The krona is the currency of Iceland. Iceland is the smallest country to have its own currency and monetary policy. Like the Nordic currencies, the name króna (meaning crown) comes from the Latin word corona ("crown").
The first notes issued in 1885 by the Landssjoour Islands were in denominations of 5, 10 and 50 kronurs. In 1904, the Bank of Iceland (Islands Banki) took over note production and introduced 100 krónur notes. In 1961, the Seolabanki Islands became the central bank of Iceland and started issuing paper money, in denominations of 10, 25, 100, and 500 kronurs. They were manufactured in England by De la Rue.
Today we are discussing a 500 Kronur Banknote issued in the year 2001. The Note specifications are as follows:
The obverse has a portrait of Jon Sigurdsson who was a leader of Iceland's movement for independence. The reverse portrays Jon Sigurdsson working at his writing desk, with tapestry and other articles from the National Museum's collection of his belongings, with Reykjavik Grammar School, where parliament met in Jon Sigurdsson's day, set in the right bottom corner.
Image Courtesy: www.banknotes.com