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39-736: Krona may refer to: Monetary units [ edit ] Faroese króna Icelandic króna Swedish krona Other uses [ edit ] Krona (comics) , alien villain in DC Comics Krona space object recognition station , Russian military satellite detection station in Zelenchukskaya Krona-N the second Krona satellite detection station, in Nakhodka See also [ edit ] Krone (disambiguation) Koruna (disambiguation) Topics referred to by

78-520: A local currency that is pegged to the U.S. dollar or the New Zealand dollar . The Sovereign Base Areas of Akrotiri and Dhekelia (in Cyprus ) use the euro. Since decimalisation on Decimal Day in 1971, the pound has been divided into 100 pence (denoted on coinage, until 1981, as "new pence"). The symbol for the penny is "p"; hence an amount such as 50p (£0.50) properly pronounced "fifty pence"

117-399: A penny", "two and a penny", etc. 5 shillings, for example, was written as "5 s ." or, more commonly, "5/–" (five shillings, no pence). Various coin denominations had, and in some cases continue to have, special names, such as florin (2/–), crown (5/–), half crown (2/6 d ), farthing ( 1 ⁄ 4 d ), sovereign (£1) and guinea (21s, 21/–, £1–1–0 or £1.05 in decimal notation). By

156-625: A shortage of currency in 1929–33, two merchants issued their own coins as well; J.F. Kjølbro in Klaksvík and S.P. Petersens Eftf in Fuglafjørður . The Kjølbro issue is aluminium coins with denominations of 10, 25 and 50 øre, and 1, 2, 5, and 10 kroner. S.P. Petersens Eftf's issue was made of brass in denominations of 5, 10 and 25 øre, and 1, 2 and 5 kroner. During World War II, the Faroe Islands were separated from Denmark proper due to

195-527: A special stamp. These notes replaced unstamped Danish at par. From 14 October 1940, new banknotes were printed "on behalf of the National Bank of Denmark." The value of these new banknotes was the same as those already in use. On 18 December 1940, a Currency Central was established in order to monitor foreign trade and to secure the solvency of the Faroes. Currency Central was headed by a board of nine,

234-555: Is different from Wikidata All article disambiguation pages All disambiguation pages Faroese kr%C3%B3na When German forces invaded and occupied Denmark on 9 April 1940, the Danish krone was used in the Faroes. However, all exchange between the Faroes and Denmark halted as a result of the occupation , leaving one currency to develop in two markets independently of each other. On 31 May 1940, special Faroese banknotes were introduced. They consisted of Danish notes with

273-417: Is often pronounced "fifty pee" /fɪfti piː/. The old sign d was not reused for the new penny in order to avoid confusion between the two units. A decimal halfpenny ( ⁠ 1 / 2 ⁠ p, worth 1.2 old pennies) was issued until 1984 but was withdrawn due to inflation . Before decimalisation in 1971 , the pound was divided into 20 shillings , and each shilling into 12 pence , making 240 pence to

312-615: Is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issued by other jurisdictions are not regulated by the Bank of England; their governments guarantee convertibility at par . Historically, sterling was also used to varying degrees by the colonies and territories of the British Empire . There are various theories regarding

351-578: Is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £ ) is the main unit of sterling, and the word pound is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling . Sterling is the world's oldest currency in continuous use since its inception. In 2022, it

390-414: Is used for all credit card statements for visitors and international transfers of krónur (unless some other currency is used). Still transfers between Denmark and the Faroe Islands count as international with corresponding fees, and the Faroe Islands have its own IBAN and BIC codes with FO in them. Faroese banknotes are no longer available to collectors from Danmarks Nationalbank since their web shop

429-657: The 1950s, coins of Kings George III , George IV and William IV had disappeared from circulation, but coins (at least the penny) bearing the head of every British monarch from Queen Victoria onwards could be found in circulation. Silver coins were replaced by those in cupro-nickel in 1947, and by the 1960s the silver coins were rarely seen. Silver/cupro-nickel sixpences, shillings (from any period after 1816) and florins (2 shillings) remained legal tender after decimalisation (as 2½p, 5p and 10p respectively) until 1980, 1990 and 1993 respectively, but are now officially demonetised. The pound sterling emerged after

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468-469: The Bank of England has exclusively used the single bar variant since 1975. Historically, a simple capital L (in the historic black-letter typeface, L {\displaystyle {\mathfrak {L}}} ) placed before the numerals, or an italic l. after them, was used in newspapers, books and letters. The Royal Mint was still using this style of notation as late as 1939. The glyphs Ł and Ⱡ may occasionally be encountered. Use of

507-819: The British government in a treaty titled "Agreement between His Britannic Majesty's Government and the Administration of the Faroe Islands, for Regulating the Financial Relations between the United Kingdom and the Faroe Islands," which came into force on 27 March 1941. At the same time, the Board of the Currency Central was reorganised to only three members, one representative of the British Government , one representative of

