Time Period: 1671-1813

Currency: 1st Danish Thaler

Transition
-
Sub-units
Thaler / 6 Marks / 16 Shillings / 5 Penning
ISO4217
none

Timeline

22.03.1671
Law ["Myndt-Ordning"]on the introduction of a new silver coinage standard based on the Specie Thaler ("Rigsdaler") / 96 Shillings and of gold bullion coins in units of the Specie Ducat; effective immediately:
- Accounting was done in the earlier Thaler Danish Courant ("Kurantdaler") at 1 Specie Thaler = 1 ¹¹⁄₄₈ 1 Thalers Danish Courant.
29.10.1736
Charter for the establishment of the Notes, Exchange and Loan Bank of Copenhagen ("Kurantbank") as commercial bank with issuance privilege for paper money; effective upon constitution of the bank on 08.03.1738
21.06.1757
Ordinance on the production of gold bullion coins in units of the Courant Ducat; effective immediately
around 1771
Order on the production of gold bullion coins in units of the Pistol (denominated as "d'Or"), imitating the French Louis d'Or; issuance began in 1775, and the weight was formalized by order of 28.08.1776.
29.02.1788
Ordinance on the introduction of the Danish specie coinage in Schleswig and Holstein at a rate of 1 Specie Thaler = 1¼ Thaler Schleswig-Holstein Courant; effective 01.04.1788
29.02.1788
Ordinance on the establishment of the Schleswig-Holstein Specie Bank as issuing institute for the duchies of Schleswig and Holstein; effective immediately
16.02.1791
Charter for the establishment of the Danish-Norwegian Specie Bank ("Species-Bank") as issuing institute; effective upon constitution of the bank on 01.08.1791

Valuation Regimes

1671-1813
Metallic currency based on circulating silver coins, additional gold coins without fixed rate. Base weight was the Cologne mark / 16 lots / 18 grains at 233.856 grams. In the early 19th century inflationary paper money effectively superseded the metallic currency.

Rate Arrangements

22.03.1671
Metallic
Specie Thaler: 25'281.69mg AG fine; Gold bullion "Specie Ducat": 3'417.67mg AU fine
9¼ Specie Thalers to the Cologne mark fine silver; 67 Specie Ducats to the Cologne mark of 23½-carats gold
21.06.1757
Metallic
Gold bullion "Courant Ducat": 2'728.32mg AU fine
75 Courant Ducats, of nominally 2 Thalers (= 12 Marks) Danish Courant to the Cologne mark of 21-carats gold
28.08.1776
Metallic
Gold bullion "d'Or": 6'031.99mg AU fine
35 Pistols "d'Or", of nominally 4⅓ Thalers (= 26 Marks) Danish Courant, to the Cologne mark of 21⅔-carats gold

Time Period: 1813-1874

Currency: 2nd Danish Thaler

Transition
1 : 6 (paper)
Sub-units
Thaler / 96 Shillings
ISO4217
none

Timeline

05.01.1813
Law on the declaration of state bankruptcy and the reorganization of the monetary system; effective 01.02.1813:
- Establishment of the state-owned Copenhagen State Bank ("Rigsbank") as sole issuing institute and closure of all former issuing institutes.
- Creation of a new silver currency ("Rigsbankdaler") at half the weight of the former specie coin and issuance of new silver-backed paper money.
- Rating of the former paper money as 12 Courant Thalers (paper) = 1 Thaler (specie) and withdrawal of the notes.
- Abolition of the accounting currency in Denmark and Norway; new rating for the Schleswig-Holstein accounting currency as 1 Thaler = 30 Shillings Schleswig-Holstein Courant.
01.02.1813
Start of currency exchange:
- 01.02.1813: Start of issuance of the new banknotes and coins
- 31.12.1813: Demonetization of the former currency.
04.07.1818
Charter for the Copenhagen National Bank as commercial bank with exclusive issuing privilege for paper money (succeeding to the state owned "Rigsbank"); effective upon constitution of the bank on 01.08.1818
03.02.1827
Ordinance on the production of new gold bullion coins in units of the Pistol (denominated as "d'Or"); effective immediately.
10.02.1854
Law on the change of currency designation from State Bank Thaler ("Rigsbankdaler") to State Thaler ("Rigsdaler") or State Coin ("Rigsmønt") and abolition of the Schleswig-Holstein accounting currency; effective 01.04.1854.
- The former notes and coins were not demonetized but gradually withdrawn.

