Krona
From Wikipedia, the free encyclopedia.
Krona is the name of the currency used in Iceland. The plural form is kronur. The name, meaning originally "crown", is analogous to that of other Nordic currencies. The ISO currency code is ISK.
The Icelandic Krona became a separate currency from the Scandinavian Krona after dissolution of the Scandinavian Monetary Union at World War I and after gaining sovereignty from Denmark in 1918. Circulation of the Icelandic Krona is since 1961 controlled by Seolabanki Islands, the Central Bank of Iceland. In 1980 the Icelandic Krona was revalued, with 100 old kronur being worth 1 new Krona. Technically the Krona is composed of 100 aurar (singular eyrir), although in practice coins of less than 1 Krona have not circulated for many years.
As of 2003, the following notes and coins (issued since 1980) are legal tender:
- Notes: 5000, 2000, 1000, 500, 100, 50, 10 kronur.
- Coins: 100, 50, 10, 5, 1 kronur, and 50, 10, 5 aurar.
In September 2002 the Icelandic Prime Minister signed two regulations, saying that all monetary amounts on invoices and financial claims should be stated and paid in whole kronas only, and that coins of less value than one krona should be recalled from circulation. As of October 1st 2003, Icelandic banks no longer accept the 5, 10 and 50 aurar coins.
See also: Scandinavian Monetary Union, Danish Krone, Swedish Krona, Estonian Kroon, Czech Koruna
External links
- Central Bank of Iceland - Exchange rates
- Ron Wise's World Paper Money Homepage - Scans of Icelandic notes