546-781: The British made set lacks both the mark of the Royal Danish Mint (a small heart) and the initials of the engraver and the mint master in Copenhagen. In 1940, Danish 5, 20, 50, 100, and 500 kroner notes were overstamped with Kun Gyldig paa Færøerne, Færø Amt, Juni 1940 (meaning “Only valid on the Faroe Islands, Faroe County, June 1940”) for issue on the Faroe Islands. Later that year, the Færø Amt issued distinct notes in denominations of 1, 5, 10, and 100 kroner. From 1951, notes were issued with texts in Faroese . The 1 kroner note

585-693: The Faroese króna is poorly known, particularly the fact that it is officially the same currency as the Danish krone and that the notes can be exchanged by any Danish bank without charge, although often only for account holders. Consequently, very few Danish stores will accept Faroese notes. Also, exchange offices in other countries often have problems with them. People travelling from the Faroes are often advised to exchange their cash prior to embarking in order to prevent potential complications arising from this situation. The Faroe Islands use standard Danish coinage, but

624-457: The League's money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", which was contracted to "'sterling". The OED dismisses this theory as unlikely, since the stressed first syllable would not have been elided. Encyclopædia Britannica states that the (pre-Norman) Anglo-Saxon kingdoms had silver coins called sterlings and that

663-468: The National Bank of Denmark," the National Bank of Denmark does not claim any rights to Faroese banknotes issued prior to 1951. Danish kroner are exchanged to Faroese krónur and vice versa by the National Bank of Denmark free of charge. While normal Danish bank notes are no longer intended as legal tender in the Faroes, they are accepted there in all situations. In Denmark proper, existence of

702-505: The Roman libra , solidus , and denarius . Notable style guides recommend that the pound sign be used without any abbreviation or qualification to indicate sterling (e.g., £12,000). The ISO 4217 code "GBP" (e.g., GBP 12,000) may also be seen should disambiguation become necessary. The ISO 4217 currency code for sterling is "GBP", formed from the ISO 3166-1 alpha-2 code for

741-700: The State (referring to the State of Denmark , meaning the County of Faroe), and one representative of the Løgting or the parliamentary National Board. In 1941, coins were struck in London for use on the Faroe Islands. As of 12 April 1949, the Faroese króna was separated from the pound sterling and fixed to the Danish krone at parity. This arrangement is still in effect. Although Faroese banknotes were issued "on behalf of

780-595: The United Kingdom ("GB") and the first letter of "pound". In historical sources and some specialist banking uses, the abbreviation stg (in various styles) has been used to indicate sterling. Many stocks on the London Stock Exchange are quoted in penny sterling, using the unofficial code "GBX". The exchange rate of sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets . The origins of this term are attributed to

819-601: The adoption of the Carolingian monetary system in England c.  800 . Here is a summary of changes to its value in terms of silver or gold until 1816. The pound was a unit of account in Anglo-Saxon England . By the ninth century it was equal to 240 silver pence . The accounting system of dividing one pound into twenty shillings , a shilling into twelve pence, and a penny into four farthings

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858-478: The common phrase "quids in"). Its origin is unknown: possible derivations include scudo , the name for a number of currency units used in Italy until the 19th century, introduced by Italian immigrants; or from Latin quid via the common phrase quid pro quo , literally, "what for what", or, figuratively, "An equal exchange or substitution". The term "nicker" (also both singular and plural) may also refer to

897-468: The compound noun pound sterling was derived from a pound (weight) of these sterlings. The English word pound derives from the Latin expression lībra pondō , in which lībra is a noun meaning 'pound' and pondō is a noun, in the ablative case , meaning 'by weight'. The currency sign for the pound unit of sterling is £ , which (depending on typeface) may be drawn with one or two bars :

936-456: The current issues, but the new notes now feature "Motion" windowed security threads and perfect registration devices instead of holographic patches on the fronts, and mother-of-pearl threads, and fluorescent colors added on the back of the notes. For international bank transfers, including credit card transfers, the ISO code has to be given. The Faroese króna has no official ISO 4217 code, so DKK

975-430: The fact that from the mid-19th century, the sterling/dollar exchange rate was transmitted via transatlantic cable. Historically almost every British coin had a widely recognised nickname, such as "tanner" for the sixpence and "bob" for the shilling . Since decimalisation these have mostly fallen out of use except as parts of proverbs. A common slang term for the pound unit is " quid " (singular and plural, except in

1014-538: The judge, who was chairman, one representative of Faroe Fish Export, one representative of the Faroese Merchants' Union, one representative of the bank Føroya Banki, one representative of the savings bank Føroya Sparikassi and four representatives of the Løgting . On 18 December 1940, the Faroese króna was pegged to the British pound at a rate of 22.4 krónur = 1 pound. This rate was officially accepted by

