Concept
The krone (ˈkhʁoːnə; plural: kroner; sign: kr.; code: DKK) is the official currency of Denmark, Greenland, and the Faroe Islands, introduced on 1 January 1875. Both the ISO code "DKK" and currency sign "kr." are in common use; the former precedes the value, the latter in some contexts follows it. The currency is sometimes referred to as the Danish crown in English, since krone literally means crown. Historically, krone coins have been minted in Denmark since the 17th century. One krone is subdivided into 100 øre (ˈøːɐ; singular and plural), the name øre is probably derived from the Latin word for gold. Altogether there are eleven denominations of the krone, with the smallest being the 50 øre coin (one half of a krone). Formerly there were more øre coins, but those were discontinued due to inflation. The krone is pegged to the euro via the ERM II, the European Union's exchange rate mechanism. Adoption of the euro is favoured by some of the major political parties; however, a 2000 referendum on joining the Eurozone was defeated with 53.2% voting to maintain the krone and 46.8% voting to join the Eurozone. The oldest known Danish coin is a penny (penning) struck AD 825–840, but the earliest systematic minting produced the so-called korsmønter (cross coins) minted by Harald Bluetooth in the late 10th century. Organised minting in Denmark was introduced on a larger scale by Canute the Great in the 1020s. Lund (now in Sweden) was the principal minting place and one of Denmark's most important cities in the Middle Ages, but coins were also minted in Roskilde, Slagelse, Odense, Aalborg, Århus, Viborg, Ribe, Ørbæk and Hedeby. For almost 1,000 years, Danish kings – with a few exceptions – have issued coins with their name, monogram and/or portrait. Danish coinage was generally based on the Carolingian silver standard, with 12 penning to a skilling and 20 skilling to a pound; later on, 16 skilling to a mark. The metal content of minted coins was subject to debasement over the centuries, an easy way to generate income for the monarch and/or the state.
