An agreement reached in 1872 between Sweden and Denmark under which each country’s coins, and later its banknotes, were valid in both countries. Norway, which at that time was in personal union with Sweden but had extensive self-governing rights, also joined the monetary union in 1877. In the wake of the Scandinavian Monetary Union, the Danish currency, the imperial thaler, and the Swedish-Norwegian currency, the specie thaler, which had been valid until then, were replaced by the decimal currency 1 krone = 100 Øre. Henceforth, the Danish, Swedish and Norwegian crowns (Kroner) were exchanged 1:1:1. There were three different gold coins of 5, 10 and 20 kroner in circulation within the Union. The Scandinavian Coinage Union also included Iceland, which since
1380 was in Danish possession. In 1918, Iceland became a separate kingdom and introduced its first coins in 1922. The union broke up in 1924 because the members’ monetary policies pursued different goals. – See European Monetary Union, Coinage Union, Latin, Coinage Treaties.
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