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Danish rigsdaler was used in Iceland during the 1800’s and in 1874 the Danish krone replaced the earlier Danish currency that was circulating in Iceland. Iceland was part of the Scandinavian Monetary Union which dissolved at the start of the first World War in 1918. Iceland replaced the Danish krone with its own Icelandic krona and issued coins in 1922. In 1946 the design of the Icelandic coins were changed as a result of Iceland’s independence from Denmark in 1944. The royal monogram was removed from the coins.
Inflation in the early 1980’s was incredibly high in Iceland and during 1981 the Icelandic krona was revalued with 100 old kronur (ISJ) equalling 1 new krona (ISK)
Iceland experienced a major financial crisis back in 2008. According to ‘the Economist’ Iceland experienced the largest “systematic banking collapse” of any country after three of the Icelandic commercial banks defaulted. The financial crisis caused the Icelandic Krona to fall in value resulting in the suspension of foreign currency transactions and the value of the Icelandic stock exchange OMX Iceland 15 fell by over 93%.
The Icelandic Krona is the official currency of Iceland. The ISO 4217 currency code for the Icelandic Krona is ISK.