The Icelandic Króna became a separate currency from the Scandinavian Krona after dissolution of the Scandinavian Monetary Union at World War I and after gaining sovereignity from Denmark in 1918. Circulation of the Icelandic Króna is since 1961 controlled by Seđlabanki Íslands, the Central Bank of Iceland. In 1980 the Icelandic Króna was revalued, with 100 old krónur being worth 1 new Króna. Technically the Króna is composed of 100 aurar (singular eyrir), although in practice coins of less than 1 Króna have not circulated for many years.
As of 2003, the following notes and coins (issued since 1980) are legal tender:
In practice, notes of 100 krónur or less, and coins of less that 1 króna no longer circulate.
See also: Scandinavian Monetary Union, Danish Krone, Swedish Krona, Estonian Kroon, Czech Koruna