|ISO 4217 code :||DKK|
Exchange rate :
(August 24, 2020)
1 EUR = 7.4435 DKK
1 CHF = 6.9171 DKK
The Danish Krone ( Danish : in the singular dansk krone , in the plural danske kroner ; abbreviation: dkr ) has been the official currency of the Kingdom of Denmark , including the autonomous provinces of Greenland and Faroe Islands , since January 1, 1875 . In contrast to the Greenlandic banknotes, the Faroese banknotes differ in their country-specific design.
The krona is subject to Exchange Rate Mechanism II and has therefore been linked to it since the introduction of the euro on January 1, 1999. The krona is issued by the Danish National Bank in five different banknote denominations and six different coin denominations in kronen and ore (Danish øre ). A Danish krone is divided into 100 ore, although the currently smallest coin has a value of 50 ore.
The oldest known Danish coin to date was minted in 995. In the Middle Ages, as in large parts of Europe, there was a silver standard . Phases of coin deterioration alternated with attempts to put the coinage on solid feet. Pfennigs (denari) based on the English model were minted in the Middle Ages , soon also shillings based on the Lübeck model and, from the early modern period, thalers (Rigsdaler) and marks .
In 1618, the kroon was introduced as the new currency unit for the first time. Her name was Corona Danica . It was initially considered 1½ good Danish Reichstaler (Rigsdaler Species) and was divided into 96 Kroneskillinger. The first krona currency could not last long, however.
The 18th century saw Denmark introduce banknotes and repeated fiscal crises. Increased by the financially unhappy development of the Napoleonic Wars , the Danish state fell into de facto national bankruptcy in 1813 .
In 1873 a new coin law was passed, which came into force on January 1, 1875. At this point in time the Danish kroner and ore were introduced, replacing the previously valid Reichstaler at 6 Marks at 16 Schilling. The Danish Reichstaler was exchanged at a ratio of 1: 2, so you got 2 kroner for one taler. With the introduction of the krona, the changeover to the decimal currency took place within the framework of the Scandinavian Coin Union.
The Scandinavian Monetary Union was founded between Denmark and Sweden in 1873 as a coin union, which Norway also joined in 1877 . The Union, also known as the Nordic Coin Federation, was founded in order not to have to fear any economic disadvantages compared to its most important trading partners England and Germany, who had already introduced the gold standard in 1819 and 1873 respectively . The gold standard now introduced in the three countries replaced the previously valid orientation towards silver. Initially, it was regulated in the monetary union that uniform gold coins, which differed only in their national stamps, could be used in all three countries. In 1894 this regulation was extended to banknotes. This turned the initial currency union into a full currency union.
Parallel to the events, there was massive speculation in the real estate market in Copenhagen at the beginning of the 20th century , the financing of which was mainly based on foreign loans. In 1907, economic turmoil abroad led to loan repayments and thus to payment bottlenecks, which caused difficulties for numerous banks in Copenhagen. At the same time the discount factor increased from 6 to 8%. In 1908 there was a serious banking crisis, as a result of which a commission was convened in 1910 to draw up regulations for banks. However, the Banking Act did not come into force until 1919.
On August 1, 1914, the first news of the outbreak of the First World War reached Denmark , whereupon the population began to exchange their cash for gold. 2480 crowns corresponded to one kilogram of gold. On August 2, 1914, the right to exchange money for gold was temporarily revoked, as banknotes worth 5 million kroner were already being exchanged at that time. In comparison, the total number of banknotes in circulation was 146 million kroner. A few days later, gold exports also stopped. In the years before or during the First World War, however, there was profitable exploitation of exchange rate differences in the countries of the monetary union, which led to Danish and Norwegian banknotes being exchanged for gold at a higher rate in Sweden. When Sweden only exchanged these banknotes at a discount in 1915, the end of monetary union was ushered in. It was officially valid until 1924, but was de facto suspended due to the gold export bans.
