
 Websitewww.sedlabanki.is
PrinterDe La Rue
Valuation
Inflation1%
 SourceHagstofa Íslands (Statistics Iceland, Nov 2014)

The króna (Icelandic pronunciation: ​[ˈkʰrou:na]; plural krónur) (sign: kr; code: ISK) is the currency of Iceland. Iceland is the smallest country to have its own currency and monetary policy.[2][3][4][5]

Like the Nordic currencies (such as the Danish krone, Swedish krona and Norwegian krone) that participated in the historical Scandinavian Monetary Union, the name króna (meaning crown) comes from the Latin word corona ("crown"). The name "Icelandic crown" is sometimes used, for example in the financial markets. The word eyrir derives from Latin aureus ("golden"), there being historically 100 gold pieces to a crown.[citation needed]

First króna, 1874–1981

The Danish krone was introduced to Iceland in 1874, replacing the earlier Danish currency, the rigsdaler. In 1885, Iceland began issuing its own banknotes.

The Icelandic króna separated from the Danish krone after the dissolution of the Scandinavian Monetary Union at the start of World War I and Icelandic autonomy from Denmark in 1918. The first coins were issued in 1922.

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.[6]

In 1925 the króna was pegged to the British pound for the next 14 years until the spring of 1939.[6][7] Later in 1939 the currency was pegged to the US Dollar, which was maintained until 1949.[6]

Coins

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.

Banknotes

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 Landsbanki Íslands, took over issuance of denominations of 5 krónur and above, with the Ríkissjóður Íslands continuing to issue 1 króna notes until 1947. The Landsbanki Íslands introduced 500 krónur notes in 1935, followed by 25- and 1000-krónur notes in 1957.

In 1961, the Seðlabanki Íslands became the central bank of Iceland and started issuing paper money, in denominations of 10, 25, 100, and 500 krónur. They were manufactured in England by De la Rue.

Other Languages
asturianu: Corona islandesa
azərbaycanca: İslandiya kronu
Bân-lâm-gú: Peng-tó króna
беларуская: Ісландская крона
беларуская (тарашкевіца)‎: Ісьляндзкая крона
български: Исландска крона
bosanski: Islandska kruna
Esperanto: Islanda krono
Gaeilge: Króna
hrvatski: Islandska kruna
বিষ্ণুপ্রিয়া মণিপুরী: আইসল্যান্ডিক ক্রোনা
Bahasa Indonesia: Króna Islandia
íslenska: Íslensk króna
lietuvių: Islandijos krona
македонски: Исландска круна
Nederlands: IJslandse kroon
norsk nynorsk: Islandsk króna
português: Coroa islandesa
Simple English: Icelandic króna
slovenčina: Islandská koruna
српски / srpski: Исландска круна
srpskohrvatski / српскохрватски: Islandska kruna
українська: Ісландська крона
粵語: 冰島克朗
žemaitėška: Islandėjės kruona
中文: 冰岛克朗