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The 2022 100 Year Anniversary of Iceland's First Coins As A Nation

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Iceman

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   One hundred years ago in 1922 Iceland issued there first ever partial set of legal tender coins the 10 and 25 Aurar's.  With a growing nation that was in desperate need for coinage because all the coins used up to that time was from other nation's like Denmark, Norway or they would use tokens that was issued by large merchants companies that was either based in Iceland or Denmark and even the Faroe Islands. Iceland banned the use of tokens prior to 1922 because merchants can manipulate the cost of such things as bread For instead when the consumer tried to pay for a loaf bread using a token they were given in change for one free rye bread the merchant would tell the person at a later date  that the cost of the bread as risen and the token was no longer acquit for the promise of one free loaf of bread causing the consumer to fork over more funds for something they should have been given for free from the get-go.  The first and only coins for this year was the 10 and 25 Aurar minted in Copenhagen Denmark and in 1925 was when the next denominations was produced the 1 Krona (singular)  and 2 Kronur (plural). It took 100 Aurar's  to make a single 1 Krona and in 1926 was when the final three denominations was produced the 1 Eyrir (singular) and the 2 and 5 Aurar's (plural). It took four years to produce the seven coins needed to complete a set of coins comprising of all denominations.

   The 1 Eyrir and the 2 and 5 Aurar's minted by the Copenhagen mint was made of a 95% copper  4% Tin  1% Zink from 1926 to 1939 but they did mint a few 2 Aurar's dated 1940 before the London's Royal Mint in England Took over the mintage of all the coins dated from 1940 -1942 after Denmark was occupied by Nazi Germany. They changed the composition of all the copper coins dated 1940 to 95.5% Cu   3% Sn  1% Zn  but they made one final change for the dated 1942 Copper coins to  97% Cu  0.5% Tn  2.5% Sn . From my understanding according to the records of the Royal Mint the new updated second metal change accrue part way into the production of the 1940 dated 5 Aurar so there are two different metal composition varieties for the 1940 5 Aurar coin but none for the dated 1940 1 Eyrir and 2 Aurar since they were all ready minted. The royal mint did not always produce the individual coin denomination the year that was indicated on the coin and it is believed that some coins was minted as far as two years after the date like some of the coins dated 1942. and the 1940 1 Krona and 2 Kronur was produced as far as into 1944.  On a interesting note Staffen Bjorkman noted in his 15 page summary on Icelandic coins 1918 to1959 he made mention of a 1925 1 Eyrir with a mintage of 4000 pieces which the Icelandic national museum collection never made any mention of one ever having existed but this may only be nothing more then the first batch of 1926 Eyrir's ( 4000 coins ) was just the number of coins that was minted in 1925 for the 1926 Eyrir just like the U.S. mint does by Producing the following year's coins. Record keeping can be a problem if its not written down correctly. There are some interesting varieties for the 1 Eyrir from this time period some known and some not, But that's for another journal.  I have tried to research the Copenhagen mint records online and to no avail I couldn't find any records having to do with the minting of Icelandic coins. Maybe I need to hop on a plane to Denmark. 

Thank you  for reading my journal entry and I'm going to write more about the mintage of Iceland Kingdom Era coinage in my near upcoming  journals       

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This information on the Icelandic monetary system is really interesting. Especially, since I went to Iceland in October for my daughter's wedding. Concerning Iceland, I loved it! It was quite an adventure. We may return at some point in the future to visit the sites we didn't have time to visit because of the wedding. Iceman, did you get a chance to read the post I wrote about my visit? If not here's the link.   

 

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Yes, please continue to use the journal to post your valuable information on the coinage of Iceland.  Although you may not think there are many people that view the journals section of this site, your posts will be indexed by Google so anyone searching on keywords in your post should be able find it.

Edited by jgenn
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On 2/14/2022 at 3:26 PM, coinsbygary said:

This information on the Icelandic monetary system is really interesting. Especially, since I went to Iceland in October for my daughter's wedding. Concerning Iceland, I loved it! It was quite an adventure. We may return at some point in the future to visit the sites we didn't have time to visit because of the wedding. Iceman, did you get a chance to read the post I wrote about my visit? If not here's the link.   

 

Hi Gary

I'm so happy you made to Iceland to have your daughters wedding and from the looks of your photo you had a blast. I have not been on the site for some time but I will take the time to read your post. Congrats to your daughter and son in-law and I wish them the best for the future.

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On 2/15/2022 at 12:03 AM, jgenn said:

Yes, please continue to use the journal to post your valuable information on the coinage of Iceland.  Although you may not think there are many people that view the journals section of this site, your posts will be indexed by Google so anyone searching on keywords in your post should be able find it.

Thank you jgenn for the info and I will add more entry.

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