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In Europe, the most commonly used currency is the euro (used by 26 countries); any country entering the European Union (EU) is expected to join the eurozone [1] when they meet the five convergence criteria. [2] Denmark is the only EU member state which has been granted an exemption from using the euro. [1]
Danish currency was overhauled several times in attempts to restore public trust in the coins, and later issued in paper money. [3] Several different currency systems have been used by Denmark from the 16th to 19th centuries. The krone (lit. "crown") has existed as early as 1513 as a unit of account worth 8 marks.
The value of the Norwegian krone compared to other currencies varies considerably from one year to another, mainly based on changes in oil prices and interest rates. In 2002 the Norwegian krone grew to record high levels against the United States dollar and the euro. On 2 January 2002, 100 kroner were worth US$11.14 ($1 = 8.98 kroner).
US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica
The Scandinavian Monetary Union was a monetary union formed by Denmark and Sweden on 5 May 1873, with Norway joining in 1875. It established a common currency unit, the krone/krona, based on the gold standard. It was one of the few tangible results of the Scandinavian political movement of the 19th century. The union ended during World War I. [1]
Among the Nordic countries, Finland is today the number one Nordic industrial country, as the manufacturing industry in Finland accounts for the greatest proportion of the country's jobs, around 16 per cent. By way of comparison, in Denmark, Norway and Iceland it only accounts for less than 13 per cent of total employment. [100]
A crown is a unit of currency used in Norway, Sweden, Denmark (including the Faroe Islands and Greenland), Iceland, and the Czech Republic. Alternative names [ edit ]
On 5 May 1873 Denmark with Sweden fixed their currencies against gold and formed the Scandinavian Monetary Union. Prior to this date, Denmark used the Danish rigsdaler divided into 96 rigsbank skilling. In 1875, Norway joined this union. A rate of 2.48 kroner per gram of gold, or roughly 0.403 grams per krone was established.