Greenlandic krone

Greenlandic krone

The Greenlandic krone ( _kl. koruuni) is a planned future currency for Greenland. Currently, the Danish krone circulates. This will not be an independent currency but a version of the Danish krone. Consequently, it will not have an ISO 4217 currency code. The ISO 4217 code for the Danish krone is DKK. Even when the currency is adopted, Danish krone will continue to circulate separately.

During the last part of the 19th century, while still a Danish colony, several mining companies operating in Greenland issued their own currencies. Distinct zinc currency was also introduced in the newly-founded colony of Ammassalik. Between 1926 and 1964, the Danish government's trade monopoly, "Kongelig Grønlandske Handel" ("Royal Greenlandic Trade") introduced a series of distinct coins for use on Greenland. In 1944, the colonial administration issued a 5 kroner coin, using a similar design as the then-circulating 1 kroner piece but produced at the U.S. Mint in Philadelphia. Although the colonies in Greenland were incorporated into Denmark by the 1953 change to the Danish consitution, the Greenlandic administration continued to issue its own banknotes until 1968.

In 2006, the government of Denmark and the home rule authority on Greenland announced that an agreement had been reached to produce a distinct Greenlandic version of the Danish krone (DKK) bills, [cite web |url=http://www.nationalbanken.dk/DNDK/money.nsf/side/Kommende_groenlandsk_seddelserie!OpenDocument |title=Kommende grønlandsk seddelserie |accessdate=2008-02-09 |language=Danish] a similar relationship as between the Faroese króna and the Danish krone. A bill to this effect was passed unanimously by the Danish parliament in May 2007. [ [http://www.statsrevisor.dk/Samling/20061/lovforslag/L42/som_fremsat.htm Parliament of Denmark, 2006-2007 session, law no. 42] ] The bill specifies the nature of the new issue:

History

As in Denmark, the krone replaced the rigsdaler in 1874 at a rate of 2 kroner = 1 rigsdaler. All issues of the krone in Greenland have been equivalent in value to the Danish krone.

Coins

In 1926, cupro-nickel 25 øre and aluminium-bronze 50 øre and 1 krone were issued. The coins were the same size and composition as the corresponding Danish coins. However, the 25 øre was not holed, although some were withdrawn from circulation, holed and then reissued. In 1944, brass 5 kroner coins were issued. A second issue of aluminium-bronze 1 krone was made in 1957, followed by cupro-nickel versions in 1960 and 1964.

Banknotes

In 1874, the "Handelsstederne i Grønland" issued 50 øre and 1 krone notes, followed by 25 øre notes the next year. In 1887, 5 kroner notes were introduced. The Handelsstederne continued to issue notes until 1905. In 1911, the "Kongelige Grønlandske Handel" began issuing paper money, with notes in denominations of 25 and 50 øre, 1 and 5 kroner.

In 1913, colonial notes (marked "Styrelse af Kolonierne i Grønland") were introduced in denominations of 25 and 50 øre, 1 and 5 kroner. From 1926, colonial notes were marked "Grønlands Styrelse" , the denominations below 5 kroner ceased production and 10 and 50 kroner notes were introduced.

In 1953, the Kongelige Grønlandske Handel resumed note production with 5, 10 and 50 kroner notes, whilst credit notes ("Kreditsedler") for 100 kroner were also issued. These notes were produced until 1967.

ee also

* Economy of Greenland

References

*numis cite SCWC|date=1991
*numis cite SCWPM|date=1994

External links

Standard numismatics external links
world_coin_gallery_1_url = Greenland
world_coin_gallery_1_name = Greenland
banknote_world_1_url = Greenland
banknote_world_1_name = Greenland
dollarization_1_url =
dollarization_1_name =
gfd_1_url = Greenland
gfd_1_name = Greenland
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y


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