Scandinavian Monetary Union

The Scandinavian Monetary Union was a monetary union established by Denmark and Sweden on May 5, 1873, which Norway joined in 1875, creating a shared currency unit, the krone in Denmark and Norway and the krona in Sweden, anchored to the gold standard. It was one of the most significant practical achievements of the nineteenth century Scandinavian political movement toward closer cooperation among the three countries. Each country continued to issue its own currency, and these were widely accepted across the union on equal terms, but the fixed exchange rate broke down with the outbreak of the First World War in 1914, and the union was formally dissolved in 1924.