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The royal motto of the monarch is also inscribed on many of the coins. The 5-krona coin was designed in , at a time when there were political efforts to abandon the monarchy, when there was a new young inexperienced king.

The monarchy remained, but the 5-krona was not given a portrait. Coins minted before have the same size, but contain the portrait of King Gustav VI Adolf and his royal motto.

The öre would still remain a subdivision unit for electronic payments. Under that law, the final date payments could be made with öre coins was 30 September Remaining öre coins could be exchanged at banks until the end of March In , notes were introduced by the Riksbank in denominations of 1 krona and 5, 10, 50, and 1, kronor.

The 1-krona was only initially issued for two years, although it reappeared between and In and , 10,krona notes were issued.

Production of the 5 kronor note ceased in , although a coin had been issued since With the introduction of a krona coin in , production of krona notes ceased and a 20 kronor note was introduced.

All remaining one-krona banknotes became invalid after 31 December All remaining five-krona and ten-krona banknotes became invalid after 31 December An exhaustive list of every banknote design since is not included, but the following five designs were or will be retired in ‚ÄĒ The oldest design began to be printed in A krona banknote a new denomination was printed ‚ÄĒ with a portrait of the writer Selma Lagerl√∂f and on the reverse was an engraved interpretation of a passage from the book The Wonderful Adventures of Nils.

The banknote became invalid after 31 December A more secure version with the same portrait was printed from to and became invalid after 30 June A krona banknote 3rd design since was printed ‚ÄĒ with a portrait of the singer Jenny Lind and on the reverse was a picture of a silver harp and its tonal range.

A krona banknote 3rd design since was printed ‚ÄĒ with a portrait of the botanist Carl Linnaeus and on the reverse was a drawing of a bee pollinating a flower.

A more secure version with the same portrait was introduced in and became invalid after 30 June A krona banknote a new denomination in a blue shade was introduced in with a portrait of King Charles XI and on the reverse an engraving depicts Christopher Polhem , the "father of Swedish engineering".

These banknotes became invalid on 31 December A krona banknote red, but without foil strips with the same portrait was printed ‚ÄĒ This banknote became invalid after 31 December The banknote had some controversy in because of the executions of " Snapphane " guerrilla warriors that King Charles XI ordered.

The first two designs of 1,krona banknotes printed from to and ‚ÄĒ became invalid on 31 December The third design with portrait of J√∂ns Jacob Berzelius printed ‚ÄĒ and declared invalid on 31 December Circulation peaked at over 48 million in On 15 March , the Riksbank introduced a new, more secure 1,krona banknote with the same portrait and the Riksbank became the first central bank in the world to use the security feature of MOTION a moving image in the striped band on the new 1,krona banknote.

When the banknote is tilted, the picture in the striped band appears to move. Replacement banknotes featuring Dag Hammarskjöld became valid on 1 October , but were circulated in considerably fewer quantities less than 3.

The 10,krona banknote was always printed in small quantities as it was one of the most valuable banknotes in the world. The first design featuring the Head of Mercury was printed in and became invalid after 31 December The second design was printed and featured a portrait of Gustav VI Adolf , and became invalid after 31 December This would also include a new krona banknote.

These are:. She pointed out that it was very inappropriate to include something by Wagner, whose works were associated with Nazi Germany , in a time of increasing problems with antisemitism in Sweden.

Wagner died long before the Nazi era, and the association is that Hitler liked his music. The Riksbank replied saying that it is "unfortunate that the choice of design is seen as negative", and stated that it is not going to be changed.

Dagens Nyheter journalist Björn Wiman went further in his criticism, condemning the Riksbank for selecting Nilsson at all for the krona banknote.

He brings up an example from Nilsson's autobiography, where she described Mauritz Rosengarten from Decca using antisemitic jokes about greed.

To see where Swedish krona ranks in "most traded currencies", read the article on the Foreign exchange market.

The exchange rate of the Swedish krona against other currencies has historically been dependent on the monetary policy pursued by Sweden at the time.

Since the Swedish banking rescue , a managed float regimen has been upheld. The weakest the krona has been relative to the euro was 6 March when one euro bought The strongest the krona has been relative to the euro was on 13 August when one euro bought 8.

The weakness in the euro was due to the crisis in Greece which began in July and fear of further spreading to Italy and Spain.

The average exchange rate since the beginning of when the euro banknote and coins were issued and 1 March was 9. According to the accession treaty effective 1 January , Sweden is required to join the eurozone and therefore must convert to the euro once the convergence criteria are met.

