Sweden is one of the most popular countries in Europe. It is, in fact, the third largest country in the European Union. It is a Nordic country and was formerly known as the Kingdom of Sweden. Sweden is rich in history, culture, and natural sights which made one of the most popular tourist destinations despite the usually cold weather.
Sweden’s currency is called ‘krona’ or ‘kronor’ in its plural form. Its code is SEK and sign is kr. Both of these symbols are well-known and used in different economic settings and currency markets. The literal meaning of the word ‘krona’ is ‘crown’ which is why it is sometimes called as the ‘Swedish crown’ in English speaking countries. Together with the Euro (EUR), which is the official currency of the Finnish, krona is being used in the Aland Islands.
Previously, krona was equivalent to 100 ore. But on September 2010, the circulation of ore completely stopped. The value of 1 Swedish krona is equal to 0.16 US dollars.
The term ‘krona’ was first used in the Scandinavia Monetary Union which includes Sweden, Denmark, and Norway. Krona was used in Sweden while krone, which also means crown, was used in the other two countries. When the Union was dissolved, these countries continued using the name krona and krone with different values.
The Swedish krona has denominations of 20, 50, 100, 500, and 1000 kronor. The images on these bank notes are important figures in history and national symbols.
Just like most European countries, Sweden will also start using the Euro sometime in the future. After signing the accession treaty in 1995, Sweden is required to enter the European Union at some point and change its currency when this happens.