# Swedish krona

> currency of Sweden

**Wikidata**: [Q122922](https://www.wikidata.org/wiki/Q122922)  
**Wikipedia**: [English](https://en.wikipedia.org/wiki/Swedish_krona)  
**Source**: https://4ort.xyz/entity/swedish-krona

## Summary
The Swedish krona (SEK) is the official currency of Sweden, issued by the Sveriges Riksbank, the world's oldest central bank. Introduced in 1873, it replaced the Swedish daler at a rate of 1:1 and is subdivided into 100 öre, though öre coins are no longer in circulation. The krona remains outside the Eurozone, reflecting Sweden's decision to maintain monetary sovereignty.

## Key Facts
- **ISO Code**: SEK (ISO 4217).
- **Symbol**: kr (e.g., 10 kr).
- **Issuing Authority**: Sveriges Riksbank (founded 1668).
- **Introduction Date**: 1873 (replacing the Swedish daler).
- **Subunit**: 1 krona = 100 öre (öre phased out in 2015).
- **Banknote Denominations**: 20, 50, 100, 200, 500, 1000 kronor (printed by Crane AB in Tumba).
- **Coin Denominations**: 1, 2, 5, 10, 20, 50 kronor (minted by the Mint of Finland).
- **EU Status**: Not part of the Eurozone; Sweden opted out of the euro in a 2003 referendum.
- **Currency Code**: `CCY_SEK` (Reuters).
- **Unicode Symbol**: `kr` (no unique currency symbol).
- **Historical Context**: Gold standard adopted in 1873, abandoned in 1931.
- **Related Entities**: European Union (member since 1995), Nordic Council (founding member).

## FAQs
**Why is the Swedish krona not part of the Eurozone?**  
Sweden maintains its own currency due to a 2003 referendum rejecting euro adoption, prioritizing monetary independence and economic flexibility.

**What are the subdivisions of the krona?**  
The krona is divided into 100 öre, though öre coins were withdrawn in 2015 due to low value. Prices are still denominated in öre for accounting purposes.

**Which institutions manage the krona?**  
The Sveriges Riksbank (central bank) oversees monetary policy, while banknotes are printed by Crane AB in Tumba and coins minted by the Mint of Finland.

**How has the krona evolved since its introduction?**  
Launched in 1873 under the gold standard, the krona transitioned to a floating exchange rate in 1992 after a banking crisis. It remains a stable currency despite fluctuations, managed by the Riksbank's inflation-targeting framework.

**What are the denominations in circulation?**  
Banknotes include 20, 50, 100, 200, 500, and 1000 kronor, featuring historical figures like Selma Lagerlöf and Greta Garbo. Coins range from 1 to 50 kronor, depicting Nordic themes.

## Why It Matters
The Swedish krona is a cornerstone of Sweden's economic identity, reflecting its history of monetary autonomy and stability. As one of the oldest currencies in Europe, it underscores Sweden's cautious approach to economic integration, avoiding the euro to retain control over interest rates and fiscal policy. The krona's resilience through crises, including the 1992 European exchange-rate mechanism collapse, demonstrates robust central banking practices. Its management by the pioneering Sveriges Riksbank—established in 1668—adds to its significance in global financial history.

## Notable For
- **Longevity**: Introduced in 1873, it is one of Europe's oldest continuously used currencies.
- **Decimal System Pioneer**: Adopted a decimal structure (100 subunits) ahead of many European currencies.
- **Riksbank Heritage**: Managed by the world's oldest central bank, founded in 1668.
- **Eurozone Exception**: Rare EU member state to maintain its pre-euro currency.
- **Design Innovation**: Banknotes feature prominent Swedes and cultural motifs, updated regularly for security and inclusivity.

## Body

### History and Adoption
The Swedish krona was introduced in 1873 through the Scandinavian Monetary Union, aligning Sweden with Denmark and Norway in a gold-standard system. It replaced the Swedish daler at par value, simplifying trade across the Nordic region. The union dissolved in 1914, but the krona retained its name and structure. Notable events include the 1931 abandonment of the gold standard and the 1992 "Black Wednesday" crisis, which led to the krona's floatation on foreign exchange markets.

### Issuance and Management
The Sveriges Riksbank, established in 1668, holds exclusive authority to issue kronor. Banknotes are printed domestically by Crane AB in Tumba, while coins are minted by the Mint of Finland. The Riksbank employs an inflation-targeting framework (2% annual goal) to guide monetary policy, adjusting interest rates to stabilize the currency's value. Security features in banknotes include holograms, watermarks, and raised print to prevent counterfeiting.

### Relationship with the Euro
Despite Sweden's EU membership since 1995, the krona remains independent of the euro. A 2003 referendum rejected euro adoption, with 56% opposition. This decision maintains the Riksbank's control over monetary policy, allowing Sweden to respond natively to economic conditions. The krona's exchange rate with the euro fluctuates freely, influenced by trade balances and geopolitical factors.

### Design and Denominations
Banknotes feature culturally significant Swedes:  
- **20 kronor**: Dag Hammarskjöld (UN Secretary-General)  
- **50 kronor**: Jenny Lind (opera singer)  
- **100 kronor**: Agnes von Sydow (poet)  
- **200 kronor**: Greta Garbo (actress)  
- **500 kronor**: Birger Jarl (statesman)  
- **1000 kronor**: Gustav Vasa (king)  

Coins depict natural and historical motifs, such as the three crowns (Tre Kronor) symbolizing Sweden's medieval union with Denmark and Norway.

### Economic Role
The krona facilitates trade in Sweden's export-driven economy, which relies heavily on machinery, timber, and automotive exports. Its value is influenced by global demand for Swedish goods and commodities like iron ore. The Riksbank's foreign exchange reserves, totaling €40 billion (2023), bolster the krona's stability amid global volatility.

### Cultural Impact
The krona appears in Swedish idioms (e.g., "en krona" for thriftiness) and literature, symbolizing national identity. Its design evolution reflects societal values, such as the 2015 update adding more women and diverse historical figures to banknotes.

### Technical Specifications
- **Banknote Material**: Polymer and cotton blend (introduced in 2020 for durability).  
- **Coin Composition**: Steel, copper, and nickel alloys (e.g., 50 kronor coin is 89% copper).  
- **Security Features**: UV-reactive fibers, microprinting, and serial number prefixes (e.g., "S" for Stockholm).  

### Related Entities
- **Tumba Bruk**: Sweden's sole banknote printer since 1755, producing 1.5 billion kronor annually.  
- **Mint of Finland**: Manufactures Swedish coins under contract since 1973.  
- **Nordic Council**: Promotes economic cooperation among Nordic nations, influencing krona cross-border usage.  
- **European Union**: Sweden's EU membership integrates the krona into EU financial systems, despite non-euro status.  

### Challenges and Reforms
The krona faces pressures from cashless trends, with 80% of Swedish transactions digital (2023). The Riksbank explores digital currency pilots (e-krona) to ensure accessibility. Past reforms include the 2016 "cashless society" initiative and 2018 coin redesign to improve accessibility for visually impaired users.

## References

1. Freebase Data Dumps. 2013
2. FactGrid
3. GF WordNet