The Swedish Krona: The 9th Most Traded Currency in the World

Here’s the information you need about the value and trading history of the Swedish krona, and about Sweden’s view on the euro.

Last updated:

The Swedish krona (SEK, kr) is the official currency of Sweden. Referring to this currency as the Swedish crown in English is rather common, because krona literally translates to crown.As per the accession treaty of 1995, Sweden was required to convert its official currency to the euro. In a 2003 Swedish referendum that saw an overall turnout of 82.6%, 56% voters opposed the adoption of the currency. In 2009, Sweden’s then Prime Minister stated that the country would not hold a new referendum on this issue until it garnered support from all political parties and the general public.

Support from the general public for Sweden to adopt the euro remained low and in September 2013 as little as 9% of Sweden’s population considered adopting the euro to be a good idea.

Swedish krona’s exchange rate against other countries has long depended on the country’s monetary policy at the time. It has followed the managed float system since November 1992.

Transfer your funds with WorldRemit

  • Use the code 3FREE to pay no fees on your first three money transfers
  • Choose how you want to send your money - via bank transfer, cash pickup or mobile money
  • Instant money transfers available
Promoted

Compare money transfer services to send money to Sweden

Table: sorted by a combination of service offering and the amount your recipient will receive

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 5 2 days EUR 3.00 12.492 SEK
62,462
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
GBP 2,000 1 day GBP 0.00 12.43 SEK
62,148
TorFX guarantee to beat any competitor's exchange rate for a transaction (conditions apply)
(Conditions apply)
Go to site Show details
GBP 1,000 1 - 2 days GBP 0.00 12.43 SEK
62,148
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
GBP 3,000 1 day GBP 0.00 12.43 SEK
62,148
Get no fees as a Finder customer when you transfer your money overseas with Global Reach. Go to site Show details
GBP 2,500 1 day GBP 0.00 12.43 SEK
62,148
With 17 years of foreign exchange expertise, OFX know the money transfers business very well, offering facilities for one-off and recurring transfers. Go to site Show details
GBP 2,500 1 day GBP 0.00 12.43 SEK
62,148
Make transferring money abroad as simple and safe as possible with bank-beating exchange rates - online, via the app or over the phone. Go to site Show details
USD 1 1 - 2 days GBP 0.00 12.43 SEK
62,148
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 50 Same day GBP 2.99 12.497 SEK
62,450
Use promo code 3FREE to send your first 3 transfers with no fee.
Send money online anytime, anywhere, with a simple to use platform and transparent fees and exchange rates shown upfront.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Value and exchange rates of the Swedish krona

Sweden was not an active participant in the Second World War, so it did not have to go through the process of rebuilding its banking system and economic base, as was the case with several European nations. As of now, this country has the second highest tax revenue in Europe, after Denmark.

The Swedish Riksbank, founded in 1668, is the oldest operating central bank in the world, and it is responsible for issuing currency in Sweden. The timeline of krona’s history in regards to its value looks something like this.

Period Description
May 1873 Upon the krona’s introduction, it took to the gold standard, where 2,480 kronor equalled one kg of gold.
August 1914 Sweden did away with link to gold.
November 1922 It de facto re-established the link to gold.
April 1924 It de jure re-established the link to gold.
September 1931 It abolished the gold link again, and switched to the floating rate regime.
June 1933 Sweden introduced a tie between the krona and the British pound, when one British pound valued at SEK19.40.
August 1939 The krona linked to the US dollar, valued at SEK4.20 to the dollar.
July 1946 The krona underwent a controlled appreciation of over 14% against gold and all other currencies. At this point one US dollar valued at SEK3.60.
September 1949 This time around the krona witnessed a controlled depreciation of more than 30% against the US dollar, trading at SEK5.17 against the dollar.
August 1951 Sweden took to the Bretton Woods system and also became a member of the International Monetary Fund.
December 1971 There was a controlled appreciation of 7.5% against the US dollar and 1% depreciation against gold.
February 1973 There was a controlled appreciation of 5.6% against the US dollar and 5% depreciation against gold.
March 1973 Sweden became a member of the European ‘currency snake’.
October 1976 There were exchange rate adjustments within the snake, and the krona saw a 3% controlled depreciation against the Deutsche Mark.
April 1977 The krona underwent another controlled depreciation, this time of 6% against the Deutsche Mark.
August 1977 The krona exited the snake, and went through a controlled depreciation of 10% against the ‘currency basket’.
September 1981 and October 1982 The krona witnessed a controlled depreciation of 10% and 16% against the currency basket.
May 1991 Sweden introduced a unilateral tie to the European Currency Unit (ECU), where one ECU valued at SEK7.40.
November 1992 Sweden switched to the floating exchange rate system.

The table below gives you an indication of the krona’s changing fortunes against some major currencies in recent times.

1990 2000 2005 2010 2015
US dollar 6.1643 8.4935 6.8869 7.1355 8.0820
Euro NA 8.5960 9.0525 10.2004 9.4214
Pound sterling 10.1841 13.9045 12.9566 11.5239 12.2655
Canadian dollar 5.2565 5.8635 5.6324 6.8329 6.7125
Australian dollar NA 5.5781 5.2774 6.4989 6.5359

The exchange rates mentioned above are average monthly rates from the month of January for each given year.

Back to top

History of the Swedish krona

The use of silver currency during the medieval period was quite common in Sweden. In 1625, the country introduced the use of copper coins and switched its currency system to a bimetallic standard. In 1745, the link to the copper standard ended, at which point the country imposed an inconvertible paper standard and started issuing banknotes. Economic problems and inflation that followed saw depreciation of the currency, and in 1776 Sweden returned to the silver standard.

Riksdaler was the currency in use in the 17th century, 18th century, and much of the 19th century. This system was fairly complex, and included multiple subunits. In 1855, Sweden converted to the decimal system, through which the country introduced the Risksdaler Riksmynt.

In 1873, the krona saw light of day when Sweden agreed to become a part of the Scandinavian Monetary Union, along with Norway and Denmark. These countries fixed their currencies with gold, and were at par with each other. This union ceased to exist after the First World War, but Sweden stuck to using the krona.

Back to top

Coins and banknotes of the Swedish krona

From 1873 to 1876, Sweden issued coins in denominations of 1, 2, 5, 10, 20 and 50 öre, as well as 1 krona and 2, 10 and 20 kronor. The 1, 2 and 5 öre coins made use of bronze; the 10, 25, 50 öre and 1 krona and 2 kronor coins came in silver; and 10 and 20 kronor coins were made using gold. In 1881, gold 5 kronor coins entered circulation.

krona1 krona2

Since then there were several changes in kroner coins, which included the use of different materials like iron, nickel-bronze, cupronickel and aluminium-brass.

In December 2008, Riksbank decided to phase out the 50 öre coin, the last öre coin, by 2010, and it gave people the option to exchange their coins at banks until the end of March 2011. In September 2012, Riksbank announced that a new series of coins would enter the market by October 2016.

In 1874, Riksbank began circulating banknotes in denominations of 1 krona and 5, 10, 50, 100 and 1,000 kronor. Production of the 1 krona note stopped in two years, but it reappeared again in between 1914 and 1920. Riksbank issued 10,000 kronor notes in 1939 and 1958. It discontinued the 5 kronor note in 1981, and introduced the 500 kronor note in 1985. In 1991, production of 10 kronor notes stooped, and circulation 20 kronor notes began. In 2006, a new 1,000 kronor note made it to the fore.

tjugo_kronor femtio_kronor ett_hundra_kronor
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site