|svensk krona (Swedish)|
Older Swedish bank notes which will become invalid in 2016 and 2017.
|Nickname||spänn, bagare/bagis, pix, daler, riksdaler, crowns (English)|
|Freq. used||20 kr, 50 kr, 100 kr, 200 kr, 500 kr|
|Rarely used||1000 kr|
|Coins||1 kr, 2 kr, 5 kr, 10 kr|
|Central bank||Sveriges Riksbank|
|Inflation||0.1% (target 2.0 ± 1)|
The krona (Swedish: [ˈkruːˈna]; plural: kronor; sign: kr; code: SEK) has been the currency of Sweden since 1873. Both the ISO code "SEK" and currency sign "kr" are in common use; the former precedes or follows the value, the latter usually follows it but, especially in the past, it sometimes preceded the value. In English, the currency is sometimes referred to as the Swedish crown, as krona literally means crown in Swedish. The Swedish krona was the 11th most traded currency in the world by value in April 2013.
One krona is subdivided into 100 öre (singular and plural; when referring to the currency unit itself, however, the plural definite form is ören). However, all öre coins have been discontinued as of 30 September 2010. Goods can still be priced in öre, but all sums are rounded to the nearest krona when paying with cash.
- 1 History
- 2 Coins
- 3 Banknotes
- 4 Exchange rate
- 5 The euro
- 6 Banknotes and Coins per capita in circulation
- 7 See also
- 8 References
- 9 Further reading
- 10 External links
The introduction of the krona, which replaced at par the riksdaler, was a result of the Scandinavian Monetary Union, which came into effect in 1873 and lasted until the beginning of World War I. 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". The three currencies were on the gold standard, with the krona/krone defined as 1⁄2480 of a kilogram of pure gold.
On 11 September 2012, the Riksbank announced a new series of coins with new sizes to replace the 1 and 5 kronor coins which arrived in October 2016. The design of the coins follows the theme of singer-songwriter Ted Gärdestad's song, "Sol, vind och vatten" (English: "Sun, wind and water"), with the designs depicting the elements on the reverse side of the coins. This also included the reintroduction of the 2 kronor coin, while the current 10 kronor coin remained the same. The new coins also have a new portrait of the king in the design. One of the reasons for a new series of coins is to end the use of nickel (for allergy reasons). It is expected that vending machines and parking meters will to a fairly high degree stop accepting coins and accept only bank cards or mobile phone payments. Cash is already less used in Sweden, with many young people avoiding cash as much as possible.
|Value||Diameter||Thickness||Weight||Composition||Current design issued since||Older coins legal tender?|
|1 krona||19.5 mm||1.79 mm||3.6 g||Copper-plated steel||2016||until 30 June 2017|
|2 kronor||22.5 mm||1.79 mm||4.8 g||Copper-plated steel||2016||until 30 June 2017|
|5 kronor||23.75 mm||1.95 mm||6.1 g||Nordic gold||2016||until 30 June 2017|
|10 kronor||20.5 mm||2.9 mm||6.6 g||Nordic gold||1991||No|
|Nordic Gold is 89% Cu, 5% Al, 5% Zn, 1% Sn.|
|Value||Diameter||Thickness||Weight||Composition||Current design issued since||Older coins legal tender?|
|1 krona||25 mm||1.88 mm||7.0 g||Cupronickel||2001||All mintages (since 1875)|
|5 kronor||28.5 mm||2 mm||9.5 g||Outer layer (46.5%): Cupronickel
Inner layer (53.5%): Nickel
|The cupronickel alloy used in Swedish mintage is 75% Cu, 25% Ni.
Nordic Gold is 89% Cu, 5% Al, 5% Zn, 1% Sn.
Between 1873 and 1876, coins in denominations of 1, 2, 5, 10, 25, and 50 öre and 1, 2, 10, and 20 kronor were introduced. The 1, 2 and 5 öre were in bronze, the 10, 25, 50 öre and 1 krona and 2 kronor were in silver, and the 10 and 20 kronor were in gold. Gold 5 kronor coins were added in 1881.
