The monetary unit of Sweden is the local kroon. It was put into circulation in 1873. Then Denmark and Sweden created a single economic space in the form of the Scandinavian monetary union. Two years later, Norway joined him. After the end of the First World War, three states begin to issue their own crowns, which have not only regional, but also national status.
Swedish Krona Overview
In the Swedish krona one hundred era. In the international financial system, the Swedish krona is designated SEK. The currency of Sweden has not lost its position in the homeland, despite the country's membership in the European Union. An interesting fact is that this Scandinavian state has not yet entered the eurozone, although, according to the 1994 agreement, it pledged to do so subject to certain criteria being met.
History of the Swedish Krona
Many tourists and travelers do not know whose currency is SEK. The Swedish krona was put into circulation instead of the Riksdaler. Translated from Swedish krona means “crown”. The Scandinavian monetary union assumed the equal value of the currencies of the Scandinavian states in relation to gold, the content of which in coins was set at 0.4032258 grams.
With the outbreak of World War I, Sweden, Denmark, and Norway stopped providing gold for their coins. Paper notes were put into circulation, which significantly affected the rates of all three currencies. The Scandinavian monetary union was never officially terminated, but in fact it ceased to exert any influence on the monetary policy of the three states in 1924. Then, Danish and Norwegian coins were deprived of the status of an official payment instrument in Sweden, and SEK (the country's currency) became the only currency in this state.
Big Bang
Big Bang, or the Big Bang, an event in October 1982, which had a huge impact on the further development of the Swedish economy. Then the country's leadership organized and carried out a large-scale devaluation of the Swedish krona, as a result of which the SEK currency rate fell by 16%. The reason for such measures was the stagnation of the Swedish economy and lagging behind other Western countries, partly caused by the international economic crisis in the 70s of the XX century. The term Big Bang itself was borrowed from astronomy. The name was supposed to symbolize the beginning of a new stage in the development of the national economy of Sweden.
Swedish krona paper notes
To date, paper notes in denominations of twenty, fifty, one hundred, five hundred and one thousand SEK are participating in the circulation. What currency can boast of original stories? Swedish krona! The twenty-kroon banknote depicts a portrait of the writer S. Lagerlöf on the obverse and the hero of her work “Niels Holgerssson's Wonderful Journey through Sweden” by Niels on the reverse side. At fifty crowns the face of opera singer Lind Jenny proudly flaunts. One hundred crowns depicts the Swedish naturalist and medic Linnaeus Karl.
On a bill of five hundred crowns - the Swedish king Karl XI and the scientist, industrialist and inventor Christopher Polhammar. SEK - a currency of one thousand crowns - contains the image of the King of Sweden, Vase Gustav.
Starting from 2005, paper bills and old-style coins are excluded from circulation. By the way, it will be emphasized that the coins began to disappear from circulation due to the liquidation of the Mint of Sweden, whose existence was recognized as economically inexpedient. The photo below shows the banknotes of the latest series.
Due to the shortage of small bargaining chips , Sweden has developed a peculiar tradition of rounding the cost of all goods to half a crown. SEK - the currency in banknotes and coins - is sold in branches of local banks, at exchange points, in large shopping centers, in good hotels or at the post office.