End of gold cover, major currency reform, euro peg (1924 to today)
On December 20, 1924, a law was passed to adjust the value of the Danish krone, as at the beginning of 1924 it was just 60% of its pre-war value. Therefore, the current value of the Danish krone should be brought closer to the original value of 2480 kroner for one kilogram of gold. The goal of a ten percent increase in value in two years should be achieved with changes in money and foreign trade policy. However, the value increased by 30% in six months, creating serious problems for Danish industry. The legally stipulated increase in value also enabled speculators to realize substantial profits by investing in the currency. In 1927 the prewar value of the Danish krone was achieved, but this had a negative impact on the economy in the form of deflation . Among other things, this led to an unemployment rate of 21 to 22%. The consequence of the crisis was that the gold standard was finally abolished in 1931.
The banknotes that were introduced for the major currency reform after the Second World War are still valid today. However, old notes are gradually being withdrawn from circulation and replaced by the new series from 1997.
The introduction of the euro in the countries of the European Union in 2002 was prevented in Denmark by a referendum on September 28, 2000. However, the exchange rate of the Danish krone is pegged to the euro with a maximum fluctuation band of 2.25%.
Danish coins are currently being issued by the Danish National Bank in six different denominations of 50 ore and 1, 2, 5, 10 and 20 kroner. Denmark has had a tradition of marking its coins with a hole in the middle since 1925 . The current coin series, introduced between 1989 and 1993, has this special feature with the 1, 2 and 5 kroner coins. Before the introduction of the new coins, there was a need for extensive reform, as there was no logical relationship between the physical size and the value of the respective coin. Therefore, the current coins get bigger and heavier with each denomination increase.
The exterior of the coin series is intended to make it easier to distinguish between the coins. Therefore, the current series is divided into three parts, each part having its own color. The color division has historical reasons, as the value of the coins used to be identical to that of the metal from which they were minted. Gold was the highest face value , followed by silver and copper . The relationship between color and value has been revisited in the current series of coins. The 50 ore coin is made of copper-colored bronze, the 1, 2 and 5-crown coins are made of a silver-colored copper-nickel alloy. The 10 and 20 kroner coins are made of gold-colored aluminum-bronze. There are also smooth and corrugated edges to help the blind and visually impaired people differentiate between them. Traditionally, the largest Danish coins, the 10 and 20 kroner coins, bear the portrait of the head of state . In order to ensure the greatest possible resemblance, the portrait of Queen Margarethe has already been redesigned several times. The last time this happened was in 2011. In 2003, the backs of the coins were revised and the previously existing ornaments were removed.
The 50 ore piece has been the smallest Danish coin since 2008. Coins with face values of 1 and 2 Öre became invalid on April 1, 1973, 5 and 10 Öre coins were abolished with the coin reform on July 1, 1989. The decisive factor for the decision was that the purchasing power of the two coins became negligibly small and the production costs of the coins exceeded their face value. On average, the production of a 5-ore coin cost around 8 ore and that of a 10-ore coin was around 20 ore. In addition, the smallest kroner banknote to date, the 20 kroner note, was replaced by the 20 kroner coin, because the 20 kroner note had a comparatively low value and was therefore less careful than handling larger banknotes. This resulted in a shorter service life, which in turn resulted in high costs for the National Bank.
With effect from October 1, 2008, the 25 ore piece was also abolished because here too the purchasing power was too low and the production costs too high. Until October 1, 2011, 25 ore coins could be exchanged in banks. As a consequence of the abolition, new rounding rules were applied. Amounts from 0.25 kroner to 0.74 kroner are rounded to 50 ore and the other amounts are rounded to the next larger or smaller full crown amount. However, the new rounding rules are only used for cash payments. In cashless payment transactions , exact sums are still posted without any rounding.
