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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
3) Currency of Denmark: Krone and Ore (Part II): The Evolution of Banknotes in Denmark
4) "The Golden Age of Finnish Art": A 10 Euro Silver Coin with the afore-mentioned theme as part of the sub-theme for 2017 - "The Age of Iron and Glass" under the overall theme of "Ages of Europe" issued by the Mint of Finland on 20.02.2017: ii) "Europa Coin Programme" ot the "European Silver Star Programme" or the "Eurostar Programme"
5) Norges Bank (Central Bank of Norway): Introduction of the VIII Series of innovative/pixelated Banknotes with the theme "The Sea" in a phased manner from May 2017 to Q4 2020 and gradual withdrawal of the presently circulating Banknotes (VII Series)
6) Currency and Coinage of Sweden: Kronor and Ore: New Banknote Series and Coins being issued in 2015 and 2016
7) Currency and Coinage of Iceland: issued by by the Central Bank of Iceland or "Sedlabanki Islands": Kroner & Eyrir
(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
3) Currency of Denmark: Krone and Ore (Part II): The Evolution of Banknotes in Denmark
4) "The Golden Age of Finnish Art": A 10 Euro Silver Coin with the afore-mentioned theme as part of the sub-theme for 2017 - "The Age of Iron and Glass" under the overall theme of "Ages of Europe" issued by the Mint of Finland on 20.02.2017: ii) "Europa Coin Programme" ot the "European Silver Star Programme" or the "Eurostar Programme"
5) Norges Bank (Central Bank of Norway): Introduction of the VIII Series of innovative/pixelated Banknotes with the theme "The Sea" in a phased manner from May 2017 to Q4 2020 and gradual withdrawal of the presently circulating Banknotes (VII Series)
6) Currency and Coinage of Sweden: Kronor and Ore: New Banknote Series and Coins being issued in 2015 and 2016
7) Currency and Coinage of Iceland: issued by by the Central Bank of Iceland or "Sedlabanki Islands": Kroner & Eyrir
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