Swedish krona

Quick Facts: Who was Swedish krona?

Subject:

Swedish krona

Known for:

The official currency of Sweden, using the ISO code SEK and sign kr.

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2Day Chrono-Wiki & Primary Historical Archives

Origins & Early Life

The krona (Swedish: [ˈkrûːna] ; plural: kronor; sign: kr; code: SEK) is the currency of Sweden. Both the ISO code "SEK" and currency sign "kr" are in common use for the krona; 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 means "crown" in Swedish. As the ninth-most traded currency in the world by value, the Swedish krona is one of the world's G10 currencies, and is the fourth-most traded from Europe after the euro, British sterling and Swiss franc. Banknotes are issued by the Sveriges Riksbank.

Pivotal Works & Achievements

One krona is subdivided into 100 öre (singular; plural öre or ören, where the former is always used after a cardinal number, hence "50 öre", but otherwise the latter is often preferred in contemporary speech). Coins as small as 1 öre were formerly in use, but the last coin smaller than 1 krona was discontinued in 2010. Goods can still be priced in öre, but all sums are rounded to the nearest krona when paying with cash. The word öre is ultimately derived from the Latin word for gold (aurum). The introduction of the krona, which replaced the riksdaler at par, was a result of the Scandinavian Monetary Union, which came into effect in 1876 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".

Enduring Legacy & Impact

The three currencies were on the gold standard, with the krona/krone defined as 1⁄2480 of a kilogram of pure gold. The mutual equivalence of all three currencies ended in World War I when their convertibility to gold was suspended. While their gold parities remained during most of the interwar period, these currencies were generally quoted at varying market rates. The krona is one of the six currencies included in the U.S. Dollar Index. 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.

Chronological Milestones & Life Events

1. 1873: 1873 Milestone — 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.
2. 1876: 1876 Milestone — The introduction of the krona, which replaced the riksdaler at par, was a result of the Scandinavian Monetary Union, which came into effect in 1876 and lasted until the beginning of World War I.
3. 2010: 2010 Milestone — Coins as small as 1 öre were formerly in use, but the last coin smaller than 1 krona was discontinued in 2010.

Historical Fact-Check Quiz: Swedish krona

True or False: “The Swedish krona was directly established as a replacement for the riksdaler in 1876 without any preceding monetary union.”

Answer (FALSE ❌): The introduction of the krona was actually a result of the Scandinavian Monetary Union, which came into effect in 1876.

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Frequently Asked Questions about Swedish krona