Iceland collect




1 Króna 1922 – Iceland (Pick P-18a)

A Transitional Small-Denomination Note of Early 20th-Century Iceland

🏦 Historical Background

During the early 1920s, Iceland faced a continuing shortage of coinage. Inflation, economic strain after World War I, and disruptions in international metal supply made it impractical to mint enough small-denomination coins for everyday transactions. To keep the domestic economy running smoothly, the Icelandic state treasury (Ríkissjóður Íslands) continued issuing low-value paper notes — among them the 1 Króna 1922 note.

The 1922 issue is part of a broader transitional phase after the decline of private banknote circulation (Islandsbanki and others) and before the creation of a fully unified, modern Icelandic note-issuing authority. The 1922 series reflects this shift: simple, functional, and produced to fill a very immediate economic need.

🎨 Design & Characteristics

  • Denomination: 1 Króna

  • Year of issue: 1922

  • Pick catalog number: P-18a

  • Issuing authority: Ríkissjóður Íslands (Icelandic State Treasury)

  • Type: Small-format emergency-style treasury note

Obverse Features

  • A compact rectangular layout with the denomination “1 Króna” clearly printed at the center.

  • Decorative yet modest guilloche borders typical of utilitarian early-20th-century treasury notes.

  • Icelandic text confirming the value and legal status of the note.

  • Serial numbers appear in a two-numbered format, usually placed on one side of the note — placement and style help distinguish P-18a from later variations.

Paper & Printing

  • Printed on thin but serviceable paper stock, not as refined as later Landsbanki issues.

  • Designed for mass use; these notes frequently circulated for long periods.

Reverse Side

  • As with many treasury-issued low denominations of the period, the back design is either blank or extremely minimal, emphasising function over artistic detail.

🔎 Collector Notes & Rarity

The 1 Króna 1922 P-18a is uncommon today, especially in high grade. Reasons include:

  • Heavy circulation due to Iceland’s acute shortage of metal coinage.

  • Low intrinsic value meant many notes were discarded, damaged, or redeemed.

  • Transitional issues like this were not produced for long, creating naturally lower surviving populations.

1 Króna 1922 – Iceland (Pick P-18a)

1 Króna 1922 – Iceland (Pick P-18a) 1 Króna 1922 – Iceland (Pick P-18a)

Signatures guide for Icelandic currency of the period