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Monday 27 July 2015

203) Banknotes & Coins of Denmark: Krone (or Kroner) and Ore: (Part I): Historical Development of Coinage of Denmark:



203) Banknotes & Coins of Denmark: Krone (or Kroner) and Ore: (Part I): Historical Development of Coinage of Denmark:

Since 01.01.1875, the Krone or Kroner (in plural) subdivided into 100 Ore is the official currency of Denmark, Greenland and the Faroe Islands. “Krone” literally means “Crown”, hence the currency is also referred to as the “Danish Crown”. The name “Ore” has its origins in the Latin word “Aureus” (meaning “gold coin”).

The Krone replaced the previously circulating “Daler” (Dollar) or “Skilling” (Shilling).

Historical Development of Danish Coinage:

Around 800 AD, Danish coins in the form of silver Deniers and in the likeness of English pennies were circulating.

Around 995 AD, the Danish coins were patterned on North European coins.

Also, in the 10th Century, the Kingdom of Denmark was established under Gorm the Old. His descendants have ruled over Denmark ever since.

In the late 10th Century small coins called “Korsmonter” or “cross-coins” were minted by Harold Blue-tooth.

Later, during 1016-1035, King Cnut or Canute the Great (who united the Norse territories and extended his rule over England) set in place organised coin minting in Denmark. While Harthacnut, the son of Cnut ruled over Denmark, Cnut ruled over England. During this period, Denmark minted coins were minted on the pattern/designs of earlier Anglo-Saxon Coinage.

Lund was the principal coin minting town, but coins were minted in Roskilde, Slagelse, Odense, Aalborg, Arhus, Viborg, Ribe, Orbaek and Hedeby.

Around the 14th century, the small cross-type coins were the most popular circulating coins.

In 1522, the first large coins were circulated which were called Dalers.

During the later part of the 16th Century, in reign of Christian IV, around 150 varieties of coins were circulating, with the majority of them bearing the King’s crowned portrait on the Obverse and the Royal Crown on the Reverse.

From 1670 to 1695, during the reign of Christian V similar style coins circulated, the most prominent ones being the “portrait ducats”.

In the 19th Century, Denmark had an intricate/complex monetary system based on the Skilling, Rigbank Skilling, or Rigsmont Skilling as sub-divisions of the Rigspeciedaler, Rigsbankdaler or Rigsdaler. The smaller coins featured a crowned monogram or shield, while the higher values showed the reigning monarch on the Obverse and depicted the values on the Reverse.

For over 1000 years, Danish Kings, with a few exceptions have issued coins with their name, monogram and/or portraits.

Traditionally, Danish coinage was generally based on a Silver Standard. Periodically, the metal value of the minted coins was reduced and thus did not correspond to the face value of the coins. This was done to generate income for the monarch or the State. Sometimes, taxes were imposed through this method of exchanging the old coins with more silver content with new coins with lower silver content.

As the users lost faith in the Danish currency, the Danish currency was overhauled several times in attempts to restore public confidence in coins as well as paper money.

In 1619, a new currency was introduced called the Krone (Crown). One Krone had the value of 1 ½ Danish Rigsdaler Species accounting for 96 Kroneskillinger, or later for 144 common Skillings.

In 1873, when the Scandinavian Monetary Union (SMU) comprising the three Scandinavian countries – Denmark (Krone), Norway (Krone)  and Sweden (Krona) was established, the Krone sub-divided into 100 Ores was introduced which circulated from 01.01.1875 onwards.

These coins, as in earlier coinage, bore a crowned monogram on the smaller denominations and a crowned portrait on the higher denominations, with the values being depicted on the Reverse.

The Krone was now placed on the Gold Standard at a rate of 2480 Kroner= 1 Kg fine Gold. As confidence in the new currency grew, people started accepting Banknotes instead of coins.

The SMU lasted until World War I and came to an end in 1914 when the Gold standard was abandoned.

 All three countries, however, continued to call their separate currencies with the earlier designation.

Iron replaced the Bronze metallic composition of the coins during World War I, around 1918-19 and Zinc which was used as a wartime measure in 1942, during World War II continued to be used in Danish coinage till 1972.