Commemorative and special coins
The issue of commemorative coins for special events of the royal family is a Danish tradition. Such events include accession to the throne, anniversaries, weddings, and birthdays. Coins for Queen Margaret's 50th, 60th and 70th birthday, the wedding of Crown Prince Frederik and Mary Donaldson , the wedding of Prince Joachim and Alexandra Manley , the silver anniversary of Queen Margarethe, the silver wedding of Queen Margarethe and Prince Henrik and the 1000th anniversary of the first official Danish coin struck.
The Danish National Bank also issues themed special coins, which are official currency and can be exchanged for the minted face value at any time at the Danish National Bank . All special coins are minted in an edition of 1.2 million pieces, including the coins with the ten tower motifs. On June 20, 2007, the last coin in this series with the motif of Copenhagen City Hall was issued . The series shows towers with different functions in the different regions of Denmark. The town halls of Aarhus and Copenhagen, the old Copenhagen Stock Exchange , Christiansborg and the goose tower of Vordingborg Castle are on display . A coin was also dedicated to the water tower in Svaneke , the village church in Landet , the lighthouse in Nólsoy and Gravenstein Castle . On one coin, not a tower, but the "Three Brothers" was depicted. These are stone pyramids that have served navigators for hundreds of years as nautical marks for a safe shipping route on the west coast of Greenland .
"The Ugly Duckling", "The Little Mermaid", "The Shadow", "The Snow Queen" and "The Nightingale" are the names of the coins that appeared in the 2005 fairy tale series in honor of Hans Christian Andersen .
For the international polar year 2007, the Danish National Bank issued coins with motifs from the polar region. The motifs were the polar bear , the northern lights and the brightest star in the night sky, Sirius .
Since Denmark is a seafaring nation, the topic of ships was also selected by the National Bank. The coins represent different types of ships, including the Vædderen , the frigate Jylland , the Selandia , the Viking ship Havhingsten , the royal yacht Dannebrog , the lightship No. XVII, the Faroe boat , the Greenland sealskin boat Umiak , the container ship class Emma Mærsk and the inland steamship Hjejlen von 1861.
On the occasion of the centenary of the publication of Niels Bohr's atomic theory , the Danish National Bank issued a new series of coins whose common theme is the scientific theories developed by Danish scientists. All four coins in the series were issued on October 7, 2013 and their motifs were Niels Bohr's model of the atom, Hans Christian Ørsted's experiment on electromagnetism , Ole Rømer's diagram to describe the speed of light, and Tycho Brahe's constellation Cassiopeia to highlight the star Stella Nova .
In Denmark there are five different denominations of 50, 100, 200, 500 and 1000 kroner notes in circulation. The old banknotes of the series since 1945 that are still in circulation are still valid, but will be replaced by the current banknote series.
In 2008, the Danish National Bank announced that it would issue a series with new security features, as the 1997 currency series no longer meets the requirements for counterfeit security, which is due to the technological progress made by counterfeiters . The design of this banknote series was initiated in 2006 by the Danish National Bank. On August 11, 2009 the 50-kroner banknote was issued as the first of the new Danish series and on May 4, 2010 the new 100-kroner banknote was issued. The 200-kroner note followed on October 19, 2010 and the 500-kroner note on February 15, 2011. The series was completed with the issue of the 1000 kroner note on May 24, 2011. The motifs of the new banknotes were developed by the artist Karin Brigitte Lund and include Danish bridges and landscapes as well as prehistoric finds. The artist interpreted the motifs in two different ways. The bridges are on the one hand the connections between different parts of Denmark and on the other hand the connection between past and present. The present is represented by the bridges and the past by five distinctive prehistoric objects. Sallingsundbroen (50 DKK), Den Gamle Lillebæltsbro (100 DKK), Knippelsbro (200 DKK), Dronning Alexandrines Bro (500 DKK) and Storebæltsbroen (1000 DKK) were chosen as bridge motifs on the front . The prehistoric motifs on the back include the clay pot Skarpsalling Karret (50 DKK), the dagger from Hindsgavl (on Fænø ; 100 DKK), the belt plate from Langstrup (Bælteplade fra Langstrup) (in North Zealand; 200 DKK), the bronze bucket from Keldby (on Møn ; 500 DKK) and the Trundholm sun car (1000 DKK).