1053-491: The letter ⟨L⟩ for pound derives from medieval Latin documents: "L" was the abbreviation for libra , the Roman pound (weight), which in time became an English unit of weight defined as the tower pound . A "pound sterling" was literally a tower pound (weight) of sterling silver . In the British pre-decimal ( duodecimal ) currency system, the term £sd (or Lsd) for pounds, shillings and pence referred to

1092-570: The occupations by the United Kingdom and Germany respectively. In 1941, a set of coins (1, 2, 5, 10 and 25 øre) was minted in London to alleviate a shortage of small change. This issue was identical to the pre-war Danish coinage already circulating, but is easily identified: the coins minted in London were made of bronze and copper-nickel, while the comparable coins minted in Denmark in 1941 were made of aluminium and zinc (with one exception). In addition,

1131-597: The origin of the word "sterling". The Oxford English Dictionary states that the "most plausible" etymology is a derivation from the Old English steorra for "star" with the added diminutive suffix -ling , to yield "little star". The reference is to the silver penny used in Norman England in the twelfth century, which bore a small star. Another theory holds that the Hanseatic League

1170-554: The pound. The currency of all the Crown Dependencies ( Guernsey , Jersey , Isle of Man ) and a third of British Overseas Territories ( British Antarctic Territory ; Falkland Islands and South Georgia and the South Sandwich Islands ; Gibraltar ; and Saint Helena, Ascension and Tristan da Cunha ) is either sterling or pegged to sterling at par. The other British Overseas Territories have

1209-602: The pound. The symbol for the shilling was " s ." – not from the first letter of "shilling", but from the Latin solidus . The symbol for the penny was " d .", from the French denier , from the Latin denarius (the solidus and denarius were Roman coins). A mixed sum of shillings and pence, such as 3 shillings and 6 pence, was written as "3/6" or "3 s . 6 d ." and spoken as "three and six" or "three and sixpence" except for "1/1", "2/1" etc., which were spoken as "one and

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1248-428: The region has experienced a shortage of small currency on several occasions, leading to non-standard issues. During the late 19th century, German national C.F. Siemsen, a merchant conducting business in both the Faroe Islands and Iceland, issued his own private coinage. This issue is brass, one side carrying the inscription: CFS and the other side the denomination: 4 or 16 skilling in goods ( "x SKILLING I VARE" ). Due to

1287-513: The reign of King Offa of Mercia (757–796), who introduced a "sterling" coin made by physically dividing a Tower pound (5,400 grains, 349.9 grams) of silver into 240 parts. In practice, the weights of the coins were not consistent, 240 of them seldom added up to a full pound; there were no shilling or pound coins and these units were used only as an accounting convenience . Halfpennies and farthings worth 1 ⁄ 2 and 1 ⁄ 4 penny respectively were also minted, but small change

1326-407: The same term [REDACTED] This disambiguation page lists articles associated with the title Krona . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Krona&oldid=1150230090 " Category : Disambiguation pages Hidden categories: Short description

1365-470: Was adopted from the livre carolingienne system introduced by Charlemagne to the Frankish Empire . The penny was abbreviated to "d", from denarius , the Roman equivalent of the penny; the shilling to "s" from solidus (written with a long s , ſ , later evolving into a simple slash , / ); and the pound to "L" (subsequently £ ) from Libra or Livre . The origins of sterling lie in

1404-724: Was closed at the end of 2023. Postverk Føroya , the Faroese postal service now known as 'Posta', used to be the sole supplier of Faroese banknotes to collectors, but does not sell banknotes anymore. Pound sterling King Charles III [REDACTED] William, Prince of Wales [REDACTED] Charles III ( King-in-Council ) [REDACTED] Starmer ministry ( L ) Keir Starmer ( L ) Angela Rayner ( L ) ( King-in-Parliament ) [REDACTED] Charles III [REDACTED] [REDACTED] [REDACTED] The Lord Reed The Lord Hodge Andrew Bailey Monetary Policy Committee Sterling ( ISO code : GBP )

1443-434: Was not continued, with 50 krónur introduced in 1967, followed by 500 and 1000 krónur in 1978, 20 krónur in 1986 and 200 krónur in 2003. Between 2001 and 2005, a new banknote series with new security features was introduced to replace older notes. Denominations are 50, 100, 200, 500, and 1000 krónur. On March 19, 2012, an updated version of the Faroese króna banknotes was released into circulation. The new notes are identical to

1482-533: Was the fourth-most-traded currency in the foreign exchange market , after the United States dollar , the euro , and the Japanese yen . Together with those three currencies and the renminbi , it forms the basket of currencies that calculate the value of IMF special drawing rights . As of late 2022, sterling is also the fourth most-held reserve currency in global reserves . The Bank of England

1521-576: Was the origin of its definition, manufacture, and name: the German name for the Baltic is Ostsee ( ' East Sea ' ) and from this the Baltic merchants were called Osterlings ( ' Easterlings ' ). In 1260, Henry III granted them a charter of protection and land for their kontor , the Steelyard of London , which by the 1340s was also called Esterlingeshalle ( ' Easterlings Hall ' ). Because

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