Exchange Currency
Iceland krona
The krona (plural kronur) is the currency of Iceland. The krona is technically subdivided into 100 aurar (singular eyrir), but in practice this subdivision is no longer used.
The word krona, 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"). The name "Icelandic crown" is sometimes used, for example in the financial markets.
The Icelandic krona 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's first coins were 10 and 25 eyrir pieces introduced in 1922. These were followed in 1925 by denominations 1 and 2 krona 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 krona. 10 krona coins were introduced in that year, followed by 50 eyrir and 5 krona pieces in 1969 and 50 krona pieces in 1970.
The first notes issued in 1885 by the Landssjo Islands were in denominations of 5, 10 and 50 kronur. In 1904, the Bank of Iceland took over note production and introduced 100 krona notes. In 1921, the Rikissjour Islands began issuing paper money, with notes for 1, 5, 10 and 50 kronur.
In 1929, another bank, the Landsbanki Islands took over issuance of denominations of 5 kronur and above, with the Rikissjoo Islands continuing to issue 1 krona notes until 1947. The Landsbanki Islands introduced 500 krona notes in 1935, followed by 25 and 1000 krona notes in 1957.
In 1961, the Seolabanki Islands became the central bank of Iceland and started issuing paper money, in denominations of 10, 25, 100, 500, 1000 and 5000 kronur.
In 1981, the Icelandic krona was revalued, with 100 old kronur (ISJ) being worth 1 new krona (ISK).
Technically, the krona is still composed of 100 aurar, although, in practice, coins less than one krona have not circulated for many years. In September 2002, David Oddsson, the Icelandic Prime Minister at the time, signed two regulations decreeing that all monetary amounts on invoices and financial claims should be stated and paid in whole kronur only and that coins with a value of less than one krona should be withdrawn from circulation. Aurar are still used for pricing certain shares on the Iceland Stock Exchange.
100, 500, and 1000 kronur were reissued in 1994 on the law of 5 May 1986. In the following year, a new denomination 2000 kronur was issued for the very first time. The 2000 krona note is subtly different from the other notes. For example, the underprint pattern extends all the way upward and downward, while the other denominations had white margins on every side. The Arabic numeral 2000 is printed in multi color on 3 of the 4 instances. And the numeral 2000 on the lower left corner of reverse is vertical. The "shadow" of the numeral is printed with SI in microprint.
The 22 May 2001 series saw more changes than mere date update. The underprint and microprint change of the 2000 krona note were incorporated. The 1000 and 5000 kronur notes also received metallic foils next to the portrait.
Notes of 100 kronur or less no longer circulate, as they have been withdrawn by the central bank. As of 2006, the vast majority of banknotes in circulation are of the 500, 1000, 2000 and 5000 denominations (these generally being the only notes dispensed in ATMs, for example).
Summary info
Summary information about Icelandic krona- ISO 4217 Code:
- ISK
- Currency sign:
- kr
- Country:
- Iceland
- Subunit:
- eyrir
- Coins:
- 1 krona, 5 kronur, 10 kronur, 50 kronur, 100 kronur
- Banknotes:
- 500 kronur, 1000 kronur, 2000 kronur, 5000 kronur
- Central bank:
- Central Bank of Iceland
History
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 krona 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's first coins were 10 and 25 eyrir pieces introduced in 1922. These were followed in 1925 by denominations 1 and 2 krona 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 krona. 10 krona coins were introduced in that year, followed by 50 eyrir and 5 krona pieces in 1969 and 50 krona pieces in 1970.
The first notes issued in 1885 by the Landssjo Islands were in denominations of 5, 10 and 50 kronur. In 1904, the Bank of Iceland took over note production and introduced 100 krona notes. In 1921, the Rikissjour Islands began issuing paper money, with notes for 1, 5, 10 and 50 kronur.
In 1929, another bank, the Landsbanki Islands took over issuance of denominations of 5 kronur and above, with the Rikissjoo Islands continuing to issue 1 krona notes until 1947. The Landsbanki Islands introduced 500 krona notes in 1935, followed by 25 and 1000 krona notes in 1957.
In 1961, the Seolabanki Islands became the central bank of Iceland and started issuing paper money, in denominations of 10, 25, 100, 500, 1000 and 5000 kronur.
In 1981, the Icelandic krona was revalued, with 100 old kronur (ISJ) being worth 1 new krona (ISK).