In the interests of the blind and visually impaired, the 100 and 200 kroner banknotes are said to have elevations to make it easier to distinguish between them. In addition, the banknotes will continue to vary in size.
|1000 crowns||28.988||20 crowns||2.369|
|500 crowns||14.037||10 crowns||1.220|
|200 crowns||4,729||5 crowns||0.673|
|100 crowns||5.485||2 crowns||0.511|
|50 crowns||1.218||1 crown||0.508|
Figures in billions of crowns
excluding commemorative coins and Faroese crowns
Cash in circulation
At the end of 2009 a total of 60.1 billion crowns was in circulation. That was 500 million crowns less than last year. The total number of banknotes in circulation fell from 55.1 billion kroner in 2008 to 54.5 billion kroner in 2009, and the number of coins in circulation increased in 2008 by 0.1 billion kroner to 5.6 billion kroner in 2009.
In contrast to coins, banknotes have a limited lifespan. Before they are worn out and dirty, banknotes must be replaced in order to ensure a high quality in circulation. The lifespan of a banknote depends on its nominal value, since banknotes with high nominal values are less often used in everyday life. While a 50-kroner banknote has to be replaced after about 18 months, the lifespan of a 1000-kroner banknote is about five years.
Counterfeits and security features
The 500 kroner note is the most counterfeit Danish banknote. In 2009, a total of 356 counterfeit banknotes were withdrawn from the money cycle , which is a decrease of 161 banknotes compared to 2008 and corresponds to a very low counterfeit rate in an international comparison. For example, in 2008 the National Bank of England withdrew 686,000 counterfeit banknotes from circulation.
Larger quantities of counterfeit coins rarely appeared in payment transactions. In 2002, a case became known in which 20 kroner coins with a total value of around 100,000 kroner were confiscated. The counterfeit coins were not minted but cast and were therefore of poor quality. Apart from this case, no large quantities of counterfeit coins have been found in the money cycle since 1996/97.
Counterfeiting, attempted counterfeiting or the promotion and aiding and abetting of counterfeiting are criminal offenses under Sections 166–170 of the Danish Criminal Code and are punishable by imprisonment of up to twelve years. This also applies to counterfeiting foreign banknotes and coins. The general availability of laser printers and high-resolution scanners made it possible for children and young people to copy banknotes, some of which even ended up in the money cycle. However, since counterfeiting “for fun” is also a criminal offense, the Danish National Bank initiated preventive measures in 1997 and sent awareness-raising posters to schools and children's and youth institutions. It was hoped to save the target group from involvement in criminal offenses. So far it has been found that few attempts have been made to copy the new security features.
On May 4, 2010, the new 100 kroner banknote was issued as the second of the new forgery-proof banknote series. It is intended to make counterfeiting and copying of original banknotes more difficult, as a total of six security features have been integrated into the banknotes:
- The hologram is the most striking. If the banknote is tilted, the lines of the hologram change their color.
- The watermark becomes visible as soon as the banknote is held up to the light.
- By a gravure another security feature has been created of the subject and the currency denomination. In addition, the layer of paint is so thick that you can feel it with your fingers.
- There is a hidden security strip in the banknote that becomes visible when the banknote is examined.
- Another, but visible, security thread bears the motif of a moving wave. When the bill is tilted up or down, the subject moves sideways. If the banknote is moved sideways, the motif tilts up or down.
- The final security feature is the banknote's fluorescence . There are fluorescent fibers in the banknote paper which glow under ultraviolet light. In addition, fluorescent patterns are printed on the banknote.
The Danish National Bank , which was founded as a private company on August 1, 1818 and is based in Copenhagen, was restructured in 1936 into a self-governing state institution. It bears full responsibility for its monetary policy and holds the currency reserves for Denmark as well as the Faroe Islands and Greenland.
