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54-657: In accordance with the Defence Act of 1925 , from 1928, six regional command and maintenance bodies for the Swedish Navy were organized within the respective coastal areas. During the 1930s, the regional naval structure was built in the form of naval districts (initially only in the war organization, but later in war as well as in peace). The East Coast Naval District ( Ostkustens marindistrikt , MDO), based in Stockholm , stretched from Öregrundsgrepen, near Gräsö (Björn's Lighthouse) to

108-430: A 20-kronor note was introduced. All remaining one krona banknotes became invalid after 31 December 1987. All remaining five krona and ten krona banknotes became invalid after 31 December 1998. An exhaustive list of every banknote design since 1874 is not included, but the following five designs were or will be retired in 2016–2017. The oldest design began to be printed in 1985. A 20-kronor banknote (a new denomination)

162-607: A future defence encountered multiple setbacks during its discussion in the Riksdag, but in 1925, the Social Democratic Sandler Cabinet agreed to a mainly Freeminder-backed proposal which involved a further decreased expenditure cap of 107 million crowns per year, equivalent to roughly 1,3 % of the Swedish GDP. The construction of new ships was cut which resulted in the older ships not being replaced. In 1927,

216-712: A merge of the air forces of the Army and Navy, consisting of 57 aircraft. Many units which remained received new unit designations, i.e. the Northern Småland Regiment became I 12. The Act meant that the Swedish Army in peace time were to consist of the following units from 1 January 1928. One of the major changes was that the infantry regiments were to only consist of two battalions instead of three. Swedish krona The krona ( Swedish: [ˈkrûːna] ; plural: kronor ; sign : kr ; code : SEK )

270-459: A new series of coins with new sizes to replace the 1-krona and 5-kronor coins; the new coins arrived in October 2016. The design of the coins follows the theme of singer-songwriter Ted Gärdestad 's song, " Sol, vind och vatten " (English: "Sun, wind and water"), with the designs depicting the elements on the reverse side of the coins. This also included the reintroduction of the 2-kronor coin, while

324-401: A portrait of the singer Jenny Lind and on the reverse was a picture of a silver harp and its tonal range. The banknote became invalid after 31 December 2013. A more secure version with the same portrait was printed from 2006 to 2011 and became invalid after 30 June 2016. A 100-kronor banknote (3rd design since 1898) was printed 1986–2000 with a portrait of the botanist Carl Linnaeus and on

378-417: A reasonable smallest denomination coin was 1 öre. A 10 kr gold coin weighed 4.4803 grams with 900 fineness so that the fine weight was 4.03327 grams or exactly 1/248th of a kilogram. In 1902, production of gold coins ceased, and was briefly restarted in 1920 and 1925 before ceasing entirely. Due to metal shortages during World War I , iron replaced bronze between 1917 and 1919. Nickel-bronze replaced silver in

432-613: A significant percentage. According to Bank for International Settlements the last year Sweden was surpassed in cash on a per capita basis converted to United States dollars by the US in 1993, the Euro Area in 2003, Australia in 2007, Canada in 2009, United Kingdom and Saudi Arabia in 2013, South Korea in 2014, Russia in 2016, and Mexico in 2019. As of 2019 Sweden was still circulating more cash per person (converted to USD) than Argentina, Brazil, Turkey, India, Indonesia, and South Africa. The tables show

486-486: Is a legally-enforced method of rounding off change, up or down, to the nearest unit of physical currency, while retaining the öre as pricing and accounting unit. It was required in conjunction with the phaseout of smaller coins, as follows: In 1971 the 2-kronor coin ceased production. In 1972 the sizes of the 5-öre and 5-kronor coins were reduced. In 1991, aluminium-brass (" Nordic gold ") 10-kronor coins were introduced; previous 10-kronor coins are not legal tender. In

540-587: Is gained from the people and all the major parties. Therefore, the timing is now at the discretion of the Social Democrats . He added, the request of Mona Sahlin , former leader of the Social Democratic Party, for deferral of a new referendum until after the 2010 mandate period should be respected. As of 2014 , support for Swedish membership of the euro among the general population is low. In September 2013, support fell as low as 9%. The only party in

594-407: Is required to join the eurozone and therefore must convert to the euro once the convergence criteria are met. Notwithstanding this, on 14 September 2003, a consultative Swedish referendum was held on the euro, in which 56% of voters were opposed to the adoption of the currency, out of an overall turnout of 82.6%. The Swedish government has argued such a course of action is possible since one of

