The Icelandic krona is the official currency of Iceland. Banknotes are available in denominations of 500, 1000, 2000, and 5000 kronur. Coins are issued in 2, 5, 10, 50, and 100 kronur. Iceland was once part of the Scandinavian Monetary Union but retained its own currency after the union dissolved.
After World War I, Iceland separated from Denmark and introduced its own currency. The value was changed to 1 new krona = 100 old kronur. Since 1961, the Central Bank of Iceland has controlled the circulation of the currency.
Iceland once had a smaller coin called "aurar," with 100 aurar equaling 1 krona. However, the value of the aurar coin was less than 1 krona, and it was discontinued in 2002.
