Scandinavian Monetary Union

High Quality Content by WIKIPEDIA articles! The Scandinavian Monetary Union (Swedish: Skandinaviska myntunionen, Danish: Skandinaviske m ntunion, Norwegian: Skandinaviske myntunion) was a monetary union formed by Sweden and Denmark on May 5, 1873, by fixing their currencies against gold at par to each other. Norway, which was in union with Sweden, however with full inner autonomy, entered the union two years later, in 1875 by pegging its currency to gold at the same level as Denmark and Sweden, 2.48 kroner/kronor per gram of gold, or roughly 0.403 grams per krone/krona. An equal valued krone/krona of the monetary union replaced the three legacy currencies at the rate of 1 krone/krona = 1/2 Danish rigsdaler = 1/4 Norwegian speciedaler = 1 Swedish riksdaler. The monetary union was one of the few tangible results of the Scandinavian political movement of the 19th century.