The Icelandic Kr?a became a separate currency from the Scandinavian Krona after dissolution of the Scandinavian Monetary Union at World War I and after gaining sovereignty from Denmark in 1918. Circulation of the Icelandic Kr?a is since 1961 controlled by Se?abanki ?lands, the Central Bank of Iceland. In 1980 the Icelandic Kr?a was revalued, with 100 old kr?ur being worth 1 new Kr?a. Technically the Kr?a is composed of 100 aurar (singular eyrir), although in practice coins of less than 1 Kr?a have not circulated for many years.
As of 2003, the following notes and coins (issued since 1980) are legal tender:
In September 2002 the Icelandic Prime Minister signed two regulations, saying that all monetary amounts on invoices and financial claims should be stated and paid in whole kr?as only, and that coins of less value than one kr?a should be recalled from circulation. As of October 1st 2003, Icelandic banks no longer accept the 5, 10 and 50 aurar coins.
See also: Scandinavian Monetary Union, Danish Krone, Swedish Krona, Estonian Kroon, Czech Koruna