Swedish Krona (SEK) Profile

Swedish krona users

Swedish krona is the official currency of Sweden (officially the kingdom of Sweden).

Sweden is a Nordic country. The Nordic Europe countries consist of the three Scandinavian countries including the kingdoms of Norway, Sweden and Denmark, two republics of Iceland and Finland, and their associated territories of the Faroe Islands (Denmark), Greenland (Denmark) and Aland (Finland). Among them, Sweden, Finland and Denmark are the member states of the European Union (EU) and only Finland has adopted the euro.

Sweden joined International Money Fund (IMF) in 1951 and became a member of the European Union in 1995. However Sweden decided to stay outside the euro zone.

Swedish krona history

Sweden's central bank is Sveriges Riksbank, which also sometimes is called as the Swedish National Bank or the Bank of Sweden. It was established in 1668 as the world's first central bank. Riksbanken started printing banknotes in 1755 and put the warning words like "Counterfeit will be sentenced to death" on the banknotes.

Sweden, Denmark and Norway used to be the members of Scandinavian Monetary Union which was formed in 1873 and lasted until World War I. The union provided a free circulation of the monetary. The three legacy currencies were replaced by an equal valued krone/krona at the rate of 1 krone/krona = 1 Swedish riksdaler = ½ Danish rigsdaler = ¼ Norwegian speciedaler.

Swedish krona coins and banknotes

One Krona is subdivided into 100 öre. All öre coins have been discontinued since October of 2010. Merchandise can still be priced in öre but should be paid by round number of krona if paying with cash.

Swedish krona and the currency of crown

In English, Swedish krona is sometimes known as the Swedish crown. The crown is a currency used in six European countries and their dependencies and dominions and crown names various because of these countries' official language.