Iceland is located at the juncture of the North Atlantic and Arctic oceans. The main island is entirely south of the Arctic Circle, which passes through the small Icelandic island of Grímsey off the main island's northern coast. The country lies between latitudes 63° and 68° N, and longitudes 25° and 13° W.
Currency Icelandic króna (ISK)
Time zone GMT (UTC)
Calling code +354
Patron saint Saint Thorlak
ISO 3166 code IS
The Central Bank of Iceland - Banknotes and coin
A total of five denominations of notes and five denominations of coins are valid as legal tender in Iceland.The following legal tender is valid in Iceland: Notes to the value of 10000, 5000, 2000, 1000 and 500 kr., and coin to the value of 100, 50, 10, 5 and 1 kr.
Central Bank of Iceland (Seðlabanka Íslands)
Like most central banks, the Central Bank of Iceland has the exclusive right to issue notes and coin in Iceland. The name of the currency is króna (pl. krónur). When the Central Bank was established in 1961 it was granted the sole right to issue notes, while the right to issue coins was transferred to the Bank from the National Treasury in 1967. However, the history of note and coin issuing in Iceland dates back to much earlier.
The króna (kr/ISK) is the currency of Iceland. The króna was historically subdivided into 100 aurar (singular eyrir), but this subdivision is no longer used. Like the Nordic currencies that participated in the historical Scandinavian Monetary Union, the name króna (meaning crown) comes from the Latin word corona ("crown").
More About Iceland
Settled by Norwegian and Celtic (Scottish and Irish) immigrants during the late 9th and 10th centuries A.D., Iceland boasts the world's oldest functioning legislative assembly, the Althing, established in 930. Independent for over 300 years, Iceland was subsequently ruled by Norway and Denmark. Fallout from the Askja volcano of 1875 devastated the Icelandic economy and caused widespread famine. Over the next quarter century, 20% of the island's population emigrated, mostly to Canada and the US. Denmark granted limited home rule in 1874 and complete independence in 1944. The second half of the 20th century saw substantial economic growth driven primarily by the fishing industry. The economy diversified greatly after the country joined the European Economic Area in 1994, but Iceland was especially hard hit by the global financial crisis in the years following 2008. Literacy, longevity, and social cohesion are first rate by world standards.