Krona

Krona is the name of the monetary unit used in Sweden and, with a different spelling in Iceland, in Iceland. The term is a cognate of crown in several Nordic languages and reflects historical royal coinage. The Danish currency uses the form krone, not krona, in Danish.

In Sweden, the krona (ISO code SEK) was introduced in the 19th century as part of the Scandinavian Monetary Union, a gold-standard arrangement tying the currencies of Sweden, Denmark, and Norway to a common basis. After the union dissolved in the early 20th century, the krona remained Sweden’s official currency. The Swedish central bank, Sveriges Riksbank, is responsible for issuing the currency and setting monetary policy. The krona is subdivided into smaller units, though specific coin and note denominations have changed over time.

The Icelandic krona (ISO code ISK) is the currency of Iceland. It was introduced in the late 19th or early 20th century as Iceland developed its own monetary system separate from Danish control, and it is issued by the Central Bank of Iceland. The krona is a floating currency, with its value determined by market forces and monetary policy.

Today, SEK and ISK are the primary forms of Krona. The symbols and denominations vary by country, and both currencies are managed independently by their respective central banks. Sweden remains outside the euro area, while Iceland maintains its own monetary framework and policy. The krona’s value fluctuates with economic conditions, trade, and inflation.