By simply not joining the exchange rate mechanism, the Swedish government is provided a formal loophole avoiding the theoretical requirement of adopting the euro.

Some of Sweden's major parties continue to believe it would be in the national interest to join, but all parties have pledged to abide by the results of the referendum, [ needs update ] and none have shown any interest in raising the issue again.

There was an agreement among the parties not to discuss the issue before the general election. In a poll from May , In February , Fredrik Reinfeldt , the Prime Minister of Sweden stated that a new referendum on the euro issue will not be held until support is gained from the people and all the major parties.

Therefore, the timing is now at the discretion of the Social Democrats. He added, the request of Mona Sahlin , former leader of the Social Democratic Party, for deferral of a new referendum until after the mandate period should be respected.

As of [update] , support for Swedish membership of the euro among the general population is low. Sweden is a wealthy country and in the s and s the value of banknotes and coins per capita was one of the highest in the world.

In , the largest banknote worth 10,kr that was in circulation since was declared invalid and no longer was legal tender.

For a discussion of the financial and banking crisis that hit Sweden in the early s see the article History of Sweden ‚ÄĒpresent and Swedish banking rescue.

Unlike the US and Canada which by policy never declare issued money invalid, Sweden and most other European countries have a date when older series of banknotes or older coin designs are invalid and are no longer legal tender.

From the years to banknotes and coins were circulated at a near constant level of around 12, krona per capita, but in a modified 1,krona banknote with a motion security strip was produced.

Within seven years the banknotes without the strip were declared invalid, leaving only a radically reduced number of banknotes with foil valid.

The Vasa 1,krona banknote without the foil strip became invalid after 31 December , and the pieces with the foil strip are invalid after 30 June Also the Swish mobile payment system was established in Sweden in and become a popular alternative to cash payments.

Although many countries are performing larger and larger share of transactions by electronic means, Sweden is unique in that it is also reducing its cash in circulation by a significant percentage.

The circulation levels in the table above were reported to the Bank for International Settlements. Possible discrepancies with these statistics and other sources may be because some sources exclude "commemorative banknotes and coins" 3.

Speculation about Sweden declaring all banknotes and coins invalid at some future date is widespread in the media with Björn Ulvaeus as a celebrity advocate of a cashless Sweden which he believes will result in a safer society because simple robbery will involve stealing goods that must be fenced.

The value of the payments between households, companies and authorities in Sweden amounts to about 20, kronor annual per capita in cash.

In shops, almost one in seven payments is made in cash. More than half of the adult population has the Swish payment app.

Annual withdrawals from Swedish ATMs in amount to 15, kronor per capita. According to Skingsley, "what some consumers, smaller companies and local clubs often see as a problem, is not so much getting hold of cash, but being able to deposit it in a bank account.

To see how circulation of the Swedish krona ranks compared to other currencies see Bank for International Settlements Red Books.

The e-krona is a proposed electronic currency to be issued directly by the Riksbank. It is different from the electronic transfers using commercial bank money as central bank money has no nominal credit risk, as it stands for a claim on the central bank, which cannot go bankrupt, at least not for debts in Swedish krona.

The declining use of cash in Sweden is going to be reinforced cyclically. As more and more businesses find they can have a functional business without accepting cash, the number of businesses refusing to accept cash will increase.

That will re-enforce the need for more and more citizens to get the Swish app which is already used by half the population. Cash machines, which are controlled by a Swedish bank consortium, are being dismantled by the hundreds, especially in rural areas.

The Riksbank has not taken a decision on issuing e-krona. First, the Riksbank needs to investigate a number of technical, legal and practical issues.

Although it may appear simple at first glance to issue e-krona, this is something entirely new for a central bank and there is no precedent to follow".

If the Riksbank chooses to issue e-krona, it is not to replace cash, but to act as a complement to it. It is our statutory duty and we will of course continue to live up to it," concluded Deputy Governor Cecilia Skingsley.

From Wikipedia, the free encyclopedia. For the Swedish monarchy, see Monarchy of Sweden. Currency of Sweden. Main article: Sweden and the euro.

Money portal Numismatics portal Sweden portal. Sveriges Riksbank. Retrieved 7 July Bank for International Settlements.

December Retrieved 22 January Archived from the original on 30 September Retrieved 12 September Aftonbladet in Swedish. Retrieved 12 December After Nixon shock of , USD became fiat currency.

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