The aim of the central bank is to ensure the stability of the Danish krone. It also supports and regulates the transfer of funds and lending. Denmark's National Bank primarily follows three principles:
- Ensuring price stability through low inflation. This is the aim within the framework of a fixed exchange rate policy.
- The security of payments and the effectiveness and efficiency of the commercial banking system.
- Maintaining the stability of the financial system. It does this by overseeing national payment systems, compiling statistics and managing public debt .
Relations with the euro
The euro is one of the most important foreign currencies for the Danes, as many of their favorite holiday destinations are in member states of the European Union. Denmark's foreign trade relations with euro member countries are also of central economic importance and account for half of the country's export performance. Numerous foreign tourists also visit Denmark and many Danish shops therefore accept payment in euros.
Denmark has been a member of the European Union since 1973. In a referendum , the EU Treaty of Maastricht in 1992, which regulates in particular the provisions on the European Economic and Monetary Union, was rejected. A year later, the EU treaty was only approved because of several opting-outs , which among other things enabled Denmark to receive the krona, while other members of the European Union adopted the euro in 1999. The design of possible Danish euro coins was announced on August 22, 2000 - for a hypothetical launch year 2004 - at a press conference. Either Queen Margrethe II or, on the small coins, the Danish royal crown was depicted on the coin designs. A referendum on the introduction of the euro and the abolition of special rules in cooperation with the European Union also took place in 2000: a majority of 53.1% voted against joining the euro zone, with a turnout of 87.5%. The reason for the rejection of the Danish voters was the fear that they would not be able to meet the stability criteria of the European Monetary Union. In retrospect, however, Denmark was often better positioned economically than some countries in the euro zone . Against the background of the euro crisis in 2008, it was discussed whether the Danes could possibly vote again in 2011 on the country's accession to the euro area. There should be another referendum only if approval of the euro is likely. In May 2013 Denmark postponed the introduction of the euro indefinitely with the exchange rate pegged.
Exchange rate mechanism
The aim of monetary policy is to keep the value of the krona stable compared to the euro. Due to the European monetary system, there has been a close connection between Denmark and the euro area since 1999, although the Danish people have spoken out against the euro. The Danish krone is subject to Exchange Rate Mechanism II .
The exchange rate mechanism II is one of the EU convergence criteria for the introduction of the euro and defines a maximum fluctuation range for the exchange rate between the Danish krone and the euro. The fluctuation must not exceed ± 2.25% around the fixed central rate of 1 euro = 7.46038 DKK. This means that the Danish krone is strongly pegged to the euro, which results in a fluctuating exchange rate against currencies that are not pegged to the euro. This includes, for example, the US dollar.
The changes in the key interest rate by the central bank have a strong influence on market interest rates . This means that the Danish National Bank adjusts its key interest rate when the European Central Bank changes the refinancing rate. As a result, a cycle often arises because the commercial banks also adjust the interest rates for consumer loans, mortgages and the interest rates on savings accounts. However, if there are signs that the bandwidth has been exceeded, the Danish National Bank must react. If there is no change, the European Central Bank also intervenes.
One advantage of being pegged to the euro is that the krona receives some protection from speculative currency transactions. The exchange rate hedging costs for transactions with the euro area are also low or they do not apply at all. So far - with the exception of the time of the vote on the introduction of the euro in September 2000 - hardly any measures to stabilize the exchange rate have been required. Phases of the strength of the krona were used to adjust the gap between the Danish and the ECB key interest rate. At the beginning of 2002, strong foreign currency inflows led to a narrowing of the gap between the Danish and the ECB key interest rate.
Most recently, in January 2010, the Danish key interest rate was brought closer to that of the European Central Bank in two steps, which has been 1.00% since May 7, 2009. By buying foreign currencies on the foreign exchange market, the Danish key interest rate was initially reduced by 5 basis points to 1.15% and on January 14, 2010 by a further 10 basis points to 1.05%.
