The Swedish currency is the krona and the plural is kronor. Krona in English is translated as crown. The krona came about due to the Scandinavian Monetary Union in 1873, between Sweden, Denmark and Norway. This union ended at the time of World War I.
Banknotes were first used as monetary currency in 1874, with a 1, 5, 10, 50, 100 and 1000 kronors. In 1939 and 1958 there was a special release of a high valued banknote of 10 000 kronors. From 1985, the 500 krona banknote has been in circulation.
Then the 10 kronor banknote was discontinued and a 20 kronor banknote was introduced. The banknotes have famous Swedes printed on specific notes. All krona banknotes are printed by Crane AB, in Sweden. The following new bank notes are proposed to be introduced by 2015:
Astrid Lindgren (a famous authoress and screenwriter) on the 20 kronor banknote – coloured purple.
Evert Taube (this composer and singer is highly regarded as a musician, while also being talented as an author and artist) on the 50 kronor banknote - coloured orange.
Greta Garbo (famous actress and Hollywood star) on the 100 kronor banknote – coloured blue.
Ingmar Bergman (a great director, writer and producer of stage, film and television productions) on the new 200 kronor banknote -coloured green.
Birgit Nilsson (a talented dramatic soprano singer) on the 500 kronor banknote – coloured red.
Dag Hammarskjöld (a man who served his country in many state roles and ultimately held the post of Secretary General of the United Nations) on the 1000 kronor banknote – coloured brown.
Kronor coins began to be used in monetary currency from 1973 to 1976. During the beginning of the krona currency, there were completely silver and gold coins. Coins in the smaller values called öre (subunits of the krona) were also utilised until 2010. However some items may still be priced with the öre, yet when the total is added at the pay point all values are rounded off to the nearest krona value and the öre is irrelevant. There coins circulated under the krona;the 1 krona, 2 krona, 5 krona and 10 krona. There will be introduction of a new series of coin designs from 2016. The 1 and 2 will be composed of copper plated steel. The 5 krona will be composed of Nordic gold (this is 89% copper, 5% aluminium, 5% zinc and 1% tin). Having the king’s portrait on krona coins has been a generally dominant factor.
There is still a possibility of Swedish currency being converted to the Euro.
The central bank of Sweden is the Sveriges Riksbank, or Riksbanken, occasionally the Bank of Sweden or Swedish National Bank. This is the world’s oldest central bank and the 4th oldest bank that is still functioning. The central bank is often referred to as the Riksbank, and is dated to have begun in 1668. However it was from 1897, that this Swedish bank was granted monopoly and exclusive rights to issue all kronor banknotes.
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