Danish Krone

Overview

The official currency for the Kingdom of Denmark is the Danish Krone (DKK). The Krone is currently pegged to the Euro. The Krone is subdivided into 100 ore. The symbol for the Krone is kr. Another the name for the Krone is the Danish Crown.

Economy

• The country advocates a liberal trade policy.
• The main industries are textiles, clothing, windmills, food processing, chemicals, steel, iron, gas, furniture, wood, shipbuilding, and non-ferrous metals.
• Export products are meat, Christmas trees, wood, fish, diary products, potted plants, furniture, pharmaceuticals, instruments, and machinery.
• Import products are chemicals, grains, foodstuffs, raw materials, equipment, and machinery.
• Unemployment is 4.1%
• Poverty is rated as not applicable, because Denmark runs a broad-reaching welfare system.
• Inflation for the country is 1.3%.

History

• The first krone was introduced in the 1800s.
• In 1873 the Danish rigsdaler was replaced by a new krone.
• The krone formed part of the Monetary Union until World War I. In 1914 the Union was abandoned and the gold standard era ended.
• In 1924 Denmark joined the gold standard again, but abandoned it in 1931.
• From 1940 to 1945 the krone was joined to the German reichmark. After 1945, 24 krone was equal to 1 British pound.
• In 1949 the krone became part of the Brentwood system and decreased in value to 6.91 krone = 1 USD.
• In 1997 a new series of banknotes was released.
• Thematic coins were distributed for the first time in 2001.
• In 2009 and 2011 new banknote designs were distributed.