In 1902, production of gold coins ceased, and was briefly restarted in 1920 and 1925 before ceasing entirely. Due to metal shortages during World War I, iron replaced bronze between 1917 and 1919. Nickel-bronze replaced silver in the 10, 25 and 50 öre in 1920, with silver returning in 1927.
Metal shortages due to World War II again led to changes in the Swedish coinage. Between 1940 and 1947, the nickel-bronze 10, 25 and 50 öre were again issued. In 1942, iron again replaced bronze (until 1952) and the silver content of the other coins was reduced. In 1962, cupronickel replaced silver in the 10 öre, 25 öre and 50 öre coins.
In 1968, the 2 kronor switched to cupronickel and the 1 krona switched to cupronickel-clad copper (it was replaced entirely by cupronickel in 1982). Nonetheless, all previous mintages of 1 and 2 kronor coins are still legal tender, since 1875 and 1876 respectively (though 2 kronor coins are extremely rarely seen in circulation as they have not been issued since 1971. The 2 kr coins contained 40% silver until 1966, which meant they had been for several years worth much more than 2 kr, so most have been bought and melted down by arbitrageurs, and the rest are kept by collectors). A new design of 2 kronor coins will be issued in 2016.
In 1954, 1955 and 1971, 5 kronor silver coins were produced, with designs similar to contemporary 1 krona and 2 kronor coins. In 1972, a new, smaller 5 kronor coin was introduced, struck in cupronickel-clad nickel. The current design has been produced since 1976. 5 kronor coins minted since 1954 are legal tender but tend to be kept by collectors for their silver content.
In 1971, the 1 and 2 öre, as well as the 2 kronor coins ceased production. The size of the 5 öre coin was reduced in 1972. In 1984, production of the 5 and 25 öre coins came to an end, followed by that of the 10 öre in 1991.
In 1991, aluminium-brass ("Nordic gold") 10 kronor coins were introduced. Previous 10 kronor coins are not legal tender.
Also in 1991, bronze-coloured 50 öre coins were introduced.
Jubilee and commemorative coins have been minted and those since 1897 or later are also legal tender.
The royal motto of the monarch is also inscribed on many of the coins. The 5 kronor coin was designed in 1974, at a time when there were political efforts to abandon the monarchy, when there was a new young inexperienced king. The monarchy remained, but the 5 kronor was not given a portrait. Coins minted before 1974 have the same size, but contain the portrait of King Gustav VI Adolf and his royal motto.
On 18 December, 2008, the Riksbank announced a proposal to phase out the 50 öre, the final öre coin, by 2010. The öre would still remain a subdivision unit for electronic payments. The reason could include low purchasing power, higher production and distribution cost than the value and the coins cannot be used in most parking machines and vending machines. On March 25, 2009, the Riksdag formally decided to enact the law to repeal 50 öre coins as legal tender. Under that law, the final date payments could be made with 50 öre coins was September 30, 2010. Remaining 50 öre coins could be exchanged at banks until the end of March 2011.
In 1874, notes were introduced by the Riksbank in denominations of 1 krona and 5, 10, 50, 100 and 1000 kronor. The 1 krona was only initially issued for two years, although it reappeared between 1914 and 1920. In 1939 and 1958, 10,000 kronor notes were issued.
Production of the 5 kronor note ceased in 1981, although a coin had been issued since 1972. With the introduction of a 10 kronor coin in 1991, production of 10 kronor notes ceased and a 20 kronor note was introduced.
All remaining 1-krona banknotes became invalid after 31 December 1987. All remaining 5-kronor and 10-kronor banknotes became invalid after 31 December 1998. All remaining 10,000-kronor banknotes and became invalid after 31 December 1991.
An exhaustive list of every banknote design since 1874 is not included, but the following five designs were or will be retired in 2016-2017. The oldest design began to printed in 1985.
A 20-kronor banknote was printed 1991-1995 with a portrait of the writer Selma Lagerlöf and on the reverse was an engraved interpretation of a passage from the book Nils Holgersson’s Wonderful Journey Through Sweden. The banknote became invalid after 31 December 2005. A more secure version with the same portrait was printed from 1997-2008 and became invalid after June 30, 2016 .
