The krona has been the currency of Sweden since 1873 and is subdivided into 100 öre.
Origins and history
The krona was introduced in Sweden for the first time in 1873 to replace the riksdaler ryksmynt, and was the result of the deals made by the Monetary Union. Once this Monetary Union was dissolved, Sweden, Denmark and Norway decided to keep the names of their respective currencies.
Between 1873 and 1876 the first series of coins were introduced. Coins in denominations of 1, 2 and 5 öre were in bronze, 10, 25 and 50 öre, and 1 and 2 kronor were in silver, and 10 and 20 kronor were in gold in 1881.
The production of gold coins ceased in 1902, but it was not until 1925 that it would do so entirely. As a consequence of the shortage of metals during the World War I, iron replaced bronze between 1917 and 1919. Nickel-bronze replaced silver in coins of 10, 25 and 50 öre in 1929, only for the latter to make a comeback again in 1927.
Metal shortages during World War II led to more changes in the Swedish coinage.
Current Swedish krona banknotes and coins
Today, banknotes of 20, 50, 100, 500 and 1000 Swedish kronor are in circulation.
Regarding coins, denominations of 1, 2, 5 and 10 kronor are in use.
Interesting facts about the Swedish krona:
- After the Scandinavian Monetary Union dissolved in 1914, Denmark, Norway and Sweden decided to keep the name of their coins in their respective territories.
- The 100 öre coin is no longer in circulation, even though prices are still designated in krona and decimal numbers.