Valuation Regimes

1813-1874
Metallic currency based on circulating silver coins, additional gold coins without fixed rate against silver. Base weight was the Cologne mark / 16 lots / 18 grains at 233.856 grams.

Rate Arrangements

01.02.1813
Metallic
Specie Thaler: 12'640.84mg AG fine
18½ Thalers to the Cologne mark fine silver
03.02.1827
Metallic
Gold bullion "d'Or": 5'950.17mg AU fine
35⁵⁄₂₄ Pistols "d'Or", of nominally 5.20 Thalers, to the Cologne mark of 21½-carats gold

Time Period: 1875-

Currency: Danish Crown

Transition
2 : 1
Sub-units
Crown / 100 Öre
ISO4217
DKK

Timeline

27.03.1873
Ratification of the Scandinavian Monetary Union of 18.12.1872 between Denmark, Norway and Sweden for the introduction of a common gold currency; effective 05.05.1873
23.05.1873
Law [No. 66] on the creation of the new currency; effective 01.01.1875
01.01.1875
Start of currency exchange:
- 01.01.1875: Start of issuance of the new banknotes and coins
- 31.12.1875: Demonetization of the former currency
- 02.08.1914: End of legal tender status of Norwegian and Swedish money in Denmark
07.04.1936
Law [No. 116] on the transformation of the Copenhagen National Bank into the National Bank of Denmark (by discontinuing the commercial bank functions); effective 28.05.1936
22.07.1945
Government resolution on the exchange of the wartime paper money; effective 23.07.1945:
- Per person, a maximum of 100 Crowns was exchanged on par into new banknotes; excess cash was deposited on a blocked account and paid out later (without confiscation)
- 31.07.1945: End of exchange period.
28.09.2000
Danish referendum on joining the European Monetary Union (and introducing the Euro) was rejected by 53.2% of voters with a turnout of 87.6%

Valuation Regimes

1875-1914
Metallic currency based on circulating gold coins, the gold standard was suspended on 02.08.1914
1914-1926
Variable rate around the former gold parity
1926-1931
Fixed rate against gold, the gold parity was abandoned on 29.09.1931
1931-1967
Fixed rate against British Pound
1967-1972
Fixed rate against US Dollar
1972-
Variable rate (the IMF gold parity was updated until 16.10.1978)

Rate Arrangements

01.01.1875
Metallic
Crown: 403.23mg AU fine
2'480 Crowns to the kilogram fine gold
02.08.1914
Variable
initially: [Gold parity] 403.23mg AU fine
±0.0%
22.12.1926
Fixed
[Gold parity] 403.23mg AU fine
-
29.09.1931
Fixed
British Pound at 1 : 18.50
-1.8%
31.01.1933
Fixed
British Pound at 1 : 22.50
-17.8%
29.08.1939
Fixed
British Pound at 1 : 22.40
+9.4%
01.08.1945
Fixed
British Pound at 1 : 19.34 - [Gold parity (18.12.1946)] 185.14mg AU fine
+15.8%
18.09.1949
Fixed
British Pound at 1 : 19.34 - [Gold parity] 128.66mg AU fine
±0.0%
21.11.1967
Fixed
US Dollar at 1 : 7.50 - [Gold parity] 118.49mg AU fine
-7.9%
21.12.1971
Fixed
US Dollar at 1 : 6.98 - [Gold parity] 117.27mg AU fine
+7.4%
01.05.1972
Variable
initially: US Dollar at 1 : 6.98
±0.0%

End-year Forex Rates (Units per US Dollar)

