Scandinavian Coin Union

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Two gold 20 kroner coins from Sweden and Denmark that meet the gold standard of the Scandinavian Coin Union.

The Scandinavian Coin Union (Swedish Skandinaviska myntunionen , Danish Skandinaviske møntunion , in German also Scandinavian Monetary Union ) was founded in 1872 by Sweden and Denmark as a currency in the classic gold standard. The reason for this was the gold standard originating in Great Britain , which after the middle of the 19th century increasingly replaced the previous silver standard on the European continent ( bimetallism of the Latin Monetary Union in 1865, new German Mark currency in 1871). On October 16, 1875 Norway , which was in personal union with Sweden, also joined the Union of Coins . From then on, Danish, Swedish and Norwegian coins and later also banknotes were fully valid in all three countries.

In the course of the Scandinavian Monetary Union, the former Danish currency, the Reichstaler ( rigsdaler ), and the former Swedish-Norwegian currency, the Speciestaler , were replaced by the decimal currency 1  Krone = 100 Øre . In 1885, transfer transactions with mutual credit granted by the central banks were introduced (monetary union).

The monetary basis of the coin union were the 20 and 10 kronen gold coins, all of which, as Kurant coins, were based on the same coin base . 248 10-kroner coins were struck from 1 kg of fine gold.

When the participating states could no longer agree on a common monetary policy , especially during the First World War , the exchange rate for banknotes and coins no longer remained at 1: 1. This led to the fact that the monetary union was de facto ended in 1924 with the abandonment of the mutual acceptance of the common coins .

See also

literature

Individual evidence

  1. ↑ Banking history. Norges Bank, accessed on January 10, 2019 (Norwegian Nynorsk): "at Noreg October 16 same år gjekk inn i den Scandinavian myntunionen"