5 Krónur 1907 – Iceland P-4

A Landmark Early Issue of Icelandic Paper Money

The 5 Krónur 1907 (Pick-4) banknote is an important example of Iceland’s early currency development during the period when the nation was transitioning toward greater financial independence. Printed during the era when Iceland was still under Danish administration, this note represents the next generation of Icelandic Treasury issues following the famous 1886 series.

Historical Background

By 1907, Iceland’s monetary system was evolving rapidly. The Landssjóður Íslands (Icelandic Treasury) continued to issue banknotes to meet the growing economic needs of the country. These issues bridged the period between Iceland’s earliest Treasury notes of 1886 and the later establishment of a fully autonomous national banking structure.

The 1907 series—issued in denominations of 5, 10, and 50 krónur—retained the traditional engraved style but introduced updated designs and improved security features. The 5 Krónur P-4 is the lowest denomination of the set and one of the most frequently collected early Icelandic notes.

Design Features

Front Design

The front of the 5 krónur 1907 note features:

Decorative engraved frame with intricate linework
Official signatures and serial numbers
The denomination „Fimm Krónur“ centrally placed in bold text
Early Icelandic coat of arms
Highly detailed border elements designed to prevent counterfeiting
Icelandic-language inscriptions consistent with Treasury-issued notes of the time

Reverse Design

The back of the note showcases:

Classic symmetrical engraving
Ornamental scrollwork and geometric security patterns
Balanced Icelandic treasury-style layout
Monochrome print typical of early 20th-century Nordic banknotes

The printing quality reflects the craftsmanship of Scandinavian banknote engraving of this era—sharp, elegant, and highly detailed.

Rarity & Collectability

The 5 Krónur 1907 P-4 is considered scarce, with fewer surviving examples than later early-20th-century issues. Notable factors affecting its rarity:

Many notes were heavily circulated and later destroyed
Lower denomination notes typically survive in poorer condition
Limited surviving high-grade examples

Collectors seek this banknote because of its:

Early date (1907)
Historical importance in Iceland’s monetary evolution
Detailed engraved artwork
Place within the transitional Treasury series

Well-preserved samples are especially valued in both Icelandic and international paper money markets.

Specifications

Country: Iceland
Issuer: Landssjóður Íslands (Icelandic Treasury)
Year: 1907
Denomination: 5 Krónur
Pick Number: P-4
Type: Early Treasury Issue
Material: Paper, engraved print

Iceland collect