The krona (currency code SEK) has been the currency of Sweden since 1873. It is locally abbreviated kr. The plural form is kronor and one krona is divided into 100 öre, singular and plural. The currency is sometimes informally referred to as the "Swedish crown" in English, or the "couronne suédoise" in French.
The introduction of the krona, which replaced at par the riksdaler riksmynt, was a result of the Scandinavian Monetary Union, which came into effect in 1873 and lasted until the First World War. 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. After dissolution of the monetary union Sweden, Denmark and Norway all decided to keep the name of their respective and now separate currencies.
By tradition the one-krona coins carry the effigy of current monarch on the obverse, and a crown or one of the two Coat of arms of Sweden on the reverse. The royal motto of the monarch is also inscribed on the coin.
Kronor coins
The 1 krona 1976–2000, still in widespread circulation |
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The "old" 1 krona, with King Gustaf VI Adolf, is also in circulation |
There are also 2-kronor coins (minted 1952–1971) in circulation, although rarely seen. These contained 40% silver until 1966, which meant that they already several years ago were worth much more than 2 kr, so most have been bought and melted down by enterprising companies. In addition, all jubilee and commemorative coins are also legal tender.
Exchange rate
The exchange rate of the Swedish krona against other currencies has historically been dependent on the monetary policy pursued by Sweden at the time. Since November 1992 a managed float regime has been upheld.
Recent changes
50 öre from 1976, smaller and thinner than a 1 krona, but larger than the copper coloured 50 öre.
The Riksdag (the Swedish parliament) decided on 27 October 2004, following a proposal from the Riksbank, that some older series of banknotes and coins would cease to be legal tender after 31 December 2005. The banknotes and coins affected were:
- all silver-coloured 50-öre coins.
- the old, slightly larger version of the 20-krona banknote with the bluish shade.
- the old 100- and 500-krona banknotes without a foil strip.
None of the banknotes are common in circulation, but the two variants of the 50 öre coin have until 2005 been just as common as the copper coin. [1]
From April 1, 2005, it is illegal to use coins and bank notes that have been tampered with or changed. The law is a response to attempts to put stickers with ads on coins [2].
See also
External links
The content of this page is retrieved from http://en.wikipedia.org/wiki/Swedish_krona under GFDL
