|ISO 4217 code :||SEK|
Exchange rate :
(August 24, 2020)
1 EUR = 10.369 SEK
1 CHF = 9.6357 SEK
The krona ( Swedish krona , plural kronor ) is the currency of Sweden . It is freely convertible . The coins and banknotes are issued by the Swedish Riksbank (Sveriges Riksbank). The following coins are currently in circulation: 1, 2, 5 and 10 kroner. Banknotes are available in values of 20, 50, 100, 200, 500 and 1000 kroner.
In 1873 the crown was introduced in its original form; it was then valid in Sweden as well as Denmark , Norway and today's Iceland . The independent Swedish variant has been around since 1924.
History and introduction of the Swedish krona
Since 1534, the taler (daler) was the national currency in Sweden , which was renamed in 1604 to Reichstaler (riksdaler) . The taler was a silver coin widespread in large parts of Central Europe.
In 1873 Denmark and Sweden agreed to form the Scandinavian Monetary Union and the crown as a common currency. Norway did not join until four years later, although it was united with Sweden in a political union until 1905. The krona was minted in Norway since 1874. However, the Norwegian kroner initially had a further value in the old currency of the speciestaler .
During the First World War there were increasing differences in exchange rates between the krona of the member countries. The Swedish variant had a higher value than that of the other two countries, which led to arbitrage deals .
Because of this, the Scandinavian Monetary Union was dissolved in 1924. Despite this, Denmark, Sweden and Norway decided to keep the name "krone" for their respective (now independent) currencies.
The crown in the course of history
The following chronological division takes place with regard to the connection of the krona to different commodity values (e.g. gold, silver) or currencies
When the crown was introduced in 1873, the silver standard was replaced by the gold standard , which was held until the beginning of the First World War in 1914. At that time, 2,480 kroner was worth 1 kilogram of gold. The swap for gold at a fixed exchange rate was protected by the Swedish Constitution, but it should not prove very reliable.
With the outbreak of the First World War, the Swedish Reichsbank decided, without the consent of parliament, to protect the gold reserves against a gold standard and for a paper standard , which means that from then on, kronor could no longer be exchanged for gold. There was a flexible exchange rate to foreign currencies, which was more advantageous than a rigid exchange rate in times of war. The political authorities wanted a return to the gold standard after the end of the war. But for this to happen, the increased amount of money used to finance war resources had to be reduced first. As a result of this drastic reduction in the available money, the price level fell extremely sharply, which brought Sweden a severe deflationary crisis in 1920/22 . The exchange rate against the mark determined under the gold standard was 1.12 M in 1912 and 1.25 RM in 1932 .
After the Depression eased, the gold standard was reinstated in Sweden with the introduction of the first independent Swedish variant of the crown in 1924. In the second half of the 1920s, Sweden experienced an economic boom, which was based on the strong demand for Swedish export goods. This economic success was soon by the world economic crisis slowed down in 1929 and the subsequent depression.
In 1931, Sweden was the first country to set a monetary policy target of stable price levels. The paper standard was chosen as a suitable basis for the “managed money”. In the course of this experiment, the central bank collected a consumer price index that served as a guide for monetary policy.
With the idea of price stabilization, the krona was pegged to the British pound in 1933, which was considered very stable. However, Sweden was not the first country to recognize this. The so-called Sterling Block was formed as early as 1931 .
Due to high inflation in the UK , the krona was pegged to the stronger US dollar in 1939 (USD 1 = SEK 4.20).
In 1951 Sweden joined the Bretton Woods system , an international monetary system after World War II. The basis was the American dollar, which in turn was linked to a specific gold value. There were a total of 45 members worldwide in this system. However, over time, the monetary system proved flawed. Among other things, the US central bank had committed itself to redeeming the dollar for gold at any time, which turned out to be problematic. To build Europe after the Second World War, the United States gave out generous loans, which increased the amount of dollars enormously, but not America's gold reserves. Many countries feared for their barter rights and changed large amounts of dollars into gold until the gold cover obligation was finally lifted in 1971. That is why Sweden left the Bretton Woods system in March 1973.
Also in March 1973, Sweden joined the next currency system: the European Exchange Rate Association (EKV) . This was founded in 1972 by the members of the European Economic Community (today: European Community ). In 1977 Sweden left the EKV again because it was unable to guarantee stability due to the high turnover of members.