Interestingly, in 1926, coins with a central hole were used to save on metal content and this practice still continues on smaller denomination coins.

The silver Krone denominations originally featured the monarch’s portrait on the Obverse and a crowned shield on the Reverse but, after 1924, when Aluminium-Bronze coins were minted, a crowned monogram appears on the Obverse and a Crown on the Reverse.

Coins of some smaller denominations (1, 2 and 5 Krone) still exhibit a central hole feature, while the higher denomination coins (10 and 20 Krone) feature the portrait of the monarch on the Obverse and the National Coat of Arms on the Reverse.

In 2000, Denmark through a referendum rejected introduction of the Euro.

The Faroe Islands uses a localised, non-independent version of the Danish Krone, called the “Faroese Krona”, which uses the Danish coin Series, but have their own Series of Banknotes issued in 1950s, 1970s and 2000s.

Greenland uses the Danish Kroner as its sole official currency.

Danmarks Nationalbank (or Danish National Bank):

On 01.08.1818, the Danmarks Nationalbank (or Danish National Bank), the Central Bank of the Kingdom of Denmark, was established by King Frederick VI of Denmark. It is an autonomous and independent institution.

Its primary objective is to function as an independent and credible institution for issuing Danish currency, the Krone and to ensure its stability. It also has the responsibility for setting the Monetary Policy interest rates. The Bank undertakes all functions related to the management of the Danish central-government debt.

In 1914, the National Bank became the sole banker for the Danish government.

Presently circulated coins:

Since the late 19th century, coins minted by the Bank exhibit a heart-shaped mint mark. Prior to adopting this mint mark, the Bank had the Royal Crown as its mint mark.

Also, since 1972, coins bear two initials on the lower periphery – one is of the Mint-Master and the other is of the Moneyer or Engraver.

Traditionally, Danish coins were made of copper for the smaller denominations, silver for the middle denominations and gold for the higher denominations.

The present Series of coins is divided into three sub-sets, imitating the colours of copper, silver and gold coins in keeping with tradition:

Tin-Bronze (Copper-coloured coins):

The Obverse of the 50 Ore coin shows the Crown of King Christian V, while the Reverse of the 50 Ore coin shows the heart symbol of the Royal Mint as well as the denominational value of the coin “50”.

The Specifications of the coin are:

Size: 21.5 mm; Thickness: 1.55 mm; Weight: 4.3 gms; Composition: Tin-Bronze (copper coloured); Edge: Smooth; Shape: Round.

Crown of Christian V:



The crown of King Christian V of Denmark was used at the coronation of all Denmark’s Absolutist Kings.

 Although the reign of such Kings ended in 1840, the crown is still used during a Danish monarch’s “castrum doloris” (coronation ceremony). The last time it was used was in 1972. The Crown was fashioned by Paul Kurtz in Copenhagen in 1670-71. Gold with enamel and table-cut stones, 2 garnets and 2 sapphires are encrusted on it. The crown weighs 2080 grams. This Crown also forms part of the National Coat of Arms of Denmark and the Royal Coat of Arms and is the de facto symbol of the power of the state.

Cupro-Nickel (Silver-coloured coins):



                         Obverse of  a 1 Krone coin issued in 1992

The Obverse of the 1 Krone coin shows the Monogram of Queen Margrethe II, while the Reverse of the 1 Krone coin shows the traditional design as well as the heart symbol of the  of the Royal Mint and the denominational value of the coin “1 KRONE”.



                        Reverse of the 1 Krone coin issued in 1992

The Specifications of the coin are:

Size: 20.25 mm; Thickness: 1.60 mm; Weight: 3.6 gms; Composition: Cupro-Nickel: 75% Copper, 25% Nickel (silver coloured); Edge: Milled; Shape: Round & Holed.



                       Obverse of a 2 Krone coin issued in 1992

The Obverse of the 2 Krone coin shows the Monogram of Queen Margrethe II, while the Reverse of the 2 Krone coin shows the traditional design as well as the heart symbol of the  of the Royal Mint and the denominational value of the coin “2 KRONE”.