Technically, the krona is still composed of 100 aurar, although, in practice, coins less than one krona have not circulated for many years. In September 2002, David Oddsson, the Icelandic Prime Minister at the time, signed two regulations decreeing that all monetary amounts on invoices and financial claims should be stated and paid in whole kronur only and that coins with a value of less than one krona should be withdrawn from circulation. Aurar are still used for pricing certain shares on the Iceland Stock Exchange.
Coins
In 1981, coins were introduced in denominations of 5, 10 and 50 aurar, 1 and 5 kronur. These were followed by 10 krona pieces in 1984, 50 kronur in 1987 and 100 kronur in 1995. As of 1 October 2003, Icelandic banks no longer accept the 5, 10 and 50 aurar coins.Banknotes
Icelandic banknotes are printed with the dates from which the legal basis of the currency derives. In 1981, notes were issued in denominations of 10, 50, 100 and 500 kronur on the law of 29 March 1961. 1000 kronur notes were introduced in 1984, followed by 5000 kronur notes in 1986 with the same law.100, 500, and 1000 kronur were reissued in 1994 on the law of 5 May 1986. In the following year, a new denomination 2000 kronur was issued for the very first time. The 2000 krona note is subtly different from the other notes. For example, the underprint pattern extends all the way upward and downward, while the other denominations had white margins on every side. The Arabic numeral 2000 is printed in multi color on 3 of the 4 instances. And the numeral 2000 on the lower left corner of reverse is vertical. The "shadow" of the numeral is printed with SI in microprint.
The 22 May 2001 series saw more changes than mere date update. The underprint and microprint change of the 2000 krona note were incorporated. The 1000 and 5000 kronur notes also received metallic foils next to the portrait.
Notes of 100 kronur or less no longer circulate, as they have been withdrawn by the central bank. As of 2006, the vast majority of banknotes in circulation are of the 500, 1000, 2000 and 5000 denominations (these generally being the only notes dispensed in ATMs, for example).
ISK banknotes pictures gallery
| 500 Icelandic kronur | |
|---|---|
| Banknote of 500 Icelandic kronur has dimensions 70×145 mm and main colors are fuzzy wuzzy, dark terra cotta, white smoke and pale chestnut. Date of issue of 500 Icelandic kronur banknote was October 2005. | |
 Obverse side of the 500 Icelandic kronur is showing the portrait of Jon Sigurosson (1811-1879), leader of Iceland's movement for independence. |
 Reverse side of the 500 Icelandic kronur is showing Jon Sigurosson at his writing desk. |
| 1000 Icelandic kronur | |
|---|---|
| Banknote of 1000 Icelandic kronur has dimensions 150×70 mm and main colors are isabelline, almond, dark byzantium and desert sand. Date of issue of 1000 Icelandic kronur banknote was November 2004. | |
 Obverse side of the 1000 Icelandic kronur is showing the portrait of Brynjolfur Sveinsson (1605-1675) and the Bishop of Skálholt, with borders and background featuring pictures from a bedspread at the National Museum. |
 Reverse side of the 1000 Icelandic kronur is showing Brynjolfskirkja church (1650-1802) at Skalholt with a cross-section of it in the background. The main pattern is the same as on the borders on the obverse. At the side is an image of the Madonna from a gold ring owned by Bishop Brynjolfur Sveinsson. |
| 2000 Icelandic kronur | |
|---|---|
| Banknote of 2000 Icelandic kronur has dimensions 150×70 mm and main colors are beaver, grullo, rosy brown, carolina blue and splashed white. | |
 Obverse side of the 2000 Icelandic kronur is showing the portrait of Artist Johannes S. Kjarval (1885-1972). |
 Reverse side of the 2000 Icelandic kronur is showing the Kjarval's painting Yearning for Flight and his drawing Woman and Flowers. |
| 5000 Icelandic kronur | |
|---|---|
| Banknote of 5000 Icelandic kronur has dimensions 155×70 mm and main colors are aurometalsaurus, manatee, platinum and pastel gray. Date of issue of 5000 Icelandic kronur banknote was November 2003. | |
 Obverse side of the 5000 Icelandic kronur is showing the portrait of Ragnheidur Jonsdottir (1646-1715), third wife of Gisli Porlaksson, Bishop of Holar. |
 Reverse side of the 5000 Icelandic kronur is showing the Ragnheidur Jonsdottir teaches two girls the art of embroidery. |
Useful links
- About Central Bank of Iceland:
- Central Bank of Iceland
- List of currencies:
- Currencies
- Security and design features of ISK banknotes:
- ISK banknotes
- ISK currency on Wikipedia:
- Icelandic krona
- Official Website of Central Bank of Iceland:
- www.sedlabanki.is
- Commemorative coins:
- Commemorative Coins