Scandinavian monetary union

The Scandinavian monetary union or also Scandinavian (Swedish Skandinaviska myntunionen, Danish Skandinaviske ) was created 1873 by Sweden and Denmark. Reason for this was the gold standard outgoing from Great Britain, that after the center 19. Century also increasingly on the European continent replaced the past silver standard (latin 1860, new German Mark currency 1871/73). 1875 joined also Norway, which possessed large autonomy under Swedish control, however, the monetary union. From now on each Danish, Swedish and Norwegian coin was valid as well as late note also in the two other countries. In the course of the Scandinavian monetary union the earlier Danish currency, the Reichstaler, and the earlier Swedish-Norwegian currency, the Speciestaler, by the decimal currency 1 crown = 100 were replaced.

Due to different monetary policy during the First World War the exchange rate particularly did not remain however with 1:1, which led to the fact that the monetary union was in fact terminated 1924 with the task of the mutual acceptance of the fractional coins.

see also: Danish crown, Norwegian crown, Swedish crown, Icelandic crown

Literature

  • Rene franc: “The Scandinavian – a that under substantial pressure developed.” Magazine moneytrend (Vienna) 12/2005