                       Reverse of the 2 Krone coin issued in 1992

The Specifications of the coin are:

Size: 24.50 mm; Thickness: 1.80 mm; Weight: 5.9 gms; Composition: Cupro-Nickel: 75% Copper, 25% Nickel (silver coloured); Edge: Interrupted Milling; Shape: Round & Holed.

The Obverse of the 5 Krone coin shows the Monogram of Queen Margrethe II, while the Reverse of the 5 Krone coin shows the traditional design as well as the heart symbol of the  of the Royal Mint and the denominational value of the coin “5 KRONE”.

The Specifications of the coin are:

Size: 28.50 mm; Thickness: 2.00 mm; Weight: 9.2 gms; Composition: Cupro-Nickel: 75% Copper, 25% Nickel (silver coloured); Edge: Milled; Shape: Round & Holed.

Monogram of Margrethe II:



The above is an image of the Royal Monogram of Margrethe II of Denmark, which has been stylised in the design used by the Royal Danish Mint on 1, 2 and 5 Krone coins. The Monogram shows the letters/numerals “M2R” with the Royal Crown above. “M2R” stands for “Margrethe II Regina”.

Aluminium Bronze (Gold-coloured coins):

The Obverse of the 10 Krone coin shows the portrait of Queen Margrethe II, as well as the heart symbol of the  of the Royal Mint, while the Reverse of the 10 Krone coin shows the National Coat of Arms of Denmark and the denominational value of the coin “10 KRONER”.

The Specifications of the coin are:

Size: 23.35 mm; Thickness: 2.30 mm; Weight: 7.0 gms; Composition: Aluminium-Bronze: 92% Copper, 6% Aluminium, 2% Nickel (silver coloured); Edge: Smooth; Shape: Round.



                   Obverse of 10 & 20 Krone coins issued in 1990

The Obverse of the 20 Krone coin shows the portrait of Queen Margrethe II, as well as the heart symbol of the  of the Royal Mint, while the Reverse of the 20 Krone coin shows the National Coat of Arms of Denmark and the denominational value of the coin “20 KRONER”.

The Specifications of the coin are:

Size: 27.00 mm; Thickness: 2.35 mm; Weight: 9.3 gms; Composition: Aluminium-Bronze: 92% Copper, 6% Aluminium, 2% Nickel (silver coloured); Edge: Interrupted milling; Shape: Round.

Commemorative Coins:

Commemorating Royal occasions:

Commemorative coins have been issued by the Royal Danish Mint from 1848 onwards in silver alloy to commemorate Royal occasions:

Death of King Christian VIII & Ascension of King Frederik VII (1848 – Specie Daler), Death of King Frederik VII & Ascension of King Christian IX (1863 - 2 Rigsdaler),

2 Kroner - 25th Anniversary of the reign of King Christian IX (1888), 50th Wedding Anniversary of King Christian IX & Queen Louise (1892), 40th Anniversary of reign of King Christian IX (1903), Death of King Christian IX & Ascension of King Frederik VIII (1906), Death of King Frederik VIII & Ascension of King Christian X (1912), 25th Wedding Anniversary of King Christian X & Queen Alexandrine (1923), 60th Birthday of King Christian X (1930), 25th Anniversary of Ascension of King Christian X (1937), 75th Birthday of King Christian X (1945), 18th Birthday of Crown Princess Margrethe (1958),

5 Kroner - 25th Wedding Anniversary of King Frederik IX & Queen Ingrid (1960), Wedding of Princess Anne Marie (1964),

10 Kroner - Wedding of Crown Princess Margrethe & Henri de Laborde de Monpezat (1967), Wedding of Princess Beatrice (1968), Death of King Frederik IX & Ascension of Queen Margrethe II (1972),

500 Kroner coin – “The Dannebrog” Royal Yacht (2008),

200 Kroner – 50th Birthday of Queen Margrethe II (1990), 25th Wedding Anniversary of Queen Margrethe (1992), 1000 years of Danish coinage (1995), Wedding of Prince Joachim (1995), 25th Anniversary of Ascension of Queen Margrethe II (1997), 60th Birthday of Queen Margrethe II (2000), Wedding of Crown Prince Frederik (2004),