A 50-kronor banknote was printed 1996-2003 with a portrait of the singer Jenny Lind and on the reverse was a picture of a silver harp and its tonal range. The banknote became invalid after 31 December 2013. A more secure version with the same portrait was printed from 2006-2011 and became invalid after June 30, 2016.
A 100-kronor banknote was printed 1986-2000 with a portrait of the botanist Carl von Linné (Linnaeus) and on the reverse was a drawing of a bee pollinating a flower. The banknote became invalid after 31 December 2005. A more secure version with the same portrait was introduced in 2001 and will become invalid after June 30, 2017.
A 500-kronor banknote in a blue shade was introduced in 1985 with a portrait of King Karl XI and on the reverse an engraving depicts Christopher Polhem, the "father of Swedish engineering". These banknotes became invalid on 31 December 1998. A 500-kronor banknote (red, but without foil strips) with the same portrait was printed 1989-2000. This banknote became invalid after 31 December 2005. A more secure version with the same portrait was introduced in 2001 and will become invalid after June 30, 2017.
A 1,000-kronor banknote (without foil strips) was printed 1989-1991 with a portrait of Gustav Vasa and on the reverse is a harvest picture from Olaus Magnus' Description of the Northern Peoples from 1555. The banknote became invalid after 31 December 2013. However on 15 March 2006, the Riksbank introduced a new, more secure 1,000-krona banknotes with the same portrait and the Riksbank became the first central bank in the world to use the security feature of motion (a moving image in the striped band) on the new 1,000-krona banknote. When the banknote is tilted, the picture in the striped band appears to move.  The Vasa banknotes with the security thread became invalid after June 30, 2016. Replacement banknotes were circulated in considerably fewer quantities, thus reducing the supply of cash in Sweden.
On 6 April 2011, the Riksbank announced the names of the persons whose portraits would decorate the new series of banknotes that would be introduced in 2015. This would also include a new 200 kronor banknote. These are:
- Astrid Lindgren on the 20 kronor banknote; Purple
- Evert Taube on the 50 kronor banknote; Orange
- Greta Garbo on the 100 kronor banknote; Blue
- Ingmar Bergman on the 200 kronor banknote; Green
- Birgit Nilsson on the 500 kronor banknote; Red
- Dag Hammarskjöld on the 1000 kronor banknote; Brown
The first banknotes, the 20, 50, 200, and 1000 kronor, were issued on 1 October 2015 with the other two notes, the 100 and 500 kronor, to follow on 3 October 2016.
500 kr banknote controversy
Opera singer Malena Ernman has criticized the Riksbank for choosing a design where Birgit Nilsson has been depicted performing Die Walküre by Richard Wagner. She pointed out that it was very inappropriate to include something by Wagner, whose works were closely associated with Nazi Germany, in a time of increasing problems with antisemitism in Sweden. The Riksbank replied saying that it's "unfortunate that the choice of design is seen as negative", and stated that it's not going to be changed.
Dagens Nyheter journalist Björn Wiman went further in his criticism, condemning the Riksbank for selecting Nilsson at all for the 500 kr banknote. He brings up an example from Nilsson's 1995 autobiography, where she described Mauritz Rosengarten from Decca using antisemitic jokes about greed.
An older 500 kr banknote controversy occurred in Scania in 1985 when the old version with a portrait of king Charles XI was introduced. The king was said to have supported executions of guerilla soldiers and burning down farms in Northern Scania around 1675. People in the affected areas objected the choice of portrait and were said to avoid this banknote.
