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The krona ( Currency Code ''SEK'') has been the Currency of Sweden since 1873 . It is locally abbreviated '''kr'''. The plural form is ''kronor'' and one krona is divided into 100 '' öre '', singular and plural. The currency is sometimes informally referred to as the "Swedish crown" in English, or the "couronne suédoise" in French. The introduction of the krona, which replaced At Par the Riksdaler Riksmynt , was a result of the Scandinavian Monetary Union , which came into effect in 1873 and lasted until the First World War . The parties to the union were the Scandinavia n countries, where the name was ''krona'' in Sweden and ''krone'' in Denmark and Norway , which in English literally means ''crown''. After dissolution of the monetary union Sweden, Denmark and Norway all decided to keep the name of their respective and now separate currencies. By tradition the one-krona coins carry the effigy of current Monarch on the Obverse , and a crown or one of the two Coat Of Arms Of Sweden on the Reverse . The Royal Motto of the monarch is also inscribed on the coin. KRONOR COINS There are also 2-kronor coins (minted 1952–1971) in circulation, although rarely seen. These contained 40% Silver until 1966, which meant that they already several years ago were worth much more than 2 kr, so most have been bought and melted down by enterprising companies. In addition, all jubilee and commemorative coins are also legal tender. EXCHANGE RATE The Exchange Rate of the Swedish krona against other currencies has historically been dependent on the Monetary Policy pursued by Sweden at the time. Since November 1992 a Managed Float regime has been upheld. RECENT CHANGES The Riksdag (the Swedish parliament) decided on 27 October 2004 , following a proposal from the Riksbank, that some older series of banknotes and coins would cease to be legal tender after 31 December 2005 . The banknotes and coins affected were:
None of the banknotes are common in circulation, but the two variants of the 50 öre coin have until 2005 been just as common as the copper coin. {Link without Title} From April 1 2005 , it is illegal to use coins and bank notes that have been tampered with or changed. The law is a response to attempts to put stickers with ads on coins {Link without Title} . SEE ALSO
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