Currency Rates for Swedish Krona
Currency Exchange Rates for Swedish Krona - Currency Information on SEK for Sweden – kr. The foreign exchange currency code for SEK represents the Swedish Krona exchange rate.
The Scandinavian Monetary Union came into effect in 1873, and brought with it, the introduction of the krona, which replaced the riksdaler at a 1:1 ratio.
Send Money Transfer to Sweden. The currency has since changed in terms of denominations, but the name remains the same.
GBP to SEK
Coins are available in denominations of 1, 5 and 10 krona, and banknotes are available in denominations of 20, 50, 100, 500 and 1000 krona though the 1,000 krona note is not used frequently.
Swedish Krona (SEK or kr) is Sweden's currency since the year 1873 and it became the 11th most traded world currency in the year 2013. SEK was introduced in 1876 by the Scandinavian Monetary Union to be used by Scandinavian countries including Sweden, Norway and Denmark. In the period between 1873 and 1876 there were coin denominations of 1, 2. 5, 10, 25 as well as 50 Ãre. 1, 2, 5 coin denominations were made of bronze while the 10, 50, 25 Ãre as well as 1 and 2 krona were made of silver. 10, 20 kronor were made in gold. By the year 1873, one could buy 1 kg of gold at 248,000 are. By 1902, gold coins were no longer in use but briefly restarted in 1920 before ceasing completely in 1925. Metal shortages led to iron coins been replaced by bronze while silver coins were replaced by Nickel-bronze.
Notably, Sweden's currency was in silver during the medieval period, Nonetheless, in 1625, copper coins came to use when bimetallic standard were employed. By the year 175, copper use was suspended and opted for the irredeemable banknotes. This led to the imposition of in-convertible paper standard. However, factors such as inflation among other economic problems led to the depreciation of the currency resulting in Sweden returning to the se of silver and a new silver standard system was imposed in 1776.
During the 17th century up to 1873, the commonly used currency i9in Sweden was Swedish Riksdaler was known to be very complex with subunits comprising of res, runstyckens, penning and skillingars. By 1855, Sweden resulted to the use of decimal system with the introduction of the Risksdaler Riksmynt. When Sweden joined Scandinavian Monetary Union in 1873, Swedish Krona started to be used. Other countries that joined Scandinavian Monetary Union include Denmark and Norway and they also started to fix their currencies against gold in comparison to one another so as a to create monetary stability. Nonetheless, the union of the countries ceased during World War 1 as the countries lost pegs to gold. Nonetheless, Sweden retained the Krona currency even when the monetary union got disbanded.
Some of the major changes in the currency included the 1994 Accession Treaty when Sweden joined the Eurozone and ended up adopting the euro. Nonetheless, the 2003 referendum saw 65% opposition of the using the euro and the currency could not be used in Sweden. Nonetheless, there is still much debate on whether the country would benefit more by adopting the use of euro but it has not been decided.
Bank Exchange Rates for Swedish Krona. The foreign exchange rates for Sweden also known as the ISO code SEK. Send money transfer online with us with the cheapest options.