In the period from 1977 to 1991, the krona was linked to a “trade-weighted basket index”, that is, it was based on the 15 largest trading partners and their respective currencies. The US dollar was weighted twice due to its importance .
In May 1991 the kroon was incorporated into the European Monetary System (EMS) without Sweden already being a member of the European Community.
One year after the krona was integrated into the EMS, it came to a crisis on the so-called “ Black Wednesday ”, September 16, 1992. After that, Swedish politics decided not to tie the krona exchange rate to other European currencies too closely.
- 1995 – today
On January 1, 1995 Sweden joined the European Union . With the associated signing of the Maastricht Treaty , Sweden has also committed itself to adopting the euro as its currency as soon as the convergence criteria are met. At the start of the euro in 1999, this was not the case. In a referendum in 2003, 56 percent voted against the introduction of the euro. Although Sweden now (as of 2013) fulfills the economic conditions for introducing the euro by a considerable margin, the convergence criteria are deliberately not met on one point in order not to have to introduce the euro for the time being: Sweden is not joining Exchange Rate Mechanism II , which is a narrow one Would require the krona to be linked to the euro. A referendum should take place again in 2013 at the earliest, i.e. ten years after the first referendum. Since opinion polls show that approval for an introduction has fallen massively as a result of the euro crisis , there are currently no efforts to schedule a new vote.
|Face value||image||draft||material||Weight||diameter||thickness||Orbital time|
|1 crown||Ernst Nordin||Steel with copper sheathing||3.6 g||19.5 mm||1.79 mm||October 3, 2016 to date|
|2 crowns||Ernst Nordin||Steel with copper sheathing||4.8 g||22.5 mm||1.79 mm||October 3, 2016 to date|
|5 crowns||Ernst Nordin||89% Cu, 5% Al , 5% Zn, 1% Sn||6.1 g||23.75 mm||1.97 mm||October 3, 2016 to date|
|10 crowns||Ernst Nordin and Marita Norin||89% Cu, 5% Al , 5% Zn, 1% Sn||6.6 g||20.5 mm||2.9 mm||1991 until today|
The National Bank decides on the design and appearance of the coins, but all coins have one thing in common: two small letters on the reverse. The first letter is either an "E" or an "S". Until the end of 2007 an "E" was used. It stands for Eskilstuna , the name of the city where the coins were minted. Since 2008 there has been an “S” in the same place, which stands for Stockholm - the headquarters of the National Bank. The second letter stands for the first letter of a personality's last name. For all coins minted before 1987, it was the mint manager. Since 1987 it has been the President of the Swedish Reichsbank . Stefan Ingves has been the incumbent since October 11, 2005. The coins therefore have the letters S and I.
Traditionally, the Swedish one-crown coin has the image of the reigning Swedish monarch on one side and, until 2000, an image of the national coat of arms on the other. In addition, the royal motto of the monarch is stamped on the 10-kroner coin. The themes of the coins introduced in 2017 are sun, wind and water .
The Swedish coins are no longer made in Sweden. The Swedish mint Myntverket in Eskilstuna was sold to the Finnish mint Rahapaja Oy in 2002. In 2008 production was relocated to Finland. With the final liquidation of the small remaining Myntverket operation in 2011, Sweden is without its own coin manufacturer.
Over time, the National Bank issued commemorative coins on various occasions , such as the 150th birthday of Selma Lagerlöf and Carl von Linné and the anniversary of the Swedish railways . Two more commemorative coins were issued on the occasion of the wedding of the Swedish Crown Princess Victoria and Daniel Westling on June 19, 2010. These coins are also considered legal tender.
|Face value||image||draft||material||Weight||diameter||thickness||Orbital time|
|1 crown||Ernst Nordin (front) and Annie Winblad Jakubowski (back).||Alloy: 75% Cu, 25% Ni||7 g||25 mm||1.88 mm||2009 to June 30, 2017|
|2 crowns||unknown||1952-1966: 40% Ag , 50% Cu, 5% Ni, 5% Zn
1968-1971: 75% Cu, 25% Ni
|14 g||31 mm||?||1876 to June 30, 2017 (minted until 1971)|
|5 crowns||unknown||Magnimat (two layers of 75% Cu, 25% Ni, between one layer of 100% Ni)||9.5 g||28.5 mm||2 mm||1976 to June 30, 2017|
The copper-colored 50-Öre coin became invalid on September 30, 2010 (Reichstag resolution of March 25, 2009). The 10 ore coin became invalid as early as 1992. As early as 1985, the 25-ore coin disappeared together with the 5-ore coin. Since 1972 the 1 and 2 ore coins have been invalid. Invalid coins can no longer be changed and are only of collector or metal value.
