Scandinavian Monetary Union

The Scandinavian monetary union or Scandinavian Monetary Union (Swedish Skandinaviska myntunionen, Danish Skandinaviske møntunion ) was founded in 1872 by Sweden and Denmark. This was due to the outgoing of the UK gold standard, after the mid-19th century on the continent of Europe the previous silver standard increasingly replaced ( Latin Monetary Union in 1865, new German Mark currency 1871). In 1877, Norway, which was in personal union with Sweden joined, but had considerable autonomy, the Monetary Union at. Henceforth, any Danish, Swedish and Norwegian coin and banknotes was later also valid in the other two countries. As part of the Scandinavian Monetary Union, the former Danish currency, the Reichstaler, and the former Swedish-Norwegian currency, the Speciestaler was superseded by the decimal currency 1 Krone = 100 Øre. 1885, the transfer of funds with mutual lending by banks was introduced ( monetary union ).

Monetary base of the Monetary Union were the 20 - and 10-krone gold coins, all of which were based on the same standard of coinage as Kurantmünzen.

Due to different monetary policy (especially during the First World War ), the exchange rate, however, did not stop at 1:1, which meant that monetary union was completed in 1924 with the task of mutual acceptance of coins de facto.