Swedish krona
| Swedish krona banknotes | |
|---|---|
| Denomination | Portrait |
| 20 | Selma Lagerlöf (front) |
| Nils Holgersson (back) | |
| 50 | Jenny Lind |
| 100 | Carolus Linnaeus |
| 500 | King Charles XI (front) |
| Christopher Polhem (back) | |
| 1000 | King Gustav Vasa |
| Swedish krona coins | |
| File:Swedish 50ore 1992 small.jpg Diameter: 18,75 mm | |
| 50 Öre | |
| File:Swedish 1krona 2001 front.jpg File:Swedish 1krona 2001 back.jpg Diameter: 25,00 mm | |
| 1 Krona | |
| File:Swedish 5krona 1976 small.jpg Diameter: 28,50 mm | |
| 5 Kronor | |
| File:Swedish 10krona 2001 front.jpg File:Swedish 10krona 2001 back.jpg Diameter: 20,5 mm | |
| 10 Kronor | |
The krona is the currency used in Sweden. The plural form is kronor and one krona is divided into 100 öre, singular and plural. The ISO 4217 code is SEK; the abbreviation is "kr". 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 as the country's legal tender, 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 and one of the Coats of Arms of Sweden, or a crown, on the reverse side. The royal motto of the monarch is also inscribed on the coin.
Krona coins
| File:Swedish 1krona 1976 front.jpg The 1 krona 1976-1999, still in widespread circulation |
File:Swedish Krona Old King.jpg The "Old King" 1 krona, of Gustaf VI Adolf, is also in circulation |
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
The Riksdag (the Swedish parliament) decided on 27 October 2004, following a proposal from the Riksbank, that some older series of banknotes and coins will cease to be legal tender after 31 December 2005. The banknotes and coins that will become invalid are: all silver-coloured 50-öre coins; the old, slightly larger version of the 20-krona banknote with the bluish shade; and 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 has 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
- Sveriges Riksbank
- Monetary policy of Sweden
- Swedish National Debt Office
- Table of historical exchange rates