The Icelandic Kr�na became a separate currency from the Scandinavian Krona after dissolution of the Scandinavian Monetary Union at World War I and after gaining sovereignty from Denmark in 1918. Circulation of the Icelandic Kr�na is since 1961 controlled by Se�labanki �slands, the Central Bank of Iceland. In 1980 the Icelandic Kr�na was revalued, with 100 old kr�nur being worth 1 new Kr�na. Technically the Kr�na is composed of 100 aurar (singular eyrir), although in practice coins of less than 1 Kr�na have not circulated for many years.
As of 2003, the following notes and coins (issued since 1980) are legal tender:
In September 2002 the Icelandic Prime Minister signed two regulations, saying that all monetary amounts on invoices and financial claims should be stated and paid in whole kr�nas only, and that coins of less value than one kr�na should be recalled from circulation. As of October 1st 2003, Icelandic banks no longer accept the 5, 10 and 50 aurar coins.
See also: Scandinavian Monetary Union, Danish Krone, Swedish Krona, Estonian Kroon, Czech Koruna