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648-698: Is the currency of the Kingdom of Sweden . It is one of the currencies of the European Union . Both the ISO code "SEK" and currency sign "kr" are in common use for the krona; the former precedes or follows the value, the latter usually follows it but, especially in the past, it sometimes preceded the value. In English, the currency is sometimes referred to as the Swedish crown , as krona means " crown " in Swedish. The Swedish krona

702-575: The Ostkustens marinbas minnesmedalj ("East Coast Naval Base Commemorative Medal) in silver (MarinBOMSM) was established. The medal ribbon is dark blue with a yellow stripe on each side. The traditions of the East Coast Naval Base and its predecessors are kept by the Naval Base . Commanding officers: Defence Act of 1925 (Sweden) The Defence Act of 1925 was a defence act passed by

756-464: The Riksbank in denominations of 1 krona and 5, 10, 50, 100 and 1,000 kronor. The 1 krona was only initially issued for two years, although it reappeared between 1914 and 1920. In 1939 and 1958, 10,000-kronor notes were issued. Production of the 5-kronor note ceased in 1981, although a coin had been issued since 1972. With the introduction of a 10-krona coin in 1991, production of 10-kronor notes ceased and

810-698: The Riksdag formally decided to enact the law to abolish 50-öre coins as legal tender. Under that law, the final date payments could be made with 50-öre coins was 30 September 2010. Remaining 50-öre coins could be exchanged at banks until the end of March 2011. After the launch of the current coin series in 2016, all the old kronor coins have been invalid since 2017. They cannot be used for payments, nor can they be exchanged for legal tender at any bank, and are instead instructed to be recycled as metal. Jubilee and commemorative coins have been minted, and those since 1897 are also legal tender. In 1874, notes were introduced by

864-489: The Riksdag that supports Swedish entry in the euro (as of 2015) is the Liberal Party . Sweden is a wealthy country and in the 1970s and 1980s the value of banknotes and coins per capita was one of the highest in the world. In 1991, the largest banknote worth 10,000kr that was in circulation since 1958 was declared invalid and no longer was legal tender. For a discussion of the financial and banking crisis that hit Sweden in

918-536: The Swedish Riksdag on 26 May 1925 and came into force on 1 January 1928. The Act specified how the Swedish Armed Forces would operate during the coming years. The Act resulted in a policy of disarmament . The Act would remain effective until the Defence Act of 1936 . The new order of battle meant that the number of Army Divisions was decreased to 4. 17 military units were disbanded and conscription time

972-512: The gold standard , with the krona/krone defined as 1 ⁄ 2480 of a kilogram of pure gold. The mutual equivalence of all three currencies ended in World War I when their convertibility to gold was suspended. While their gold parities remained during most of the interwar period, these currencies were generally quoted at varying market rates. On 11   September 2012, the Riksbank announced

1026-421: The 10, 25 and 50 öre in 1920, with silver returning in 1927. Metal shortages due to World War II again led to changes in the Swedish coinage. Between 1940 and 1947, the nickel-bronze 10, 25 and 50 öre were again issued. In 1942, iron again replaced bronze (until 1952) and the silver content of the other coins was reduced. In 1962, cupronickel replaced silver in the 10-öre, 25-öre and 50-öre coins. In 1968,

1080-519: The 10, 25, 50 öre and 1 krona and 2 kronor were in silver, and the 10 and 20 kronor were in gold. Gold 5-kronor coins were added in 1881. In 1873 the Scandinavian Monetary Union currency was fixed so that 2,480 kronor purchased 1 kg of gold. In 2017 the price of gold is 365,289 kronor per kg. So one öre in 1873 bought as much gold as 1.47 kronor in 2017. So if it is reasonable to have the smallest denomination coin 1 krona today, in 1873

1134-465: The 10,000-kronor banknotes a new 1,000-kronor banknotes (of the 4th design / without foil strips) was printed from 1989 to 1991 with a portrait of Gustav Vasa and on the reverse a harvest picture from Olaus Magnus 's Description of the Northern Peoples from 1555. Circulation peaked at over 48 million in 2001. On 15 March 2006, the Riksbank introduced a new, more secure 1,000-kronor banknote with

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1188-563: The 2-kronor switched to cupronickel and the 1-krona switched to cupronickel-clad copper (it was replaced entirely by cupronickel in 1982). Nonetheless, all previous mintages of the 1-krona (since 1875) and 2-kronor (since 1876) were still legal tender until 2017, though 2-kronor coins were extremely rarely seen in circulation as they have not been issued since 1971. The 2-kronor coins contained 40% silver until 1966, which meant they had been for several years worth much more than face value, so most have been bought and melted down by arbitrageurs , and

