1 krona, Stockholm, Oscar II, 1875
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 common 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 one krona in gold, the one krona coin became a type of credit money, which means that the coin value is higher than the metal value. The value of the silver coins was instead based on the member states' guarantee to exchange them for gold coins.