The minting of the silver-colored 2-crown coin was stopped in 1971. It had practically disappeared from payment transactions since then. Nevertheless, all coins with this value were still recognized as official tender until June 30, 2017, provided they were produced after 1876. Since 2016, however, the copper-colored 2-crown coin has been in circulation again with this value.
Forerunners were the Reichstaler (riksdaler) = 48 skilling banco and from 1858 the riksdaler = 100 ore.
|image||Face value||portrait||format||In circulation from|
|||20 crowns||Astrid Lindgren (writer)||66 mm × 120 mm||October 1, 2015|
|||50 crowns||Evert Taube (poet and composer)||66 mm × 126 mm||October 1, 2015|
|||100 crowns||Greta Garbo (actress)||66 mm × 133 mm||3rd October 2016|
|||200 crowns||Ingmar Bergman (director)||66 mm × 140 mm||October 1, 2015|
|||500 crowns||Birgit Nilsson (opera singer)||66 mm × 147 mm||3rd October 2016|
|[8th]||1000 crowns||Dag Hammarskjöld (UN Secretary General)||66 mm × 154 mm||October 1, 2015|
Damaged or discolored banknotes can be replaced at the Riksbank. If two thirds of the bill are intact, the entire amount is refunded; if only a third of the banknote is received, only half of the value is paid out. This does not apply to banknotes which z. B. have been colored by color cartridges when opening an ATM.
Since banknotes are particularly susceptible to attempts at forgery, the Swedish National Bank has taken some security precautions with the new series of banknotes: All banknotes have the following security features : watermarks , security threads, see-through registers, changing colors , UV fluorescence , micro-writing . The 100, 200, 500 and 1000 kroner notes also have a security thread with changing motifs.
Furthermore, in 2005 the Swedish National Bank issued a “special banknote” worth 100 kroner with the theme “250 years of the Tumba Bruk paper mill”. The edition was 10,000 pieces. The banknotes can be used as legal tender, but the collector's value is far above the printed face value.
|Face value||portrait||format||Orbital time|
|20 crowns||Selma Lagerlöf (writer)||67 mm × 120 mm||1997 to June 30, 2016|
|50 crowns||Jenny Lind (singer)||77 mm × 120 mm||2006 to June 30, 2016|
|100 crowns||Carl von Linné (natural scientist)||72 mm × 140 mm||2001 to June 30, 2017|
|500 crowns||Charles XI. (Swedish King); Back: Christopher Polhem (scientist and inventor)||82 mm × 150 mm||2001 to June 30, 2017|
|1000 crowns||Gustav I. Wasa (Swedish King)||82 mm × 160 mm||2006 to June 30, 2016|
After a nine-month exchange period, the old banknotes of 20 kroner, 50 kroner and 1000 kroner lost their status as legal tender at the end of June 2016 and the old banknotes of 100 kroner and 500 kroner at the end of June 2017. However, they can still be exchanged at the Swedish Reichsbank for an exchange fee. This also applies to banknotes that were recalled before 2016. This also includes the old 100 and 500 kroner notes without foil strips, which became invalid on January 1, 2006, and the old 50 and 1000 kroner notes without foil strips, which became invalid on January 1, 2014.
People who do not have their permanent residence in Sweden could exchange the banknotes that had become invalid on June 30, 2017 at the branches of Forex Bank until June 30, 2018.
