Basic Data:

• Country ISO Code: SE

• Official Language: Swedish

• Language ISO Code: sv

• Current Official Currency: Swedish Krona

• Current Currency ISO Code: SEK

Complete Financial History of Sweden and Currencies Used:

1. Swedish Krona (Svensk krona) – SEK (Current Currency)

• Currency ISO Code: SEK

• Symbols: kr (local symbol), SEK (international code)

• Singular Name: krona

• Plural Name: kronor

• Monetary Subdivision: 1 krona = 100 öre

• Fraction Name Singular: öre

• Fraction Name Plural: öre

• Initial Production Date: 1873

• End Production Date: still in circulation

• Initial Circulation Date: 1873

• End Circulation Date: still in circulation

• Mint: Svenska Myntverket (Swedish Mint)

• Issuing Bank: Riksbank (Sweden’s Central Bank)

• Coin Denominations Currently Minted: 1, 2, 5, and 10 kronor

• Banknote Denominations Currently Issued: 20, 50, 100, 200, 500, and 1,000 kronor

Historical and Economic Context:

• The Swedish krona has been the official currency since 1873, replacing previous currencies to unify Sweden’s monetary system.

• Sweden joined the European Union in 1995 but chose not to adopt the euro, maintaining the krona to preserve monetary sovereignty.

• The krona is subdivided into 100 öre, but öre coins are no longer in circulation.

• Sweden is a global leader in digital payments, significantly reducing the use of physical cash, making it one of the countries with the lowest cash circulation worldwide.

• The Riksbank manages monetary policy and currency issuance, ensuring economic stability.

• The krona’s value is influenced by domestic and international economic factors such as interest rates and trade.

Previous Currencies:

• Before the krona, Sweden used the riksdaler until the mid-19th century, when it was replaced by the krona in 1873.

• Banknotes were first introduced in 1661 during a period of copper wealth, which led to the production of large, heavy coins.

• The monetary system evolved from copper, silver, and gold coins to the modern krona, which remains the sole official currency today.

Curiosities and Current Status:

• Sweden is on track to become the first cashless society, relying almost exclusively on electronic payments and cards.

• Cash circulation has dropped significantly, with less than 80 billion kronor in circulation currently, down from 106 billion six years ago.

• The Swedish Mint occasionally produces commemorative and collectible coins honoring national figures and events.

Legislation and Issuing Authority:

• Currency issuance and monetary policy are regulated by the Riksbank under national legislation to ensure financial stability.

• Banknotes feature signatures of Riksbank officials, including the governor and deputy governor.

Summary of Coins and Banknotes Currently in Circulation:

This report provides Sweden’s financial history focused on the Swedish krona, the official currency since 1873, including its subdivision, denominations, historical context, and current status.