|Cultural Journey series|
|20 kronor||120 × 66 mm||purple||Astrid Lindgren||Småland|
|50 kronor||126 × 66 mm||Yellow-Orange||Evert Taube||Bohuslän|
|100 kronor||133 × 66 mm||Blue||Greta Garbo||Stockholm|
|200 kronor||140 × 66 mm||Green||Ingmar Bergman||Gotland|
|500 kronor||147 × 66 mm||Red||Birgit Nilsson||Skåne|
|1000 kronor||154 × 66 mm||Grey-Brown||Dag Hammarskjöld||Lappland|
|These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.|
|20 kronor||120 × 67 mm||Purple||Selma Lagerlöf||Nils Holgersson flying over Scania|
|50 kronor||120 × 77 mm||Yellow||Jenny Lind||Key harp and its tonal range|
|1000 kronor||160 x 82 mm||Grey||Gustav Vasa||A harvest picture from Olaus Magnus' Description|
|Older banknotes valid until 30 June 2017|
|100 kronor||140 × 72 mm||Blue||Carl von Linné||Bee pollinating a flower|
|500 kronor||150 × 82 mm||Red||Charles XI||Christopher Polhem|
|These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.|
|Rank||Currency||ISO 4217 code
| % daily share
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|New Zealand dollar||
|Hong Kong dollar||
|South Korean won||
|South African rand||
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 regimen has been upheld. The exchange rate has been relatively stable against the euro since its introduction 2002 (about 9–9.5 SEK per EUR), but from the second half 2008, the value of the krona has declined by around 20%, and had been oscillating between 10.4–11 SEK per EUR into the first half of 2009. The primary reason for its declining value lies with the Riksbank, which has significantly lowered the interest rate, and has not acted to defend the exchange rate yet. In the second half of 2009 and the start of 2010, the krona started to appreciate; during late 2010 and early 2011 it continued to appreciate at a quicker rate. The exchange rate is currently between 8.5 and 9.0 SEK per EUR. In July 2012, due to crisis in Greece and fear of further spreading to Italy and Spain, the euro continued to decline making the Swedish krona stronger, reaching as low as 8.17 SEK per EUR.
According to the 1995 accession treaty, Sweden is required to join the eurozone and therefore must convert to the euro once the convergence criteria are met. Notwithstanding this, on 14 September 2003, a consultative Swedish referendum was held on the euro, in which 56% of voters were opposed to the adoption of the currency, out of an overall turnout of 82.6%. The Swedish government has argued such a course of action is possible since one of the requirements for eurozone membership is a prior two-year membership of the ERM II. By simply not joining the exchange rate mechanism, the Swedish government is provided a formal loophole avoiding the theoretical requirement of adopting the euro.
Some[who?] (like the Liberals) of Sweden's major parties continue to believe it would be in the national interest to join, but all parties have pledged to abide by the results of the referendum,[needs update] and none have shown any interest in raising the issue again. There was an agreement among the parties not to discuss the issue before the 2010 general election. In a poll from May 2007, 33.3% were in favour, while 53.8% were against and 13.0% were uncertain.
In February 2009, Fredrik Reinfeldt, the Prime Minister of Sweden stated that a new referendum on the euro issue will not be held until support is gained from the people and all the major parties. Therefore, the timing is now at the discretion of the Social Democrats. He added, the request of Mona Sahlin, former leader of the Social Democratic Party, for deferral of a new referendum until after the 2010 mandate period should be respected.
As of 2014[update], support for Swedish membership of the euro among the general population is low. In September 2013, support fell as low as 9%. The only party in the Riksdag that supports Swedish entry in the euro (as of 2015) is the centrist Liberal Party.
Banknotes and Coins per capita in circulation
Sweden is a wealthy country and in the 1970's and 1980's the value of banknotes and coins per capita was one of the highest in the world. In 1991, the largest banknote worth 10,000kr that was in circulation since 1958 was declared invalid and no longer was legal tender. For a discussion of the financial and banking crisis that hit Sweden in the early 1990s see the article History of Sweden (1991–present)
From the years 2001 to 2008 banknotes and coins were circulated at a near constant level of around 12,000 krona per capita, but since 2008 the Riksbank has in particular greatly reduced the number of circulating 1,000-kronor banknotes. Unlike the USA and Canada which by policy never declare issued money invalid, Sweden and most other European countries have a date when older series of banknotes or older coin designs are invalid and are no longer legal tender. The Vasa 1000-kronor banknotes without the foil strip are invalid after 31 December 2013, and the pieces with the foil strip are invalid after 30 June 2016. Also the Swish mobile payment system was established in Sweden in 2012 and become a popular alternative to cash payments.