External value of the Swedish krona
Exchange rate to DM
Since 1953 the Swedish krona has been steadily losing value against the Deutsche Mark (DM). In 1999 the Deutsche Mark was replaced by the Euro in Germany. The following graph and table show the historical exchange rates:
|year||100 SEK||year||100 SEK||year||100 SEK||year||100 SEK||year||100 SEK||year||100 SEK||year||100 SEK|
Exchange rate to the euro
The following table and graphic show how many kroner were exchanged for 1 euro (quantity quotation from a euro point of view) in the respective year:
|year||1 €||year||1 €||year||1 €||year||1 €||year||1 €||year||1 €||year||1 €||year||1 €||year||1 €|
|1999||8.8075||2001||9.2551||2003||9.1242||2005||9.2822||2007||9.2501||2009||10.6191||2011||8.9099 *||2013||8.8490 *||2015|
|2000||8.4452||2002||9.1611||2004||9.1243||2006||9.2544||2008||9.6152||2010||8.9764 *||2012||8.5818 *||2014||9.3930 *||2016|
Exchange rate to the US dollar
The US dollar plays an important role as a reserve currency worldwide. The following table and graphic show how many kroner were exchanged for 1 US dollar (quantity quotation from a dollar perspective) in the respective year:
|year||1 USD||year||1 USD||year||1 USD||year||1 USD||year||1 USD||year||1 USD||year||1 USD||year||1 USD|
|1995||7.1343||1998||7.9516||2001||10.326||2004||7.3496||2007||6.7607||2010||6.7109 *||2013||6.5029 *||2016|
Banknotes in circulation
At the beginning of 2010, the total value of the banknotes in circulation was 104.6 billion crowns. This sum was spread over a total of around 372 million banknotes. With more than 119 million notes, around 32 percent were denominations of 500 kroner, which was the most common.
Future and euro
The Swedish krona is not part of the Exchange Rate Mechanism (ERM) II , which is also known as the "Euro waiting area". On September 14, 2003, Sweden rejected membership of the European Economic and Monetary Union by 56.2 to 41.8 percent in a referendum. According to Sweden's accession treaty to the EU, the country has to adopt the euro and therefore has no choice. In contrast, Great Britain and Denmark have a contractually agreed right to “ opt-out ”, that is, to permanently not join. Sweden is currently preventing the introduction of the euro by failing to join the Exchange Rate Mechanism (ERM) II and thereby (deliberately) failing to meet the criteria for introducing the euro.
In April 2011, the Reichsbank published the motifs for the new banknotes; portraits of Astrid Lindgren , Evert Taube , Greta Garbo , Ingmar Bergman , Birgit Nilsson and Dag Hammarskjöld are planned . In 2015 and 2016, they were introduced in two stages, plus coins. Only the 10 kroner coins remain valid. A 200 kroner banknote has been in existence since October 2015. In addition, from October 2016 two-crown pieces will be issued for the first time since 1971.
In international comparison, the amount of cash in the country is low. There are (as of 2018) only 57 billion crowns in circulation. Less than 20 percent of transactions are made with cash, while in Germany it is over 75 percent. Numerous bank branches and shops work exclusively with electronic payments. On the one hand, this has led to a sharp decrease in bank robberies , but also to a significant increase in credit card fraud . The Swedish Reichsbank assumes, however, that cash will continue to be used until the 2030s.
The Swedish Reichsbank is currently evaluating the introduction of a so-called e-krona. This could be issued blockchain-based or every citizen would have an account with the central bank. Like cash, this electronic money would be subject to Swedish monetary policy .
In the early summer of 2012, forged 1-kroner coins appeared in Sweden, in which the text “Carl XVI Gustaf • Sveriges Konung” had been exchanged for “Vår Horkarl till Kung” (translated, for example, “Our billy whore from the king”). According to the Swedish Reichsbank, the forgery is so cleverly executed that it is not immediately noticeable. Later, a Swedish artist accepted the action as part of an art project.
- Rodney Edvinsson, Tor Jacobson, Daniel Waldenström (Eds.): Exchange rates, prices, and wages, 1277–2008. Historical Monetary and Financial Statistics for Sweden. Ekerlids Förlay, Stockholm 2010
- Swedish Reichsbank: Images of the Swedish coins
- Current and historical banknotes of Sweden
- ^ Hans Högman: The History of the Swedish Monetary System
- ↑ René Frank: The Scandinavian Coin Union - a coin union that came into being under considerable pressure. (PDF; 469 kB) In: money trend. December 2005, pp. 180-182 , accessed May 2, 2010 .
- ↑ a b c Lars Jonung: Money and Prices in Sweden 1732-1972. In: The Scandinavian Journal of Economics, Vol. 78, No. 1 (Mar., 1976), pp. 40-58.
- ↑ Michael D. Bordo and Anna J. Schwartz : A Retrospective on the Classical Gold Standard, 1821–1931 (PDF file; 586 kB), selection from an out-of-print volume from the National Bureau of Economic Research, 1984, P. 368.
