The Swedish krona has been Sweden’s official monetary unit since 1873 and its name means “crown.”
Sweden introduced the krona through the Scandinavian Monetary Union, which also linked the currencies of Denmark and Norway. The union used a gold standard and made the three currencies equal in value, although each country issued its own money.
The Scandinavian Monetary Union ended after the First World War, but Sweden retained the krona. The Swedish central bank, Sveriges Riksbank, issues the currency and conducts monetary policy. One krona is divided into 100 öre, although öre coins are no longer used in ordinary cash payments.
The Swedish krona is often confused with the Danish krone and Norwegian krone. They share the crown-based name and a common historical origin, but they are separate currencies with different exchange rates and issuing authorities.