Greenlandic krone

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The Greenlandic krone (Kalaallisut: koruuni) is a planned future currency for Greenland. Currently, the Danish krone circulates. 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. The colonial administration issued 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,[1] 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.[2] The bill specifies the nature of the new issue:

One currency and monetary policy exists for the entire realm. The responsibility herefor rests with Danmarks Nationalbank. Danmarks Nationalbank is consequently the central bank of the entire realm and the Danish krone is the currency for the entire realm. This law makes no change to this situation. Regardless of the application of distinct Greenlandic notes, the same currency is applied as in the rest of Denmark. Thus, the Greenlandic notes are a particular form of the Danish krone currency, and are to be understood as [standard] national bank notes with Greenlandic text.

—Parliament of Denmark, law no. 42 of the 2006-07 session, official comments, http://www.statsrevisor.dk/Samling/20061/lovforslag/L42/som_fremsat.htm

Contents

[edit] 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.

[edit] 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 However, the 25 øre was not holed, although some were withdrawn from circulation, holed and then reissued.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.

[edit] 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.

[edit] See also

[edit] References

  1. ^ Kommende grønlandsk seddelserie (Danish). Retrieved on 2008-02-09.
  2. ^ Parliament of Denmark, 2006-2007 session, law no. 42

[edit] External links

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Obsolete
As a denomination