- ↑ a b Arthur Montgomery: How Sweden Overcame the Depression, 1930-1933 , 1938, p. 23.
- ↑ see: List of exchange rates (gold standard)
- ^ Carl Otto: The house secretary. Berlin 1913, p. 485, 3rd cover page.
- ↑ From A – Z: Das Konversationslexikon. Berlin 1932, Col. 417ff.
- ^ A b Claes Berg and Lars Jonung: Pioneering Price Level Targeting: The Swedish Experience 1931-1937.
- ↑ Internet site “Wissen”, accessed on May 16, 2010 ( Memento of the original from February 12, 2013 in the web archive archive.today ) 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.
- ↑ a b Lars Jonung: Från guldmyntfot till inflationsmål - svensk stabiliseringspolitik under det 20: e seklet ( Memento of the original from February 5, 2012 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. (PDF file; 121 kB). In: Ekonomisk Debatt 2000, årg. 28, no. 1.
- ↑ History of the Riksbank, Important Dates, 19th century ( Memento of the original from January 11, 2012 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.
- ^ Vimentis Lexicon
- ↑ International Economics website , accessed on May 16, 2010 ( Memento of the original from August 1, 2010 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Valid coins ( Memento from April 19, 2015 in the Internet Archive ) Sveriges Riksbank, accessed on October 29, 2016
- ↑ Riksbank, Notes & Coins, Coins ( Memento of the original from August 27, 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.
- ↑ Sun, wind and water will be featured on Sweden's new coins Press release from the Swedish Reichsbank on September 11, 2012
- ↑ http://www.dn.se/ekonomi/finskt-myntverk-ska-satta-pragel-pa-svenska-kronan
- ↑ http://www.svd.se/nyheter/inrikes/nobelpriser-kan-tillverkas-utomlands_6213379.svd
- ↑ Riksbank, Notes & Coins, Jubilee and commemorative coins, 21st century ( Memento of the original from August 27, 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. (accessed on May 25, 2012)
- ↑ Coins valid until June 30th ( Memento of the original from October 29th, 2016 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. Sveriges Riksbank, accessed October 29, 2016
- ↑ Femtioöringen tas bort (FiU37)
- ↑ Riksbank, Notes & Coins, Coins, Valid Coins, 2-krona ( Memento of the original from August 27, 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.
- ↑ Archived copy ( Memento of the original from July 11, 2016 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. at riksbank.se (accessed October 29, 2016)
- ↑ Banknotes colored with protective color on the homepage of the Swedish Reichsbank (Swedish). ( Memento of the original from September 30, 2015 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.
- ↑ Security features - new notes ( Memento from October 29, 2016 in the Internet Archive ) Sveriges Riksbank, accessed on October 29, 2016
- ↑ Schedule of new notes ( memo from December 23, 2015 in the Internet Archive ) Sveriges Riksbank, accessed on January 19, 2015
- ↑ Invalid banknotes ( Memento of October 29, 2016 in the Internet Archive ) Sveriges Riksbank, accessed on October 29, 2016
- ^ Redeeming invalid banknotes. Riksbanken, accessed on August 26, 2018 .
- ↑ Website of the Deutsche Bundesbank, statistics, time series, historical DM exchange rates of the Frankfurt Stock Exchange, accessed on May 16, 2010 ( Memento of the original from March 8, 2012 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.
- ↑ http://www.ecb.europa.eu/stats/exchange/eurofxref/html/eurofxref-graph-sek.en.html
- ↑ Information from the Riksbank on banknotes in circulation ( memento of the original from May 21, 2011 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.
- ^ Website "Münz-News", accessed on May 16, 2010
- ^ Swedish Reichsbank: New banknotes and coins (accessed August 17, 2015)
- ↑  Wirtschaftswoche February 25, 2018
- ↑ The cashless society is getting closer and closer. In: Svenska Dagbladet , March 4, 2016 (Swedish).
- ↑ riksbank.se , E-krona project reports
- ↑ Jonas Melzer: Kungen kallad horkarl på mynt . In: Affärs Världen. June 14, 2012, Retrieved July 5, 2014 (Swedish).
- ↑ "It was an experiment"  . In: Aftonbladet. September 5, 2012, Retrieved December 18, 2015 (Swedish).