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The Króna is the currency of Iceland. The word “Króna” means “crown” and is directly related to other Norse currencies such as the Swedish Krona and the Norwegian Krone. The Króna (plural Krónur) is subdivided into 100 Aurar (singular Eyrir).
The Old Króna
The Danish introduced the Krone to Iceland in 1874, thereby replacing the earlier Danish currency Rigsdaler. After the dissolution of the Scandinavian Monetary Union at the start of the First World War, and the autonomy from Denmark received in 1992, the Icelandic Króna separated from the Danish Krone.
The first coins issued were 10 and 25 eyrir pieces. In 1925, these were followed by denominations of 1 and 2 krónur and in 1925 by denominations of 1, 2 and 5 aurar. The Royal monograms were removed from the coins in 1946, when Iceland became independent. Later, in 1976, due to a fall in value, 10 króna coins were introduced. 50 eyrir and 5 króna pieces were introduced in 1969 and 50 krónur in 1960.
The first banknotes were in the denominations of 5, 10 and 50 krónur. In 1904, the production of banknotes was taken over by the Bank of Iceland who brought out 100 króna notes.
The New Króna
The Króna was revalued in 1981. Coins of the denominations 5, 10 ans 50 aurar, 1 and 5 krónur were introduced in 1981. these were followed by 10 króna pieces (1984), 50 krónur(1987) and 100 krónur(1995).
Banknotes of larger denomination were brought out. As of now, notes of 100 krónur or less are not circulated, having been withdrawn by the Central Bank.
Iceland not being a member of the European Union, Iceland, does not have use for the Euro. But, in major cities the U.S. Dollar and other foreign currencies are accepted.
Currently 1 Icelandic Króna = 0.015899 US Dollars
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