500 Kroner -  70th Birthday of Queen Margrethe II (2010), 40th Anniversary of Queen Margrethe II’s Ascension (2012), 75th Birthday of Queen Margrethe II (2015).
 The above is an image of a 20 Kroner circulation coin commemorating the 75th Birthday of Queen Margrethe II

International Polar Year Series:

Three gold 1000 Kroner coins were minted, with gold sourced from Greenland for this Series & including a polar bear mint mark:

Polar Bear, an endangered species (2007 – also the winner of 2008 Coin Of The Year (COTY) Award in the prestigious International Coin Competition held annually by Krause Publications for best gold coin), Sirius Dog Sled Patrol (2008), Northern Lights – Scientific research (2009).
 The above is an image of a 1000 Kroner Gold coin depicting the Sirius Dog Sled Patrol.

100 Kroner – Silver coins: Polar Bear, an endangered Species (2007), Sirius Dog Sled Patrol (2008), Northern Lights – Scientific Research (2009),

200th Anniversary of the Birth of Hans Christian Andersen Series:

10 Kroner gold coin – The Ugly Duckling (2005), The Little Mermaid (2005), The Shadow (2006), The Snow Queen (2006 - also the winner of 2007 Coin Of The Year (COTY) Award in the prestigious International Coin Competition held annually by Krause Publications for most artistic coin design), The Nightingale (2007).
 10 Kroner silver coin - The Ugly Duckling (2005), The Little Mermaid (2005), The Shadow (2006), The Snow Queen (2006), and The Nightingale (2007).
 The above is an image of a ten Kroner gold coin titled "The shadow" commemorating the works of Hans Christian Andersen.

The Towers Series:

Aluminium-Bronze Base metal 10 coins set – Aarhus City Hall (2002), Borsen, Old Copenhagen Stock Exchange (2003), Christiansborg Palace (2003), The Goose Tower, Vordingborg Castle (2004), Landet Church Tower (2005), Nolsoy Lighthouse, Faeroe Islands (2005), Grasten Palace (2006), Copenhagen City Hall (2007).

The Ship Series:

HDMS Vaedderen (2007), The Frigate Jylland (2007), MS Selandia (2008), Havhingsten fra Glendalough (2008), HDMY Dannebrog (2008), Lightship XVII (2009), Faroese Boat (2009), Kayak – Umiak (2010), Emma Maersk (2011), SS Hjejlen (2011)

The Scientists Series:

 Neils Bohr, Atomic model (2013), Hans Christian Orsted, Electromagnetism (2013), Ole Romer, The Speed of Light (2013), Tycho Brahe, Stella Nova (2013).
 The above is an image of the Reverse of a 20 Kroner coin showing the Atomic model. On top is mentioned "Neils Bohr - Atom Teori" (meaning Atomic theory).

The Coat of Arms of Denmark:



The National Coat of Arms of Denmark consists of three pale blue Lions passant wearing crowns and accompanied by nine red hearts, all placed on a golden shield.

The Crest is the Crown of Christian V.

Armiger: Kingdom of Denmark.

Escutcheon: Or, three Lions Passant in pale Azure crowned and armed Or langued Gules (red), nine Hearts Gules.

Historically, this was the Coat of Arms of the House of Estridsen, the dynasty which ruled between 1047 and 1412.

The oldest depiction of the Danish arms is traced back to a Seal used by King Canute VI, around 1194.

The current design was introduced in 1819, under Frederik VI.

Previously, the National Coat of arms and the Royal Coat of Arms were one and the same, however, since 1819, there has been a more complex Royal Coat of Arms of Denmark (kongevaben) which is distinct from National Coat of Arms (rigsvaben).

(Part II of this Post is on the Evolution/Development of Banknotes of Denmark) 


Links:

1) Mint of Finland: Provincial coins issued in 2010 and 2011 commemorating the cultures/traditions of the nint historic provinces which ceased to be Administrative Regions in 1634

2) Currency of Denmark: Krone and Ore (Part I): Historical Development of Coinage in Denmark

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