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SEK - Swedish Kroner



Sweden was using riksdaler as its currency till 1873 when the currently prevailing currency that is the Swedish krone replaced it. The riksdaler served as the country’s national currency for a long time as it was being used since 17th century. The name riksdaler was taken from the German word "thaler", from which the names of other European currencies were also taken such as "Reichstaler" (German currency), "Rijksdaalder" (currency of Austria-Hungary) and "Rigsdaler" (currency of Denmark-Norway). This old currency had a complex subunit division system consisting of mark, öre, penning and later on skillingar and runstycken. In 1885, the Swedish currency adopted the decimal system with the introduction of a new version of the currency that was the "riksdalerriksmynt”.

Swedish krona came into existence when the country agreed to join the Scandinavian Monetary Union, the other members being Denmark and Norway. These three countries fixed the value of their respective currencies against gold to gain monetary stability. This union lasted until the World War I resulting the countries to lose their pegs to gold. Sweden held on to the same currency and same name of the currency even after the monetary union was discarded. The same currency is in operation till date even though the other two currencies of the union have switched over to the euro in recent times.

The Swedish krona is managed and distributed by the SverigesRiksbank i.e. the central bank of the country. The bank gets the banknotes printed from TumbaBruk, a printing company that was established by the SverigesRiksbank for the manufacture of currency banknotes. Recently, this printing company has been sold to the current owner, Crane Paper Company. The coinage in the currency is issued in 5 denominations, 50öre coin being the smallest value among them. The other denominations are 1kr, 2kr, 5kr, 10kr, and the 2kr coin being rarely used. The appearance and design of the coinage in Swedish krona is taken care of by the General Council of the Riksbank. The side showing the denomination of the coin has two letters engraved on it besides the denomination, the left letter standing for the initially of the place the coin has been minted and the letter on the right stands for the initial of the bank’s governor's name. The other sides of different coins depict different symbolic images. Besides the currency coins, there is a long list of commemorative coins that had been issued on various occasions and achievements in gold, silver, Nordic gold, copper/nickel having values 2000kr, 200kr, 50kr and 1kr respectively.

The krona banknotes are also issued in 5 denominations - 20kr, 50kr, 100kr, 500kr and 1000kr. The notes bear signatures of the chairman of general council and the governor of riksbank. The notes of different sizes and colors, 20kr note being bluish purple, 50kr note being yellow, 100kr note having light blue color, 500kr being reddish gray in color and 1000kr note is in yellowish gray color. In 2004, a commemorative 100kr banknote was also issued by the central bank of the country on the occasion of Tumba Burk paper mill’s 250th anniversary.

Currency Profile

Krona is the national currency of three European countries that are Sweden, Iceland, and Faroe Islands. The most important of all among these krona currencies is the national currency of Sweden that is called Swedish krona. The current Swedish currency came into existence in the year 1873 when it replaced the prevailing currency of that time - riksdaler. Swedish krona is also termed as "Swedish crown" and "Couronnesuédoise" in the French language. The currency is often depicted with "kr" and is called "kronor" in plural form. "Öre" supports the currency as its subunit, in plural terms it is known as "ören". ISO 4217 regulation describes the currency code and numeric code for Swedish krona as SEK and 752 respectively. The word "krona" or "krone" means "crown" in English language.

Sweden has achieved an enviable standard of living, due to high-tech capitalism, extensive social benefits, a modern distribution system, and a highly skilled labor force. The economy is heavily oriented to foreign trade, utilising a resource base of timber, hydropower, and iron ore. Swedish krona is one of the few, still prevailing, currencies in Europe, most currencies having being replaced by euro. Swedish krona is the most dominant currency amongst the other existent krona currencies. It is the eighth most traded currencies in the world and is actively traded in the world market. The country is basically a net exporter and has been enjoying a sustained growth and stability over a decent period of time. The currency somewhat helps this growth rate to keep strong. As krona is indulged in a large amount of foreign trade, the value of the currency is dependent upon the economic status of other countries. Also, the exchange rate of Swedish krona that was floated in 1992 is largely dependent upon the monetary policies of the country.

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