The krona (sign: kr; code: SEK) has been the currency of Sweden since 1873. It is locally abbreviated kr. The plural form is kronor and one krona is subdivided into 100 öre (singular and plural). The currency is sometimes informally referred to as the "Swedish crown" in English.
Production of gold coins ceased in 1902 and was only briefly restarted in 1920 and 1925 before ceasing entirely. Due to metal shortages during World War I, iron replaced bronze between 1917 and 1919. Nickel-bronze replaced silver in the 10, 25 and 50 öre in 1920, with silver returning in 1927.
Metal shortages due to World War II again led to changes in the Swedish coinage. The nickel-bronze 10, 25 and 50 öre were again issued between 1940 and 1947. In 1942, iron again replaced bronze (until 1952) and the silver content of the other coins was reduced. In 1952, cupro-nickel replaced silver in the 10 öre, ¼ and ½ krona coins, with, in 1958, the 2 kronor following suit and the 1 krona switching to cupro-nickel-clad copper (replaced by cupro-nickel in 1982). 5 kronor silver coins were produced in 1954, 1955 and 1961, with designs similar to contemporary 1 and 2 kronor coins.
In 1961, the 1 and 2 öre and 2 kronor coins ceased production and the size of the 5 öre coin was reduced. In 1962, a new smaller 5 kronor coin was introduced, struck in cupro-nickel-clad nickel. The current design has been produced since 1979. In 1978, production of the 5 and 25 öre coins came to an end, followed by that of the 10 öre in 1992. Also in 1992, aluminium-brass ("Nordic gold") 10 kronor coins were introduced along with bronze coloured ½ krona coins. Recently there have been calls to scrap the ½-krona coins, mostly because of low purchasing power and because the coins cannot be used in most parking machines and vending machines. A 25 kronor coin is in development.
Coins currently in circulation are:
|Swedish krona coins|
|50 öre||18.75 mm||1.80 mm||3.7 g|| 97% copper|
|1 krona||25 mm||1.88 mm||7 g|| Cupronickel|
|5 kronor||28.5 mm||2 mm||9.5 g|| Outer layer (46.5%): Cupronickel (as 1kr)|
Inner layer (53.5%): 100% Nickel
|10 kronor||20.5 mm||2.9 mm||6.6 g|| Nordic gold|
89 % copper
5 % aluminium
|These images are to scale at 2.5 pixels per millimetre, a standard for world coins.|
Of the other denominations issued in the past, all 2 kronor minted from 1868 onwards remain legal tender, although these are extremely rarely seen in circulation. In addition, all jubilee and commemorative coins minted in 1897 or later are also legal tender. The 2 kr coins contained 40% silver until 1966, which meant that they already several years ago were worth much more than 2 kr, so most have been bought and melted down by arbitrageurs, and the rest are kept by collectors. It is not legal in Sweden to melt down coins that are legal tender, which is why they still are legal.
By tradition, coins less than 1 krona do not bear the monarch's effigy, whilst those of 1 krona and above do (the current 5 kronor coin being the only exception). The royal motto of the monarch is also inscribed on many of the coins.
In 1874, notes were introduced by the Riksbank in denominations of 1, 5, 10, 50, 100 and 1000 kronor. The 1 krona was only initially issued for two years, although it reappeared between 1914 and 1920. In 1939 and 1958, 10,000 kronor notes were issued.
The 5 kronor note was discontinued in 1981, although a coin had been issued since 1972. In 1985, the 500 kronor note was introduced. With the introduction of a 10 kronor coin in 1991, production of 10 kronor notes ceased and a 20 kronor note was introduced. Production of 50 kronor notes was suspended that year but resumed in 1996. In 2006 the Riksbank introduced a new 1000 kronor note which is the first note to contain the Motion security feature developed by Crane. Crane AB, located in Tumba Sweden, prints all of the kronor banknotes.
Banknotes of the latest series are:
|20 kronor||120 × 67 mm||Bluish purple||Selma Lagerlöf||Nils Holgersson flying over Scania|
|50 kronor||120 × 77 mm||Yellow||Jenny Lind||Key harp and its tonal range|
|100 kronor||140 × 72 mm||Light blue||Carolus Linnaeus||Bee pollinating a flower|
|500 kronor||150 × 82 mm||Red-gray||Charles XI||Christopher Polhem|
|1000 kronor||160 × 82 mm||Yellow-gray||Gustav Vasa||Olaus Magnus' picture of the Northern Peoples from 1555|
None of the banknotes were common in circulation but the two variants of the 50-öre coin were, until 2005, just as common as the bronze coin.
Commercial banks stopped accepting the old 50-öre coin on 30 April 2006 but continued accepting the invalid notes until the end of 2006. Since then, the notes may still be exchanged at the central bank. The coins, on the other hand, formally lost their value completely when commercial banks stopped accepting them.
Some of Sweden's major parties continue to believe that it would be in the national interest to join, but they have all pledged to abide by the results for the time being, and have shown no interest in raising the issue again. There is an agreement among the parties not to discuss the issue before the 2010 general election. After it a debate could start leading towards a new referendum in 2012 or later, though it is likely that one would be held considerably later than that. Polls in 2005 and 2006 generally showed about 55 percent of respondents being opposed and 45 percent in favour, not counting those who are unsure (about 15%). In a poll from May 2007, 33.3% were in favour, while 53.8% were against, and 13.0% were uncertain.