If you are traveling to Scandanavia sometime soon, or if Scandanavian culture interests you, then you may be wondering about the currency of Sweden, Norway, and Denmark.
Although many people assume that all three of these northern countries use the Euro, none of them do. Each of these three nations has its own currency and that can be somewhat confusing if you plan on traveling among them on a single journey.
Being knowledgable about the currency of these three countries before you go will help you to navigate your finances. Also, the history of these currencies may interest you as well. Read on to learn more about Scandanavian currencies.
Denmark, Norway, and Sweden are very close in proximity to one another but each of them has its own distinct and unique culture. Their languages are similar but different and the histories of these three kingdoms are all rich and full of exciting tales, legends, conflicts, royalty, art, music and more. The people are welcoming and the scenery and architecture are incredible.
The Scandinavian peninsula links these three countries; it is the vast peninsula upon which Sweden and Norway are located today. At one time, Denmark also possessed land on the southern portion of that peninsula as well. Although that is no longer the case, Denmark is inextricably tied to the other two countries forever.
The three Scandinavian countries are some of the happiest and healthiest in the world. There are many ways to see them; many people opt for a Viking River Cruise. They are wonderful places to visit, but they can be rather expensive. Since you will likely be spending quite a bit of money on your trip, learning about their currencies will helpful to you.
Another way these three countries cemented their bond was through the Scandinavian Monetary Union. In 1873, Denmark and Sweden came together to standardize their currencies and Norway joined them in 1875.
The three Scandinavian countries agreed to use one currency to make exchange between their citizens easier. They collectively decided to call this currency Krona, a word that translates to crown.
Coins of the same denomination had the same value in each of the countries, but each minted their own coins.
This system lasted for about forty years before World War I began. At that time, the Scandinavian Monetary Union was dissolved, but each country continued to use its own coins and continued to call their currency crowns.
Today, each country’s currency differs in value and the coins and paper money of one is not useable in the others. When you travel from one Scandinavian country to another, you must exchange your money if you plan to spend it.
The Currency of Denmark
The Danish krone is the official currency of Denmark and of the other land Denmark controls and rules, so it is also used in Greenland and in the Faroe Islands. It is labeled in the international market with the abbreviation DKK and the currency sign kr. One krone is subdivided into one hundred ore.
In English, many people refer to it as the Danish crown, as krone translates directly to the word crown.
Denmark minted the krone from 1619 to 2016. Because of Denmark’s central location for both land and sea trade, the Danish krone was well known throughout Europe during the seventeenth and eighteenth centuries.
In 2014, Denmark stopped printing and minting its own money and decided to begin to outsource this process; the Danish National Bank printed its last krone in 2016.
Today, Denmark uses banknotes in denominations of 50, 100, 200, 500, and 1000 and coins of 50 ore are in circulation, along with 1, 2, 2, 10, and 20 kroner.
The Currency of Sweden
Sweden calls its currency krona. Prior to adopting the krona in the Scandanavian Monetary Union, the currency of Sweden was the riksdaler, a coin first minted in 1604, It was the country’s official money from 1777 to 1873.
The riksdaler was phased out with the Union, and when it ended Sweden continued to use the krona and still does to this day.
Like the Danish krone, the Swedish krona can be subdivided into one hundred ore, but all ore coins were discontinued in 2010. Today, prices sometimes include ore, but they are rounded to the nearest krona when paying with cash.
Swedish coins and banknotes have changed in look and composition many times over the years due to shortages in metal during wartimes or simply due to different design ideas. Banknotes often feature Swedish personalities such as royalty or even famous actors and actresses.
Today, there are coins of 1 Krona or 2, 5, and 10 Kronor in circulation, and banknotes are available in denominations of 20, 50, 100, 200, 500, and 1000 kronor. The krona’s abbreviation in the international marketplace is SEK.
The Currency of Norway
Norway shares a border and a peninsula with Sweden but it is comparably distant from Denmark. Still, it continued to use the krone after the dissolution of the Scandanavian Monetary Union anyway. The Norweigan speciedaler was the name of the Norweigan currency before the three countries came together.
Like Sweden and Denmark, the Norweigan krone also subdivides into one hundred ore, but ore have only existed on paper since 2012. Today there are banknotes in amounts of 50, 100, 200, 500 and 1000, and coins in denominations of 1, 5, 10 and 20 kroner. NOK signifies the Norweigan krone on the international market.
The Exchange Rate
Although these three countries all have currencies that sound the same and that come in similar if not identical denominations, their values differ. The best way to keep track of the differences when traveling is to use a currency app to help you understand the exchange rate. If you are visiting all three countries, it will be impossible to keep them straight in your mind.
Exchange rates fluctuate each day. However, for comparison’s sake, at the time of this writing, one US dollar was equal to nine Norweigan Krone and nine Swedish Krona, but only around seven Danish Krone. As you can see, it’s best to run figures through a currency app. It’s good to do this any time you make a purchase when traveling in Scandanavia so you can be sure of what you are spending.
You will be amazed at all the wonderful things that Scandanavia has to offer you and you will have an amazing and unforgettable trip. Now that you know about the currency of Sweden, Norway, and Denmark, that’s one less thing to worry about. Sit back, relax, and enjoy your vacation to Scandanavia!