1242-605: The Defence Act of 1914 stipulated. The political parties all made differing judgements on how large of a war force Sweden needed. The political right claimed that Russia represented a long-term threat to Sweden, and that Russia's political and economic troubles during the 1920s were just temporary. They also believed - due to Sweden's entry in to the League of Nations - that the risk of Sweden being dragged in to war had increased. The liberal Free-minded National Association referred to

1296-555: The East Coast Naval Command ( Ostkustens marinkommando , MKO). The lower regional organization had command duties and was responsible for, among other things, maritime surveillance and maritime maintenance, base services. The majority of the regional structure was discontinued in 2000 and replaced with two naval bases and a naval shipyard. At the same time the Naval Tactical Command was established. The organization

1350-450: The Navy was starting to focus on lighter units in order to outnumber the heavier armoured cruisers. The inner lines at Vaxholm Fortress , Älvsborg Fortress and Hemsö Fortress were returned to storage and the Älvsborg Coastal Artillery Regiment (KA 3), Hörningsholm Fortress and Luleå Coastal Position were dissolved. The Swedish Air Force is formed as a separate military branch, through

1404-639: The Nazi era, and the association is that Hitler liked his music. The Riksbank replied saying that it is "unfortunate that the choice of design is seen as negative", and stated that it is not going to be changed. Dagens Nyheter journalist Björn Wiman went further in his criticism, condemning the Riksbank for selecting Nilsson at all for the 500-kronor banknote. He brings up an example from Nilsson's 1995 autobiography, where she described Mauritz Rosengarten from Decca using antisemitic jokes about greed. To see where Swedish krona ranks in "most traded currencies", read

1458-453: The Riksbank announced the names of the persons whose portraits would decorate the new series of banknotes that would be introduced in 2015. This would also include a new 200-kronor banknote. These are: On 24   April 2012, the Riksbank announced the base for the new designs of the banknotes, based on Göran Österlund's entry titled Cultural Journey . The first banknotes, the 20, 50, 200, and 1,000 krona, were issued on 1 October 2015 with

1512-449: The article on the Foreign exchange market . 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 the Swedish banking rescue , a managed float regimen has been upheld. The weakest the krona has been relative to the euro was 6 March 2009 when one euro bought 11.6465 SEK. The strongest

1566-517: The current 10-kronor coin remained the same. The new coins also have a new portrait of the king in their design. One of the reasons for a new series of coins was to end the use of nickel (for allergy reasons). Vending machines and parking meters have to a fairly high degree stopped accepting coins and accept only bank cards or mobile phone payments . Between 1873 and 1876, coins in denominations of 1, 2, 5, 10, 25, and 50 öre and 1, 2, 10, and 20 kronor were introduced. The 1, 2 and 5 öre were in bronze,

1620-464: The early 1990s see the article History of Sweden (1991–present) and Swedish banking rescue . Unlike the United States, which by policy never declares issued money invalid, Sweden and most other European countries have a date when older series of banknotes or older coin designs are invalid and are no longer legal tender. Invalid old banknotes of any age can, however, be deposited in the Riksbank, and

1674-536: The krona has been relative to the euro was on 13 August 2012 when one euro bought 8.2065 SEK. The weakness in the euro was due to the crisis in Greece which began in July 2012 and fear of further spreading to Italy and Spain. The average exchange rate since the beginning of 2002 when the euro banknote and coins were issued and 1 March 2017 was 9.2884 SEK/EUR. According to the 1994 accession treaty (effective 1 January 1995), Sweden

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1728-467: The monarch is also inscribed on many of the coins. A new 5-kronor coin was designed in 1974, at a time when there were political efforts to abandon the monarchy and the young inexperienced king. The monarchy remained, but the 5-kronor was not given a portrait. Coins minted before 1974 have the same size, but contain the portrait of King Gustav VI Adolf and his royal motto. Cash rounding (Swedish: öresavrundning ), commonly called Swedish rounding ,

1782-446: The most valuable banknotes in the world. The first design featuring the Head of Mercury was printed in 1939 and became invalid after 31 December 1987. The second design was printed 1958 and featured a portrait of Gustav VI Adolf , and became invalid after 31 December 1991. Invalid banknotes can be redeemed via the Riksbank, with an administration fee of 200 kronor. On 6   April 2011,

