Scandinavian Monetary Union
| Scandinavian Monetary Union | |
|---|---|
Two golden 20 kr coins, with identical weight and composition. The coin to the left is Swedish and the right one is Danish.
|
|
| Denominations | |
| Subunit | |
| 1⁄100 | øre/öre |
| Plural | kroner/krona |
| øre/öre | øre/öre (singular and plural) |
| Symbol | kr. |
| Coins | 1, 2, 5, 10, 25, 40, 50 øre 1, 2, 5, 10, 25 kroner |
| Demographics | |
| User(s) |
 Denmark Sweden Norway
|
| Issuance | |
| Central bank | Danmarks Nationalbank, Skandinaviska Banken, Norges Bank, Swedish National Bank |
| Valuation | |
| Pegged with | Gold standard |
|
This infobox shows the latest status before this currency was rendered obsolete.
|
|
The Scandinavian Monetary Union (Danish: Den skandinaviske møntunion, Swedish: Skandinaviska myntunionen, Norwegian: Den skandinaviske myntunion) was a monetary union formed by Denmark and Sweden on 5 May 1873, by fixing their currencies against gold at par to each other. Norway, which was in union with Sweden, however with full inner autonomy, entered the union two years later, in 1875, by pegging its currency to gold at the same level as Denmark and Sweden, 2.48 kroner/kronor per gram of gold, or roughly 0.403 grams per krone/krona. An equal valued krone/krona of the monetary union replaced the three legacy currencies at the rate of 1 krone/krona = 1⁄2 Danish rigsdaler = 1⁄4 Norwegian speciedaler = 1 Swedish riksdaler. The monetary union was one of the few tangible results of the Scandinavian political movement of the 19th century.
The union provided fixed exchange rates and stability in monetary terms, but the member countries continued to issue their own separate currencies. Although not initially foreseen, the perceived security led to a situation where the formally separate currencies were accepted on a basis of "as good as" the legal tender virtually throughout the entire area.
Upon acceding to the union, Sweden had the name of its currency changed from Riksdaler Riksmynt to Swedish krona. The word "krone/krona" literally means "crown", and the differences in spelling of the name represent the differences between the North Germanic languages.
...
Wikipedia