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# Króna

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Króna is the name of the currency used in Iceland. The plural form is krónur. There is also a Swedish Krona. The ISO currency code is ISK.

The Icelandic Króna became a separate currency from the Scandinavian Krona after dissolution of the Scandinavian Monetary Union[?] at World War I and after gaining sovereignity from Denmark in 1918. Circulation of the Icelandic Króna is since 1961 controlled by Seðlabanki Íslands, the Central Bank of Iceland[?]. In 1980 the Icelandic Króna was revalued, with 100 old krónur being worth 1 new Króna. Technically the Króna is composed of 100 aurar (singular eyrir), although in practice coins of less than 1 Króna have not circulated for many years.

As of 2003, the following notes and coins (issued since 1980) are legal tender:

• Notes: 5000, 2000, 1000, 500, 100, 50, 10 krónur.
• Coins: 100, 50, 10, 5, 1 krónur, and 50, 10, 5 aurar.

In practice, notes of 100 krónur or less, and coins of less that 1 króna no longer circulate.

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