Although many countries are performing larger and larger share of transactions by electronic means, Sweden is unique in that it is also reducing it's cash in circulation. According to Bank for International Settlements the last year Sweden was surpassed in cash on a per capita basis converted to US dollars by USA in 1993, the Euro Area in 2003, Australia in 2007, Canada in 2009,United Kingdom and Saudi Arabia in 2013, and Korea in 2014. In upcoming years Sweden may be surpassed by Russia, Mexico, and Turkey.
The tables show the value of the banknotes and coins per capita for participating countries on Committee on Payments and Market Infrastructures (CPMI). Local currency is convert to US dollars using end of the year rates.
|year||Per capita||% in 1000 SEK banknotes||end of year SEK/USD||equivalent USD||Surpass Sweden|
|1988||6,459 kr||not largest bill||6.1325||$1,053|
|1989||7,118 kr||not largest bill||6.2270||$1,143|
|1990||7,174 kr||not largest bill||5.6980||$1,259|
|1991||8,828 kr||not largest bill||5.5500||$1,591|
|2003||12,161 kr||41.9%||7.1892||$1,692||Euro Area|
|2013||8,849 kr||11.4%||6.4238||$1,378||Saudia Arabia & U.K.|
The circulation levels in the table above were reported to the Bank for International Settlements. Possible discrepancies with these statistics and other sources may be because some sources exclude "commemorative banknotes and coins" (3.20% of total for Sweden in 2015) and other sources exclude "banknotes and coin held by banks" (2.68% of total for Sweden in 2015) as opposed "banknotes and coin in circulation outside banks".
Circulation levels of cash on a per capita basis, are reduced by 19.5% from the high in 2007 to 2012; and reduced by 41.1% from 2007 to 2015. The Riksbanken predicted that between 2012 and 2020, the amount of cash in circulation will decline by 20 to 50 percent.  The prediction may prove to be an understatement as the decline has exceeded 20 percent from 2012 to 2015. Speculation about Sweden declaring all banknotes and coins invalid at some future date is widespread in the media with Björn Ulvaeus as a celebrity advocate of a cashless Sweden which he believes will result in a safer society because simple robbery will involve stealing goods that must be fenced.
The Riksbank deposit rate (the deposit rate is the rate of interest banks receive when they deposit funds in their accounts at the Riksbank overnight and is normally 0.75 percentage points lower than the repo rate ) dropped to zero percent on December 18, 2013 only two weeks before the 1000 - kronor Vasa banknotes without foil became invalid. The deposit rate went negative on July 9, 2014 and has remained negative as of 22 February 2017. At that date, the Executive Board of the Riksbank has stated that there is still a greater probability that the rate will be cut than that it will be raised in the near term. The suspicion became widespread that the huge reduction in circulation levels of the highest denomination banknote is related to monetary policy. Traditional economic theory holds that people will convert bank accounts into cash without the inducement of earning interest. Cecilia Skingsley has stated that "This is a development steered by market forces and not by the authorities. The Riksbank will continue issuing banknotes and coins as long as there is demand for them in society. It is our statutory duty and we will of course live up to it."
The value of the payments between households, companies and authorities in Sweden amounts to about 20,000-kronor annual per capita in cash. In shops, almost one in seven payments is made in cash. More than half of the adult population has the Swish payment app. Annual withdrawals from Swedish ATMs in 2015 amount to 15,300-kronor per capita. According to Skingsley, "what some consumers, smaller companies and local clubs often see as a problem, is not so much getting hold of cash, but being able to deposit it in a bank account."
|Per Capita in USD||Country||Billions of USD||Percent of GDP|
|$6,550||Hong Kong SAR||$47.98||15.51%|
Current SEK exchange rates
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|From OANDA:||AUD CAD CHF EUR GBP HKD JPY USD DKK INR NOK|
|From fxtop.com:||AUD CAD CHF EUR GBP HKD JPY USD DKK INR NOK|
- Monetary policy of Sweden
- Swedish National Debt Office
- Tables of historical exchange rates to the United States dollar
- Scandinavian Monetary Union
- Swedish rounding
- Economy of Sweden
- Sweden and the euro
- Swedish Riksbank, History of the inflation goal, speech by Deputy Governor Svante Öberg, 21 March 2006. Hosted Swedish Riksbank website. Retrieved December 6, 2007.
