DENMARK (from 1947) - Danish krone [DKK]

1 krone = 100 øre

At the end of the 19th century, Denmark encouraged by the success of the Latin Monetary Union proposed Sweden a similar tying of currencies based on gold standard to facilitate trade. By the decision of May 5, 1873 Denmark and Sweden formed the Scandinavian Monetary Union and thus the Danish krone [DKK] and the Swedish krone [SEC] were formed, both equal to 0.403 grams of gold. Denmark has fixed this new krone equal to half of old thaler (Rigsbankdaler) [DKR] on January 1, 1875. The same day autonomous Norway bond by personal union with Sweden joined the monetary union. The Scandinavian Monetary Union formally dissolved only in 1972, but in fact it was cracking gradually when in 1905 independent Norway has introduced restrictions on foreign currency trading and later in 1914, after the outbreak of World War I, when people began to gather gold instead of using it. In the beginning of 1924 the Danish krone was worth barely 60% of the pre-war krone. In December of that year the gold standard was set again to 0,403 grams of gold for one krone, but this economically groundless act caused huge problems in the industry. The krone value did reach the pre-war one, but at the cost of massive deflation and unemployment. The economic crisis led to the final abandonment of the gold standard in 1931. During World War II German occupation authorities tied Danish krone to the German mark [DER] et par. Shortly after the liberation in 1945 the Danish krone was pegged to British pound [GBP] with ratio 24 DKK to 1 GBP, which was adjusted in August to 19.34 DKK per pound, what corresponded at that time to 4.8 DKK for the American dollar [USD]. In 1949, when Denmark was joining the Bretton Woods system the ratio to American dollar equalled 6.91 DKK for 1 USD, in 1967 reached 7.5 DKK for a dollar USD, and today it is ca. 5.5 DKK per dollar. The Danish krone looks therefore pretty stable and the Danes are reluctant to accept the government's promise to introduce the European euro [EUR]. The Danish krone DKK is also the official currency of the Faroe Islands and Greenland.

Please note that currently we are presenting only those types of circulation coins of Denmark, which were minted during the reign of King Frederick IX and Queen Margrethe II of Denmark.