The krona (sign: kr; code: SEK) has been the currency of Sweden since 1873. It is locally abbreviated kr. The plural form is kronor and one krona is subdivided into 100 öre (singular and plural; when referring to the currency unit itself, however, the plural is ören). The currency is sometimes referred to as the "Swedish crown" in English (since krona literally means crown in Swedish). The Swedish krona also circulates in the Åland Islands alongside the official Finnish currency, the euro.
The introduction of the krona, which replaced at par the riksdaler, was a result of the Scandinavian Monetary Union, which came into effect in 1873 and lasted until World War I. The parties to the union were the Scandinavian countries, where the name was krona in Sweden and krone in Denmark and Norway, which in English literally means crown. The three currencies were on the gold standard, with the krona/krone defined as 1⁄2480 of a kilogram of pure gold.
After dissolution of the monetary union, Sweden, Denmark, and Norway all decided to keep the names of their respective and now separate currencies.
The Riksbank decided on 17 February 2010, to recommend the parliament to allow it to issue a 2-krona coin and a 200-krona note, the latter a new denomination for the country. However, it did not recommend replacing the 20-krona note with a coin.
Between 1873 and 1876, coins in denominations of 1, 2, 5, 10, 25, and 50 öre and 1, 2, 10, and 20 kronor were introduced, with the 1, 2 & 5 öre in bronze, the 10, 25, 50 öre and 1 and 2 kronor in silver and the 10 & 20 kronor in gold. Gold 5 kronor were added in 1881.
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