1 krona, Stockholm, Oscar II, 1876
With the Scandinavian monetary union came the new unit of currency, the krona, divided into 100 öre.
The union had a so-called gold standard, meaning that the value of the currency was linked to gold. The 10-krona gold coin was the main coin, and 248 10-krona coins were to be made from 1 kg of gold.
Since the silver one-krona coin did not contain enough silver to equal the gold one-krona coin, the one-krona coin was a type of credit money, meaning that the value of the coin is higher than the value of the metal. Instead, the value of the silver coins was based on the member states' guarantee to exchange them for gold coins.