1836-849: The nearest krona when paying with cash. The word öre is ultimately derived from the Latin word for gold ( aurum ). The introduction of the krona, which replaced the riksdaler at par , was a result of the Scandinavian Monetary Union , which came into effect in 1876 and lasted until the beginning of World War I . The parties to the union were the Scandinavian countries, where the name was krona in Sweden and krone in Denmark and Norway , which in English literally means "crown". The three currencies were on

1890-435: The northern part of Kalmar Strait (Kråkelund). The naval districts replaced the naval stations and were upgraded in 1957 to naval commands ( marinkommandon ) and was given operational responsibility (higher regional level). From 1966 to 1990 they were called naval bases ( örlogsbaser ) and patrol areas ( bevakningsområden ). In 1966, new and from then on integrated military districts were established, which took over some of

1944-461: The other two notes, the 100 and 500 krona, to follow on 3   October 2016. Opera singer Malena Ernman has criticized the Riksbank for choosing a design where Birgit Nilsson was depicted performing Die Walküre by Richard Wagner . She pointed out that it was very inappropriate to include something by Wagner, whose works were associated with Nazi Germany , in a time of increasing problems with antisemitism in Sweden . Wagner died long before

1998-428: The referendum, and none have shown any interest in raising the issue again. There was an agreement among the parties not to discuss the issue before the 2010 general election . In a poll from May 2007, 33.3% were in favour, while 53.8% were against and 13.0% were uncertain. In February 2009, Fredrik Reinfeldt , the prime minister of Sweden , stated that a new referendum on the euro issue will not be held until support

2052-509: The remaining naval tasks of the lower regional structure. The flag of the unit was a double swallow-tailed Swedish flag . The flag was presented to the then East Coast Naval Command (MKO) in 1976. The coat of the arms of the East Coast Naval Base (ÖrlB O) 1966–1990, East Coast Naval Command (MKO) 1990–2000 and the East Coast Naval Base (MarinB O) 2000–2004. Blazon : "Per pale or and azure charged with an anchor erect surmounted two gunbarrels of older pattern in saltire counterchanged". In 2005,

2106-456: The requirements for eurozone membership is a prior two-year membership of the ERM II . By simply not joining the exchange rate mechanism, the Swedish government is provided a formal loophole avoiding the theoretical requirement of adopting the euro. Some of Sweden's major parties continue to believe it would be in the national interest to join, but all parties have pledged to abide by the results of

2160-433: The rest are kept by collectors . In 1954, 1955 and 1971, 5-kronor silver coins were produced, with designs similar to contemporary 1-krona and 2-kronor coins. In 1972, a new, smaller 5-kronor coin was introduced, struck in cupronickel-clad nickel. The current design has been produced since 1976. 5-kronor coins minted since 1954 are legal tender but tend to be kept by collectors for their silver content. The royal motto of

2214-545: The reverse was a drawing of a bee pollinating a flower. The banknote became invalid after 31 December 2005. A more secure version with the same portrait was introduced in 2001 and became invalid after 30 June 2017. A 500-kronor banknote (a new denomination) in a blue shade was introduced in 1985 with a portrait of King Charles XI and on the reverse an engraving depicts Christopher Polhem , the "father of Swedish engineering". These banknotes became invalid on 31 December 1998. A 500-kronor banknote (red, but without foil strips) with

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2268-425: The same portrait and the Riksbank became the first central bank in the world to use the security feature of MOTION (a moving image in the striped band) on the new 1,000-kronor banknote. When the banknote is tilted, the picture in the striped band appears to move. The Vasa banknote without security thread became invalid after 31 December 2013 at which time there was only 10 million in circulation. The Vasa banknotes with

2322-643: The same portrait was printed 1989–2000. This banknote became invalid after 31 December 2005. A more secure version with the same portrait was introduced in 2001 and became invalid after 30 June 2017. The banknote had some controversy in 1985 because of the executions of " Snapphane " guerrilla warriors that King Charles XI ordered. The first two designs of 1,000-kronor banknotes (printed from 1894 to 1950 and 1952–1973) became invalid on 31 December 1987. The third design with portrait of King Charles XIV John and Jöns Jacob Berzelius (printed 1976–1988) and declared invalid on 31 December 1998. In preparation for retirement of

