Proclamation of the Danish Currency Act of 23.05.1873; effective on 01.01.1874
18.09.1885
Banking law [No. 14] on the constitution of the Icelandic National Bank, including issuance privilege for paper money in the name of the Icelandic Treasury; the bank opened for business on 01.06.1886
01.06.1886
Start of issuance of Icelandic paper money by the National Bank, enacted by the proclamation [No. 12] of 25.05.1886
30.11.1918
Danish-Icelandic Union Act, article 9 establishes the monetary sovereignty; effective 01.12.1918
02.10.1922
Coinage (provisional) act [No. 45] on the issuance of Icelandic subsidiary coins; effective immediately: - 20.06.1923: Coinage act [Nr. 9], replaces the provisional act of 1922 (denominations: 25, 10 Aurar) - 27.06.1925: Coinage act [Nr. 19], adds further donominations of subsidiary coinage.
Valuation Regimes
1886-1922
Fixed rate against Danish Crown
1922-1925
Variable rate after initial devaluation
1925-1939
Fixed rate against British Pound
1939-1973
Fixed rate against US Dollar
1973-1980
Variable rate
Rate Arrangements
01.06.1886
Fixed
Danish Crown at 1 : 1
±0.0%
01.10.1922
Variable
initially: Danish Crown at 1 : 1.30
-23.1%
01.10.1925
Fixed
British Pound at 1 : 22.15
-
15.04.1939
Fixed
British Pound at 1 : 27
-18.0%
20.09.1939
Fixed
US Dollar at 1 : 6.489 - [Gold parity (18.12.1946)] 136.95mg AU fine
±0.0%
20.09.1949
Fixed
US Dollar at 1 : 9.341 - [Gold parity] 95.14mg AU fine
-30.5%
20.03.1950
Fixed
US Dollar at 1 : 16.29 - [Gold parity] 54.55mg AU fine
-42.7%
20.02.1960
Fixed
US Dollar at 1 : 38.00 - [Gold parity] 23.39mg AU fine
-57.1%
04.08.1961
Fixed
US Dollar at 1 : 43.00 - [Gold parity] 20.67mg AU fine
-11.6%
27.11.1967
Fixed
US Dollar at 1 : 57.00 - [Gold parity] 15.59mg AU fine
-24.6%
12.11.1968
Fixed
US Dollar at 1 : 88.00 - [Gold parity] 10.10mg AU fine
-35.2%
09.05.1972
Fixed
US Dollar at 1 : 88.00 - [Gold parity] 9.30mg AU fine
±0.0%
19.12.1972
Fixed
US Dollar at 1 : 98.56 - [Gold parity] 8.31mg AU fine
-10.7%
15.02.1973
Fixed
US Dollar at 1 : 98.56 - [Gold parity] 7.47mg AU fine
±0.0%
30.04.1973
Fixed
US Dollar at 1 : 92.98
+6.0%
15.06.1973
Variable
initially: US Dollar at 1 : 92.98
±0.0%
Time Period: 1981-
Currency: 2nd Icelandic (New) Crown
Transition
1 : 100
Sub-units
Crown / 100 Aurar
ISO4217
ISK
Timeline
30.01.1980
Central bank resolution [No. 117] on the currency reform; effective 01.01.1981
02.01.1981
Start of currency exchange: - 02.01.1981: Start of issuance of the new banknotes and coins - 30.06.1981: Demonetization of the former paper money (coins remained legal tender).