Icelandic króna
From Free net encyclopedia
| Icelandic Króna Banknotes | |
|---|---|
| Denomination | Portrait |
| 10 | Arngrímur Jónsson the Learned |
| 50 | Guðbrandur Þorláksson |
| 100 | Árni Magnússon |
| 500 | Jón Sigurðsson |
| 1000 | Brynjólfur Sveinsson |
| 2000 | Jóhannes Kjarval |
| 5000 | Ragnheiður Jónsdóttir |
| Image:Isl Krone.JPG | |
| 100 krónur (1995) | |
| Image:Iceland Krona Coins.jpg | |
| Value face of 1, 10, 50 and 100 Kronur) | |
The króna (plural krónur) is the name of the currency used in Iceland. The name, meaning "crown", is related to that of other Nordic currencies (such as the Swedish krona and Norwegian krone). The ISO currency code is ISK. The króna is worth about 1.35 euro cents and 1.64 US cent as of January 9, 2006.
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 independence from Denmark in 1918. Since 1961, circulation of the Icelandic króna has been controlled by Seðlabanki Íslands, the Central Bank of Iceland. In 1981, the Icelandic króna was revalued, with 100 old krónur being worth 1 new króna.
Technically the króna is composed of 100 aurar (singular eyrir), although in practice coins of value less than one króna have not circulated for many years. In September 2002, Davíð 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 krónur only, and that coins with a value of less than one króna should be recalled from circulation.
As of 2005, the following notes and coins (issued since the 1981 revaluation) are legal tender:
- Notes: 5000, 2000, 1000, 500, (100, 50, 10 krónur)
- Coins: 100, 50, 10, 5, 1 krónur
As of October 1st 2003, Icelandic banks no longer accept the 5, 10 and 50 aurar coins. Notes of 100 krónur or less no longer circulate, as they have been withdrawn by the central bank.
It should be noted that the use of cash is diminishing in Iceland, as the population prefers to use electronic forms of money.
See also
External links
- Central Bank of Iceland
- Ron Wise's World Paper Money Homepage - Scans of Icelandic notes
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