Icelandic krona

The króna (plural krónur) is the currency of Iceland. The name, meaning "crown", is related to that of other Nordic currencies (such as the Swedish krona and Norwegian krone). It is subdivided into 100 aurar (singular eyrir. The ISO 4217 currency code is ISK.

The Danish krone was introduced to Iceland in 1874, replacing the earlier Danish currency, the rigsdaler. In 1885, Iceland began issuing its own banknotes.

The Icelandic króna separated from the Danish krone after the dissolution of the Scandinavian Monetary Union at the start of World War I and Icelandic autonomy from Denmark in 1918. The first coins were issued in 1922.

In 1981, the Icelandic króna was revalued, with 100 aurar krónur (ISJ) being worth 1 new króna (ISK).

Technically, the króna is still composed of 100 aurar, although, in practice, coins less than one króna have not circulated for many years. In September 2002, Davíð Oddsson, the Icelandic Prime Minister at the time, signed two regulations decreeing that all monetary amounts on invoices and financial claims should be stated and paid in whole krónur only and that coins with a value of less than one króna should be withdrawn from circulation.