- "Sveriges Riksbank/Riksbanken – Inflationen just nu". Riksbank.se. 2015-10-13. Retrieved 2015-11-03.
- Sveriges Riksbank. Valid coins." Accessed 25 Feb 2011.
- "New coins". Sveriges Riksbank. Retrieved 9 April 2015.
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- Kerpner, Joachim (11 September 2012). "Nya mynten hyllning till Ted Gärdestad" [New coins a tribute to Ted Gärdestad]. www.aftonbladet.se. Aftonbladet. Retrieved 12 December 2015.
- Kommuner slopar myntautomater – PRO kritisk (Swedish)
- Sveriges Riksbank/Riksbanken – 1-krona
- Sveriges Riksbank/Riksbanken – 5-krona
- Sveriges Riksbank/Riksbanken – 10-krona
- 2-krona, Swedish Riksbank website. Retrieved December 6, 2007.
- Norris, Don. "Coin Types from Sweden". Worldcoingallery.com. Retrieved 2010-12-28.
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- The Local – Riksbank urges Sweden to ditch 50 öre coin English Language Article noting the removal of the öre.
- Stockholm TT. "50-öringen slopas i oktober". SvD.se. Retrieved 25 January 2015.
- Riksbanken. "10,000-kronor banknote". Retrieved 20 February 2017.
- Riksbanken. "SRiksbank to introduce new, more secure 50 and 1,000-krona banknotes". Retrieved 25 February 2017.
- Riksbanken. "Artistic starting point". Retrieved 25 January 2015.
- The "Cultural Journey" banknote series Sveriges Riksbank (www.riksbank.se). Retrieved on 2015-02-16.
- "Sweden new 100- and 500-krona notes confirmed introduced 03.10.2016".
- Andersson, Elisabet (20 January 2015). "Ernman kritiserar ny sedel". Svenska Dagbladet. Retrieved 20 January 2015.
- Wiman, Björn (22 January 2015). "Björn Wiman: Birgit Nilssons skamlösa judekoppling visar antisemitismen". Dagens Nyheter. Retrieved 22 January 2015.
- "Sveriges Riksbank/Riksbanken — Valid banknotes". Riksbank.se. Retrieved 2016-07-19.
- Sveriges Riksbank. "Colour, material and format". Sveriges Riksbank. Retrieved 25 June 2013.
- "Sveriges Riksbank/Riksbanken — New banknotes". Riksbank.se. Retrieved 2016-07-19.
- "Sveriges Riksbank/Riksbanken — Invalid banknotes". Riksbank.se. 2016-07-01. Retrieved 2016-07-19.
- "Triennial Central Bank Survey Foreign exchange turnover in April 2016" (PDF). Triennial Central Bank Survey. Basel, Switzerland: Bank for International Settlements. September 2016. p. 7. Retrieved 1 September 2016.
- The total sum is 200% because each currency trade always involves a currency pair.
- Öberg: Sweden – a low inflation economy, speech by Deputy Governor Svante Öberg, 21 March 2006. Hosted Swedish Riksbank website. Retrieved December 6, 2007.
- "2003 folkomröstning om Euron", retrieved 2011-06-16
- "Expert: Dags att slopa kronan". 2009-02-27. Retrieved 2014-06-12.
- "Support for euro hits all-time low in Sweden". EurActiv. EurActiv. Retrieved 11 May 2014.
- "Eurosamarbetet". Liberalerna. Retrieved 29 Nov 2015.
- Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.