Iceland collect




500 Krónur 1933 – Iceland (Pick P-31)

The highest denomination banknote of pre-Republic Iceland

The 500 Krónur 1933 banknote represents the highest denomination ever issued in Iceland before the founding of the Republic in 1944. Issued by Landsbanki Íslands, this note was created for large-scale financial transactions, banking reserves, and institutional use rather than everyday circulation.

Due to its exceptionally high face value, the 500 krónur note was produced in limited quantities and rarely seen by the general public, making it one of the rarest and most prestigious Icelandic banknotes of the 20th century.

🏦 Historical Context

In 1933, Landsbanki Íslands acted as Iceland’s central monetary authority and sole issuer of paper currency. Although Iceland remained in a personal union with Denmark under the Danish king, its monetary system was fully autonomous and managed domestically.

The issuance occurred during the Great Depression, a time of global economic hardship. Introducing such a high-value note reflects the needs of banks, exporters, and government institutions rather than consumer commerce. It also demonstrates Iceland’s confidence in its currency and financial framework despite international instability.

🎨 Design & Appearance

Obverse (Front)

  • Prominent engraved portrait of Jón Sigurðsson, leader of Iceland’s independence movement and a central symbol of national identity.

  • Denomination “Fimm Hundruð Krónur” clearly displayed in formal typography.

  • Elaborate guilloche patterns and fine-line engraving used as advanced security features.

  • Printed signatures of authorized officials of Landsbanki Íslands.

  • Dual serial numbers, usually printed in contrasting colors for authentication.

The design conveys authority, stability, and national pride appropriate for Iceland’s most valuable banknote.

Reverse (Back)

  • Highly symmetrical ornamental composition.

  • Large central “500” numerals emphasizing the extraordinary value of the note.

  • Dense engraved patterns consistent with European high-denomination banknote standards of the era.

🖨️ Technical Details

  • Issuer: Landsbanki Íslands

  • Year of Issue: 1933

  • Denomination: 500 Krónur

  • Pick Number: P-31

  • Printing Method: Intaglio engraving

  • Paper: High-quality banknote paper designed for durability and security

  • Format: Large format, typical of very high denomination notes

🔎 Collectability & Significance

The 500 Krónur 1933 (P-31) is among the most important and sought-after Icelandic banknotes, valued for:

  • Being the highest denomination of its time

  • Extremely limited circulation and survival rates

  • Strong association with Icelandic national identity through Jón Sigurðsson

  • Its role as a symbol of financial authority rather than daily commerce

Well-preserved examples are rare, as many notes were held by institutions, redeemed, or withdrawn before heavy use.

500 Krónur 1933 – Iceland (Pick P-31)

Signatures guide for Icelandic currency of the period