The Icelandic Krona (Icelandic crown) is the legal currency in Iceland. Its ISO 4217 code is ISK and its symbol or abbreviation is kr., always written after the quantity. Each crown is divided into 100 cents (aurar), although currently fractions below 1 kr. They are no longer used on a daily basis.
As of October 22, 2020, the value of the Icelandic krona currency against the euro is:
- 1 euro = 145.29 ISK.
- 100 Icelandic crowns = 0.69 euros.
History of the Icelandic crown
Until 1918, the official currency of Iceland was the Danish crown. That year the country achieved its independence and, taking advantage of the dissolution of the Scandinavian Monetary Union formed by Denmark (Danish crown), Sweden (Swedish crown) and Norway (Norwegian crown), it began to issue its own national currency.
The first ISK banknotes were issued in 1921 and the first coins were minted a year later.
In 1981 the country decided to revalue the currency, thus creating the current Icelandic crown, also called the “second crown” (ISO 4217 code: ISK), which replaced the previous Icelandic crown or “first crown” (ISO 4217 code: ISJ). .
The Seðlabanki Íslands (Central Bank of Iceland), headquartered in the capital Reykjavík, has been the official body responsible for issuing Icelandic krona banknotes and coins since 1961.
Icelandic krona coins
The first series of new Icelandic coins included coins of 5, 10 and 50 aurar and 1 and 5 crowns. Then coins of higher value appeared and finally, in 2003, aurar coins were no longer accepted by the country’s banks.
Currently there are Icelandic krona coins with the following values:
On both the obverse and the reverse, the designs of the Icelandic coins represent different typical animals of the Icelandic fauna as well as some mythological characters or beings. The idea for this design, very successful among numismatic fans, came from the artist Prostur Magnusson.
For example: in the 1kr. It shows on the obverse Bergrisi or mountain giant, a legendary being from the south of the island; On the reverse, however, a cod appears.
The rest of the coins in the series share a common obverse showing different figures from Icelandic mythology (a griffin, a dragon, a giant, etc.). The reverses are different for each value: in that of the 5kr. Two dolphins appear, in the 10kr one. some capelins (also fish), in the 50kr one. a crab and in the 100kr. a lump
Coins of 1kr., 5kr. and 10kr. They are made of nickel-coated steel and their color is silver; on the other hand, those of 50kr. and 100kr. They are made with a nickel and brass alloy and are gold in color.
Icelandic krona banknotes
The current series of Icelandic krona banknotes was put into circulation in 1981. The design is the work of Kristin Porkelsdóttir and Stephen A. Fairbairn. There are currently five denominations of Icelandic krona banknotes in circulation:
Since 2006, the 10kr., 50kr. and 100 kr. They ceased to be legal tender, being replaced by coins of the same value. The note with the largest volume of units in circulation is the one with the highest denomination, that is, 10,000 ISKs, which would be equivalent to between 80 and 85 euros.
Five hundred crowns banknote (500kr.)
The 500 Icelandic krona banknote measures 70 x 145 mm. And its predominant color is red. The character on the obverse is Jón Sigurðsson, leader of the Icelandic independence movement, who also appears on the reverse along with some items from the National Museum collection and the Reykjavík Grammar School building on the façade.
The exchange value of this note is about 3 euros.
One thousand crowns banknote (1,000kr.)
First put into circulation in 1984, the thousand Icelandic krona banknote is purple. It shows on its obverse the effigy of Brynjólfur Sveinsson, bishop of Skálholt during the 17th century; the reverse is for the façade of the Brynjólfskirkja church.
Its value at the current exchange rate is just over 6 euros.
Two thousand crowns banknote (2,000kr.)
This 2000 Icelandic krona banknote has a peculiar color combination, with a predominance of brown-yellow on the front and blue-yellow on the reverse. The protagonist is the Icelandic painter Johannes S. Kjarval, there is a portrait of him on the front and one of the most famous paintings of him on the back.
The equivalent value of this banknote is about 11 euros.
Five thousand crowns banknote (5,000kr.)
The 5,000 Icelandic krona note is another example of a multicolored banknote, although blue predominates. Another religious figure appears on its obverse, Gisli Porlaksson, wife of Bishop Ragnheiður Jónsdóttir; The reverse shows the bishop again instructing two girls in embroidery.
The approximate value of this banknote at the current exchange rate is about 29 euros.
Ten thousand Icelandic crowns banknote (10,000kr.)
The highest value 10,000 Icelandic krona banknote to date was issued in 2013 and is blue. It contains several references to the figure of Jonas Hallgrimsson, Icelandic poet, writer and naturalist.
Its approximate value at the current exchange rate of about 57 euros.
Icelandic krona euro exchange
The exchange rate of the euro with respect to the Icelandic crown is relatively stable after the financial crisis that this country suffered in 2008 and 2009. If you search on Google for “euro-Icelandic crown exchange rate” you will find dozens of websites (“currency converters like Oanda, XE, etc.”) that offer a “rate” of the day.
You will also see this graph with the rates of that pair of currencies from Google Finance. Something like this (September 22, 2023):
As you can see, the exchange rate in the last five years has been progressively rising from 130 ISK in mid-2019 to 164.18 ISK per euro in 2021 and up to the current 145 crowns per euro. But keep in mind that this graph represents the value of the Danish krone “currency” against the euro, and not that of the real currency, which is lower.
In fact, in currency exchange offices in Portugal (casas de câmbio) you can buy Icelandic crowns today at an exchange rate of around 136.00 ISK per euro in Comparer Devise or a measly 99 crowns per euro at the airport (Unicâmbio). Nothing to do with the euro to Icelandic crown currency exchange.
So, when you see these values on Google and other currency converters with your mobile, you should keep the following in mind:
-This is an unofficial price, and therefore not reliable. That is, if you click on the “Disclaimer” link, you get this warning from Google Finance: “Google cannot guarantee the accuracy of the exchange rates displayed. Please confirm current rates before conducting a transaction that may be affected by changes in exchange rates.”
-These rates you see are usually wholesale prices of the Icelandic krone currency against the euro currency (currency and paper currency are not the same).
These rates can only be had between banks, that is, it is impossible to obtain it as an individual.
If you need Icelandic crowns in banknotes you will have to go through the retail banknote market (bank or currency supplier). This means that the crowns have had to be “transported” by someone for you to enjoy them (or purchased from travelers from Iceland passing through Portugal previously).
That is to say, moving ISK notes from one place to another has logistical costs that will make their sale price (the exchange rate that whoever sells it to you apply) more expensive.
The Icelandic crown is not a very abundant currency in Portugal, so it is difficult to obtain. Its rate is logically more expensive in Portugal than in Iceland. If you decide to buy Icelandic crowns in Portugal, it is good to anticipate the purchase and order them online to obtain a better price.
Where to exchange Icelandic crowns in Portugal
The three most popular places to exchange Icelandic krona in Portugal are high-street banks and currency suppliers and suppliers at the airport (Unicâmbio).
Of them, the least advisable place to buy is the airport and any business that charges you a commission in addition to an “exchange margin” (difference between the price for which you paid the currency and the price for which it is sold to you).
For its part, of the large banks, they charge you a commission of 1-3% of the exchange rate and fixed amounts of 10 t0 30 euros per operation that reduce your available euros.
Euro to Icelandic krone exchange rate today
To know the euro-Icelandic krona exchange rate, the best thing you can do is use our currency comparator
- Exchange euro to icelandic krona (EUR-ISK)
- Exchange Icelandic Krona to Euro (ISK-EUR)