Sweden, part of the Scandinavian countries, shares borders with Norway and Finland. Its major exports include electronic and telecommunication equipment as well as machinery. The currency is the krona (plural kronor). It appears on the market under the letters SEK. The value of 1 krona is 100 öre.
History
There was little Roman coinage in Sweden. The currency came from the Vikings. They provided Islamic silver dirhems in the 9th century. In the 11th century, local Swedish coins came from the hands of Anglo-Saxon moneyers. They came to the country for this express purpose brought by King Olaf Skottkonung. Later, his sons continued to issue this currency. The money mimicked the currency of Ethelred, the crux penny.
Initially, the issues were small. They stayed so until 1150. At this point, the penningar emerged. It took two forms: small, thin silver coins and bracheate coins of a central and Eastern European-type. This form of currency lasted from 1150 to the 1270s. Around the late 13th century, the Swedes decided to return to the double-sided coin. King Albrektofof Mecklenburg (1364-89) issued a valuable coin. This is the ortug (4 penigar) from the Stockholm and Kalmar mints. The ortug or fyrk continued under Sten Sture the Elder(1470-97).
The next major innovations arrived in the 16thcnetury. Gustav Vasal (1521-60) opted to follow European trends with the adoption of the large silver riksdaler. It quickly became the basis of the monetary system from then until 1873. The figure of the king with a sword and an orb are features on the obverse with the coatof arms on the obverse.
During the mid 16th century, dalers began to feature the figure of Christ instead of the king. Gustav II Adolf (1611-31) returned to the traditional forms and, recognizing the abundance of copper, issued pure copper coins. This same period also introduced the practice of creating “klippe.” Klippe coins are coins clipped from other coins to deal with emergencies.
Queen Kristina (1632-54) took copper coins to a
new level with her release of larger denominations in copper the
Swedish Plate money. For 200-years, plate money emerged from the mints
at Avesta. The difficult of working with it, however, led to the
issuing of paper money from 1720 onwards.
The currency of Sweden
hit the economic wall in the late 17th and early 20th centuries with
the rise of Russian power. Klippe and restamping became common
practices under Karl XII (1697-1718). The last Plate Money came under
the ruler of King Adolf Frederick (1751-71). Under him, the plate and
paper money vanished. A new system arose more closely bringing the
Swedish monetary system in line with that of the rest of Europe. In it,
1 daler equals 48 skilling and 4 ore equal 1 skilling.
The next step was a formation of the Scandinavian Monetary Union in 1872 consisting of Sweden, Denmark and Norway. In this system, the krona equals 100 ore. The union lasted until WWI. The coinage remained longer. It was debased during both world wars, iron replacing precious metals. During the 1970s, inflation saw the removal of some coins. Additions and removals have set the pattern to the present. Today, the coins consist of 50 öre and 1, 5 and 10 kronor. Banknotes come in denominations of 20, 50, 100, 500 and 1,000 kronor.
Obtaining Swedish Kronor
It is easy to obtain local money if you decide not to use credit cards. Any bank can provide you with cash. Check first with your own bank for rates of exchange. You can also rely on ATMs or ABMs. They are everywhere. You can usually locate ATMs in banks, stores, shopping centers and other businesses
Protecting Your Currency
Crime in Sweden is low. Undertake the usual precautions against petty theft such as pickpocketing and purse snatching.
Using Your Swedish Kronor
Use your Swedish money to buy anything you desire. While credit cards are handy, consider cash for those fast purchases and for use on the public transportation system. You can also familiarize yourself with the money a lot faster if you use it to purchase gifts. Representative purchases include crystal, hand-blown glass and hand painted glass. You can also purchase a Dala Horse or traditional candy such as Polkagris (Polka Pigs).
Travel Tips and Warnings
- If you plan to drive into Stockholm, you may have to pay a congestion tax.
- Do visit Stockholm, tax or no tax. Go to the 1754 Royal Palace with its Royal Chapel and apartments. Enter its Modern Museum and wander throughout the Old Town.
- Visit the many islands of the Archipelago.
- Go to Upsal with the largest cathedral in Scandinavia and visit its museum.
- There is Lake Mälaren and the Gulf of Bothnia with its pure coastline.
- Take a ride out to Gotland, Sweden’s largest island.
- See the Ales Stenar, 59 stones lined up in the shape of a ship.
- Head for Gothenburg, with its Maritime Center providing you with 19 ships to explore.
- Spend some time at the seaside town of Varberg wandering its beaches and admiring the grand fortress.
Overview
Sweden
is a large Scandinavian country with a storybook past and a clear grasp
of its future. It has close ties to the other Scandinavian countries
nearby economically and politically.
For factual information and data, go to www.sweden.se. For travel information, see www.vistsweden.com.
Currency Summary
Current currency: kronor (singular krona)
100 öre equal 1 krona
Coins: 50 öre; 1, 5, 10 kronor
Banknotes: 20, 50, 100, 500, 1000 kronor