Sweden

The Swedish Krona currently consists of six denominations – 20 kronor, 50 kronor, 100 kronor, 200-kronor, 500 kronor and 1,000 kronor. Since its debut in 2015, these exquisite banknotes have captivated the public with their intricate designs. Utilising a distinct anodised colour for each denomination, the notes feature portraits of some of Sweden’s most renowned figures in culture and beyond – Astrid Lindgren (20kr), Evert Taube (50kr), Greta Garbo (100kr), Ingmar Bergman (200kr), Birgit Nilsson (500kr) and Dag Hammarskjöld (1000kr). Furthermore, each note incorporates abstract illustrations to relay the vibrant nature of Sweden – Småland on the 20-krona note, Stockholm on the 100-krona note and the Laponian area in Lappland on the 1000-krona note.

Although Sweden coins come in different denominations, they all share similarities across their designs. As the ultimate symbol of Swedish country and culture, the Three Crowns are featured in each of their obverses but vary slightly depending on the coin. The 1 krona and 2 krona coins both have the initial of the Sweden designer Ernst Nordin (EN), the issue date, and King Carl XVI Gustaf’s portrait (King of Sweden), but also a stylised solar corona that encircles them. The 5 krona gold coin has King Carl XVI Gustaf’s monogram, comprising a crown with his name initials (C – G) under it, with its reverse side, sharing features similar to its copper counterparts. Finally, the 10 krona gold coin has a side portrait of King Carl XVI Gustaf, just like the 1 & 2 krona coins do, with again similar features presented on its reverse side.

Sweden adopted the krona as its official currency when it joined the Scandinavian Monetary Union in 1873. The SMU linked the countries’ currencies to the gold standard, setting the krone/krona equivalent to 1/2480 kilograms of pure gold and tying exchange rates between Denmark, Norway and Sweden for over thirty years until World War I.

When the SMU dissolved in 1914, Swedish authorities decided to keep the name krona and continue minting their national currency instead of reverting to their previous one. Investors made this decision intending to improve trade networks between Sweden’s neighbouring states.

In 1917-1919, iron replaced bronze, while the 10, 25, and 50 öre coins were swapped for silver in 1920. Silver returned again later, in 1927. The Second World War again saw another shift with metal shortages resulting in improvements to the Swedish coins. Through it all, one thing remained constant; a krona is still equal to 100 öres.

The 10, 25, and 50 öre coins were reissued in nickel-bronze between 1940 and 1947. However, they were changed to iron in 1942 with a decrease in silver content. In 1962 silver was replaced by cupronickel on these three coins. 2-krona coins included 40% silver until 1966, making them worth more than two kronor during this time.

Many of these coins were melted down for investors exploiting market inefficiencies; however, some are preserved today and maintained as collectibles. Most recently, a new design for the 2-krona coin was released in 2016.

The Riksbank, the Swedish central bank, first released notes in 1874; denominations included 1 krona, 5 kronor, 10 kronor, 50 kronor, 100 kronor, and 1000 krona. The one-krona notes were only circulated between 1874 and 1920.

Notably, 10,000-kronor notes were released in 1939 and 1958. The 5-kronor note was phased out in 1981 but replaced with a coin introduced in 1972. Ten-kronor notes stopped being produced in 1991 after the release of the ten-kronor coin. More recently, twenty-kronor notes were added to circulate. As of the 31st of December 1987, any remaining one-krone notes became obsolete, while 5 and 10-krone bills were made worthless on the 31st of December 1998.

The Riksbank became the world’s first central bank to include a security feature of a moving picture in its banknotes, which was featured on the new 1,000 SEK note released in 2006. This improved note had to be circulated until June 2016, with four million already in use. On the 31st of December 2013, all earlier banknotes without the security feature were rendered void and considered worthless for transactions.

Cash payments are starting to decline in Sweden as there has recently been a push towards digital currencies such as the e-Krona. This new digital currency will be managed by the Riksbank and can easily be accessed through a mobile “Swish” app currently used by more than half of the country’s population. While this new e-currency hasn’t entirely replaced cash payments, it looks likely that cash transfers will be gradually phased out over the coming years.

The economy of Sweden is notable for its reliance on exports, with natural resources such as timber, hydropower, and iron ore forming an integral part of this orientation. This has led to the development of critical industries such as telecommunications, motor vehicles, industrial machines, chemical goods, pharmaceuticals, and precision equipment. In addition to this export-oriented approach to the industry, the agricultural sector remains vital in utilising domestic resources.

A competitive open mixed economy characterises the Swedish market with a primarily privately-owned enterprise base. Public sector spending accounts for up to 3/5 of the total GDP – highlighting the strength of Sweden’s welfare state structure. As a result, the economy of Sweden provides employment opportunities within diverse industries in relative stability and prosperity.