As a result of the exchange rate crisis of the Swiss franc , the Danish National Bank tried in January 2015 to keep the exchange rate from krone to euro stable by trying to curb the inflow of foreign capital. In initially three steps, it lowered the interest rate on deposits at the National Bank to minus 0.5 percent. Two reductions were made on January 19 and 22, and the third by 0.15 percentage points on January 30. At the same time, the issue of government bonds was discontinued. A continuation of the stability policy with further measures is considered likely.
Faroe Islands and Greenland
The Faroese have their own banknotes, but use the coins of the Danish krone. Faroese banknotes are considered a foreign currency in Denmark, just as Danish crown notes are not a means of payment in the Faroe Islands. Danish and Faroese banknotes can be exchanged in all banks free of charge on a one-to-one basis. The Faroese krona is not an independent currency, but a separate edition of the Danish banknote with an individual design. It corresponds to the format and value of the Danish banknotes. On the front side, creatures native to the Faroe Islands are depicted and on the back side, Faroese landscapes. The National Bank of Denmark is also in charge of printing and issuing the Faroese krona. After paying an amount in Danish kroner to an account at the National Bank, the Faroese state government will receive Faroese banknotes corresponding to the value deposited. At the end of 2009, Faroese banknotes to the value of 362 million kroner were in circulation.
During the British occupation of the Faroe Islands in World War II, a shortage in the supply of coins arose which forced the British to use 1-Öre, 2-Öre, 5-Öre, 10-Öre and 25-Öre coins shape. The three smallest units were made of bronze and the larger two of cupronickel. The coins struck in 1942 are identical to the prewar coins. The only thing missing is the small hole as a distinguishing feature for coins from the royal Danish mint in Copenhagen. However, the coins were no longer issued in Denmark when the country decided to mint its coins from zinc.
The modern Faroese banknotes were introduced in the 1950s, and old banknotes still in circulation were withdrawn from circulation and canceled. The current Faroese banknote series contains motifs from the flora and fauna typical of the country and was issued over a period of four years between 2001 and 2005. The front of the notes shows fragments of Faroese animals and conveys life and biodiversity in the Faroe Islands. The watercolors by the Faroese artist Zacharias Heinesen give the banknotes a special lightness . Due to the different colors and motifs, the banknotes can be easily distinguished from one another. The banknotes are all the same height and their length increases by one centimeter with each increase in their denomination. Various security features have been integrated into the banknotes to protect against counterfeiting.
The Danish krone has been the official currency in Greenland since 1967. On April 7, 2006, the Danish Ministry of State announced that a project to introduce Greenland's own banknote series had been launched. Like the Faroe Islands banknotes, the banknotes should have the same format as the Danish banknotes and be in circulation in denominations of 50, 100, 200, 500 and 1000 kroner. Purely Greenlandic motifs and text in Greenlandic should be found on the banknotes . The artist Miki Jacobsen was commissioned to design the banknote series. A draft of this project was submitted for official consultation on August 18, 2006. The project officially started on June 1, 2007, and banknote issuance should begin in 2008. However, they were still not available in 2009, which is why the planned issue of the banknotes was postponed to 2011. In January 2010 the Danish government informed the Danish National Bank that it was the wish of the new Greenland parliament to reconsider the issue of Greenlandic banknotes. As a result, Denmark's National Bank has suspended the project for the time being. For this reason, Danish banknotes continue to be legal tender.
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- Denmark cuts key interest rate by 5 basis points to 1.15% www.finanznachrichten.de, date: January 7, 2010
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- National Banks - The Faroese banknote series ( Memento of the original from March 25, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. www.nationalbanken.dk, accessed on: April 26, 2010
- National Banks - Greenlandic banknotes ( Memento of the original from March 25, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. www.nationalbanken.dk, accessed on: April 26, 2010