Icelandic Currency

The króna is the currency of Iceland and the name translates into English as "crown". The plural form is krónur. The international code is ISK (ISO 4217), but often the abbreviation “kr” is used in Iceland. the currency is subdivided into 100 aurar. However for several years nobody counts on this unit no more. Since 2002 all invoices must be issued on full crowns. For a short time the central bank also coined the small unit “Aurar”, but these coins were drawn out of circulation today. Also some bank notes with a value of 10, 50 and 100 ISK were given into circulation but they became very rarely. Usually bank notes of 500, 1,000, 2,000 and 5,000 ISK as well as coins with a value of 1, 5, 10, 50 and 100 ISK are in use today.

In the year 1885 the Icelandic central bank was founded and in the course of the Icelandic independence movement caused an economic growth. But not until the beginning of the First World War the Icelandic crown was launched. Starting from 1927 Landsbanki was responsible for the expenditure of cash notes, while the expenditure of coins was the monopoly of the ministry of finance. But not until the establishment of the Icelandic Central Bank (Seðlabanki Íslands) in the year 1961 and the introduction of a currency law in the year 1966 the expenditure of cash was the exclusive right of the central bank. Today the Icelandic central bank is also responsible for the management of the money supply and is independent of fiscal authorities.

Today’s bank notes and coins in Iceland

 Coins:

• 5, 10 and 50 Aurar are not any more in circulation
  
• 1 króna
  Picture: codfish (Gadus morhua)
  Copper and nickel composition with a diameter of 21.5 mm and a weight of 4.5 grams
   
• 5 krónur
  Picture: two dolphins (Delphinus delphis)
  Copper and nickel composition with a diameter of 24.5 mm and a weight of 6.5 grams
   
• 10 krónur
  Picture: four capelin (Mallotus villosus)
  Copper and nickel composition with a diameter of 27.5 mm and a weight of 8.0 grams
   
• 50 krónur
  Picture: common shore crab (Carcinus maenas)
  Nickel brass composition (copper, zinc and nickel) with a diameter of 23.0 mm and a weight of 8.25 grams
   
• 100 krónur
  Picture: lumpfish (Cyclopterus lumpus)
  Nickel brass composition (copper, zinc and nickel) with a diameter of 25.5 mm and a weight of 8.5 grams

 Bank notes:

• 10, 50 and 100 krónur are hardly ever in circulation
  
• 500 krónur
  Red on multicoloured underprint
  Picture of Jón Sigurðsson, the leader of Iceland's movement for independence in the 19th century.
   
• 1,000 krónur
  Purple on multicoloured underprint
  Picture: Brynjólfur Sveinsson, the bishop of Skálholt in the 17th century.
   
• 2,000 krónur
  Brown and yellow on the obverse and blue-violet and yellow on the reverse.
  Picture: The icelandic artist Jóhannes S. Kjarval.
   
• 5,000 krónur
  Blue on multicoloured underprint.
  Picture: Ragnheiður Jónsdóttir, the bishop of Hólar in the late 17th century, with his wifes.