Iceland collect




5 Krónur 1948 – Iceland (Pick P-32)

The first post-Republic Icelandic 5 krónur banknote

The 5 Krónur 1948 banknote holds a special place in Icelandic monetary history as the first 5 krónur note issued after the establishment of the Republic of Iceland in 1944. Although Iceland had become a fully independent republic, the responsibility for issuing banknotes still rested with Landsbanki Íslands, which continued to function as the country’s central banking authority until the Central Bank of Iceland was founded in 1961.

This issue symbolizes the transition from the Kingdom era to the early years of the Republic while maintaining continuity in Iceland’s currency system.

🏦 Historical Context

By 1948, Iceland was firmly established as a sovereign republic following the formal dissolution of the union with Denmark in 1944. Despite this political change, the Icelandic króna remained stable, and existing financial institutions continued their operations.

Landsbanki Íslands issued the 1948 banknote series to replace older pre-Republic notes and to reflect the new national status of Iceland. The 5 krónur denomination was intended for everyday circulation, making it one of the most commonly used banknotes of the post-war period.

🎨 Design & Appearance

Obverse (Front)

  • Portrait of Jón Sigurðsson, Iceland’s foremost independence leader and enduring national symbol.

  • Denomination “Fimm Krónur” clearly printed.

  • Text identifying Landsbanki Íslands as the issuing authority.

  • Printed signatures of bank officials.

  • Decorative guilloche patterns used for both aesthetics and security.

  • Serial numbers printed in contrasting colors.

The design continues the traditional engraved style of earlier Icelandic notes while representing a new political era.

Reverse (Back)

  • Ornamental geometric patterns typical of mid-20th-century European banknote design.

  • Prominent denomination numerals ensuring quick recognition in circulation.

  • Clean and balanced layout emphasizing functionality and durability.

🖨️ Technical Details

  • Issuer: Landsbanki Íslands

  • Year of Issue: 1948

  • Denomination: 5 Krónur

  • Pick Number: P-32

  • Printing Method: Intaglio engraving

  • Paper: Banknote-grade security paper

  • Circulation Purpose: Daily commerce and general transactions

🔎 Collectability & Significance

While not rare in lower grades, the 5 Krónur 1948 (P-32) is highly significant due to:

  • Its status as a post-Republic issue

  • Continuation of Jón Sigurðsson’s image in Icelandic currency

  • Representation of Iceland’s early independence period

  • Growing collector interest in Republic-era first issues

High-grade examples are increasingly sought after, especially well-centered notes with strong color and minimal handling.

5 Krónur 1948 – Iceland (Pick P-32)

Signatures guide for Icelandic currency of the period