2376-451: The same year bronze-coloured 50-öre coins were introduced. On 18   December 2008, the Riksbank announced a proposal to phase out the 50-öre, the final öre coin, by 2010. The öre would still remain a subdivision unit for electronic payments. The reasons may have included low purchasing power, higher production and distribution cost than the value and the coins cannot be used in most parking machines and vending machines. On 25 March 2009,

2430-408: The security thread became invalid after 30 June 2016 at which time there was under 4 million in circulation. Replacement banknotes featuring Dag Hammarskjöld became valid on 1 October 2015, but were circulated in considerably fewer quantities (less than 3.5 million), thus reducing the supply of cash in Sweden. The 10,000 krona banknote was always printed in small quantities as it was one of

2484-487: The tasks of the naval commands. Other tasks were transferred simultaneously to the newly established naval bases (lower regional level). During the period 1981-1990, the naval bases were amalgamated with respective coastal artillery defence and formed naval commands - now at a lower regional level. For East Coast Naval Base ( Ostkustens örlogsbas , ÖrlB O), this meant that it was amalgamated with Stockholm Coastal Artillery Defense ( Stockholms kustartilleriförsvar , SK) and formed

2538-428: The value be sent to a bank account. From the years 2001 to 2008 banknotes and coins were circulated at a near constant level of around 12,000 krona per capita, but in 2006 a modified 1,000-krona banknote with a motion security strip was produced. Within seven years the banknotes without the strip were declared invalid, leaving only a radically reduced number of banknotes with foil valid. The Swish mobile payment system

2592-721: The value of the banknotes and coins per capita for participating countries on Committee on Payments and Market Infrastructures (CPMI). Local currency is converted to US dollars using end of the year rates. The circulation levels in the table above were reported to the Bank for International Settlements . Possible discrepancies with these statistics and other sources may be because some sources exclude "commemorative banknotes and coins" (3.20% of total for Sweden in 2015) and other sources exclude "banknotes and coin held by banks" (2.68% of total for Sweden in 2015) as opposed "banknotes and coin in circulation outside banks". Circulation levels of cash on

2646-825: The weakened powers of Germany and Russia, the creation of the League of Nations and the war exhaustion that many nations were suffering through as a result of the First World War. The Free-minded had major hopes for international treaties regarding disarmament. The Social Democrats predicted a sustained and stable period of peace, which did not motivate a strong defence in order to counter surprise attacks. A war in Europe would be preceded by worsened international relations and thus give time for necessary rearmament. The Social Democrats believed that Sweden only needed to maintain neutrality in order to deflect foreign aggression. The proposition on

2700-417: Was established in Sweden in 2012 and become a popular alternative to cash payments. The Vasa 1,000-krona banknote without the foil strip became invalid after 31 December 2013, and the pieces with the foil strip are invalid after 30 June 2016. Although many countries are performing larger and larger share of transactions by electronic means, Sweden is unique in that it is also reducing its cash in circulation by

2754-558: Was formed on 1 July 2000 and took over certain parts of the operation after the East Coast Naval Command ( Ostkustens marinkommando , MKO). The Naval Base was formed on 1 January 2005 after the Defence Act of 2004. The Naval Base took over the main tasks previously relinquished to the East Coast Naval Base ( Ostkustens marinbas , MarinB O) and the South Coast Naval Base . Today, it is the Naval Base, which has in principle taken over

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2808-687: Was lowered to 140 days for most conscripts. Many conscripts were transferred to the Army Reserve. The Army and Naval air powers were combined into the Swedish Air Force. The Edén Cabinet had in 1919 started an investigation into the Swedish Armed Forces in order to lower the high defence expenditure the Defence Act of 1914 had resulted in. The investigation concluded in 1923 and the right-wing majority had decided on an expenditure cap of 120 million Swedish crowns per year, 62 million less than

2862-423: Was printed 1991–1995 with a portrait of the writer Selma Lagerlöf and on the reverse was an engraved interpretation of a passage from the book The Wonderful Adventures of Nils . The banknote became invalid after 31 December 2005. A more secure version with the same portrait was printed from 1997 to 2008 and became invalid after 30 June 2016. A 50-kronor banknote (3rd design since 1896) was printed 1996–2003 with

2916-518: Was the ninth-most traded currency in the world by value in April 2016. One krona is subdivided into 100 öre (singular; plural öre or ören , where the former is always used after a cardinal number, hence "50 öre", but otherwise the latter is often preferred in contemporary speech). Coins as small as 1 öre were formerly in use, but the last coin smaller than 1 krona was discontinued in 2010. Goods can still be priced in öre , but all sums are rounded to

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