Iceland collect




5 Krónur 1929 – Iceland (Pick P-23)

A national banknote issued by Landsbanki Íslands during Iceland’s monetary transition

The 5 Krónur 1929 banknote was issued by Landsbanki Íslands, which by this time held the exclusive right to issue banknotes in Iceland. This note belongs to a key transitional era when Iceland had moved away from private bank issuance and toward a centralized national currency system, though still under the Danish monarchy.

The P-23 issue reflects Iceland’s growing financial independence and the modernization of its paper money just before the economic challenges of the 1930s.

🏦 Historical Background

In 1927, Landsbanki Íslands became the sole issuing authority for Icelandic banknotes. As a result, all denominations issued in 1929, including the 5 Krónur, were national bank issues, not private bank notes.

The late 1920s were a period of relative stability in Iceland’s economy. New banknotes were printed to replace older circulating notes and to improve durability, security, and design consistency. The 5 krónur denomination was widely used in everyday transactions, ensuring heavy circulation and low survival rates.

🎨 Design & Appearance

Obverse (Front)

  • A finely engraved portrait of Jón Sigurðsson, Iceland’s leading figure in the independence movement.

  • The denomination “Fimm Krónur” clearly displayed in decorative lettering.

  • Elaborate guilloche borders and fine-line engraving providing both elegance and protection against counterfeiting.

  • Official printed signatures of Landsbanki Íslands officials.

  • Serial numbers printed in contrasting ink, positioned symmetrically.

Reverse (Back)

  • A balanced ornamental design incorporating Icelandic national symbolism.

  • Large numeral “5” repeated for clarity.

  • Dense engraved patterns consistent with late-1920s professional banknote production.

The design is more refined than earlier treasury issues and reflects a confident national currency rather than an emergency substitute.

🖨️ Technical Details

  • Issuer: Landsbanki Íslands

  • Year of Issue: 1929

  • Denomination: 5 Krónur

  • Pick Number: P-23

  • Printing Method: High-quality intaglio engraving

  • Paper: Professional banknote paper, stronger than earlier emergency notes

  • Format: Medium format, consistent with other Landsbanki issues of the period

🔎 Collectability & Importance

The 5 Krónur 1929 (P-23) is sought after by collectors because it:

  • Represents early national banknote issuance in Iceland

  • Features Jón Sigurðsson, reinforcing Icelandic identity

  • Comes from a short pre-Depression printing period

  • Had heavy circulation, making high-grade examples scarce

Examples in Fine condition are common, but Very Fine and above are significantly harder to obtain.

5 Krónur 1929 – Iceland (Pick P-23)

5 Krónur 1929 – Iceland (Pick P-23) 5 Krónur 1929 – Iceland (Pick P-23)

Signatures guide for Icelandic currency of the period