Year
Code
Ratio
Rate
Delta
Comment
1946
DKK
1
4.80
±0.0%
fixed against GBP
1947
DKK
1
4.80
±0.0%
fixed against GBP
1948
DKK
1
4.80
±0.0%
fixed against GBP
1949
DKK
1
6.91
-30.5%
fixed against GBP
1950
DKK
1
6.91
±0.0%
fixed against GBP
1951
DKK
1
6.91
±0.0%
fixed against GBP
1952
DKK
1
6.91
±0.0%
fixed against GBP
1953
DKK
1
6.91
±0.0%
fixed against GBP
1954
DKK
1
6.91
±0.0%
fixed against GBP
1955
DKK
1
6.91
±0.0%
fixed against GBP
1956
DKK
1
6.91
±0.0%
fixed against GBP
1957
DKK
1
6.91
±0.0%
fixed against GBP
1958
DKK
1
6.91
±0.0%
fixed against GBP
1959
DKK
1
6.91
±0.0%
fixed against GBP
1960
DKK
1
6.91
±0.0%
fixed against GBP
1961
DKK
1
6.91
±0.0%
fixed against GBP
1962
DKK
1
6.91
±0.0%
fixed against GBP
1963
DKK
1
6.91
±0.0%
fixed against GBP
1964
DKK
1
6.91
±0.0%
fixed against GBP
1965
DKK
1
6.91
±0.0%
fixed against GBP
1966
DKK
1
6.91
±0.0%
fixed against GBP
1967
DKK
1
7.50
-7.9%
fixed against USD
1968
DKK
1
7.50
±0.0%
fixed against USD
1969
DKK
1
7.50
±0.0%
fixed against USD
1970
DKK
1
7.50
±0.0%
fixed against USD
1971
DKK
1
7.06
+6.3%
fixed against USD
1972
DKK
1
6.84
+3.2%
1973
DKK
1
6.28
+8.9%
1974
DKK
1
5.65
+11.2%
1975
DKK
1
6.18
-8.5%
1976
DKK
1
5.80
+6.5%
1977
DKK
1
5.78
+0.3%
1978
DKK
1
5.09
+13.5%
1979
DKK
1
5.37
-5.1%
1980
DKK
1
6.02
-10.8%
1981
DKK
1
7.33
-17.8%
1982
DKK
1
8.38
-12.6%
1983
DKK
1
9.88
-15.1%
1984
DKK
1
11.26
-12.3%
1985
DKK
1
8.97
+25.5%
1986
DKK
1
7.34
+22.2%
1987
DKK
1
6.10
+20.4%
1988
DKK
1
6.87
-11.3%
1989
DKK
1
6.61
+4.0%
1990
DKK
1
5.78
+14.4%
1991
DKK
1
5.91
-2.3%
1992
DKK
1
6.26
-5.5%
1993
DKK
1
6.77
-7.6%
1994
DKK
1
6.08
+11.3%
1995
DKK
1
5.55
+9.7%
1996
DKK
1
5.94
-6.7%
1997
DKK
1
6.83
-12.9%
1998
DKK
1
6.39
+6.9%
1999
DKK
1
7.40
-13.7%
2000
DKK
1
8.02
-7.8%
2001
DKK
1
8.41
-4.6%
2002
DKK
1
7.08
+18.7%
2003
DKK
1
5.96
+18.9%
2004
DKK
1
5.47
+9.0%
2005
DKK
1
6.32
-13.5%
2006
DKK
1
5.66
+11.7%
2007
DKK
1
5.08
+11.5%
2008
DKK
1
5.28
-4.0%
2009
DKK
1
5.19
+1.8%
2010
DKK
1
5.61
-7.5%
2011
DKK
1
5.75
-2.3%
2012
DKK
1
5.66
+1.5%
2013
DKK
1
5.41
+4.6%
2014
DKK
1
6.12
-11.6%
2015
DKK
1
6.83
-10.4%
2016
DKK
1
7.05
-3.2%
2017
DKK
1
6.21
+13.6%
2018
DKK
1
6.52
-4.8%
2019
DKK
1
6.70
-2.7%
2020
DKK
1
6.06
+10.6%
2021
DKK
1
6.56
-7.7%
2022
DKK
1
6.97
-5.9%
2023
DKK
1
6.74
+3.4%
2024
DKK
1
7.14
-5.6%