Icelandic currency unit worth a hundredth of a krona

Not financial advice: Króna is the official currency of Iceland (ISK - Icelandic Krona). It is composed of 100 aurar, although coins in any denomination less than one króna have not circulated since 2003.

In 1981, coins were introduced in denominations of 5, 10 and 50 aurar, 1 króna and 5 krónur. These were followed by 10 krónur pieces in 1984, 50 krónur in 1987 and 100 krónur in 1995. But on 1 October 2003, Icelandic banks no longer accept 5, 10 and 50 aurar coins.

Right now 1.00 ISK (Icelandic Krona) is equivalent to 0.0052 GBP (British Pound) or 0.0084 USD (US Dollar). Check out the latest rates at xe.com.

Although it’s become cheaper for foreign travellers since the banking crisis of 2008, Iceland can still be quite an expensive place to visit. Check out some tips on how to cut costs on your next trip to the Land of Fire and Ice at gomadnomad.com.

To find the latest happenings in Iceland, just visit Inspired by Iceland's Facebook page or follow them on Twitter @icelandinspired.

Updated on Thursday, September 11 2014 at 05:21PM BST
Collections: kronaiceland