Icelandic króna

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The króna (plural krónur) (sign: kr; code: ISK) is the currency of Iceland. The króna is technically subdivided into 100 aurar (singular eyrir),[1] but in practice this subdivision is no longer used.

The word króna, meaning "crown", is related to that of other Nordic currencies (such as the Danish krone, Swedish krona and Norwegian krone) and to the Latin word corona ("crown").[2] The name "Icelandic crown" is sometimes used, for example in the financial markets.

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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.

Coins

Iceland's first coins were 10 and 25 eyrir pieces introduced in 1922. These were followed in 1925 by denominations 1 and 2 króna pieces and in 1926 by 1, 2 and 5 eyrir pieces. In 1946, the coins' designs were altered to remove the royal monogram (CXR), following Icelandic independence from Denmark in 1944, when Denmark (but not Iceland) was occupied by Nazi Germany.

Starting in 1967, new coins were introduced due to a considerable fall in the value of the króna. 10 króna coins were introduced in that year, followed by 50 eyrir and 5 króna pieces in 1969 and 50 króna pieces in 1970.

Banknotes

The first notes issued in 1885 by the Landssjóð 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 króna notes. In 1921, the Ríkissjóð Íslands began issuing paper money, with notes for 1, 5, 10 and 50 krónur.

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