Iceland collect




500 Krónur 1948 – Iceland (Pick P-36)

The highest denomination of Iceland’s early Republic currency

The 500 Krónur 1948 banknote stands as the highest denomination issued in Iceland during the early years of the Republic. Issued by Landsbanki Íslands, this note was designed for large-scale financial transactions, institutional use, and savings rather than everyday circulation.

At the time of issue, 500 krónur represented a substantial sum, making this banknote a symbol of monetary authority and economic confidence in post-war Iceland.

🏦 Historical Context

Following the declaration of the Republic in 1944, Iceland continued to rely on Landsbanki Íslands as its issuing authority until the Central Bank of Iceland was established in 1961. The 1948 banknote series reflected both national independence and continuity in monetary administration.

The introduction of a 500 krónur denomination responded to increased economic activity, higher wages, and growing financial transactions in the late 1940s. This note was primarily used by banks, businesses, and government entities rather than the general public.

🎨 Design & Appearance

Obverse (Front)

  • Engraved portrait of Jón Sigurðsson, the central figure of Iceland’s independence movement.

  • Denomination “Fimm Hundruð Krónur” prominently displayed.

  • Issuer name Landsbanki Íslands clearly printed.

  • Printed signatures of authorized bank officials.

  • Sophisticated guilloche and fine-line engraving used for security and visual authority.

  • Dual serial numbers printed in contrasting colors.

The obverse design reflects dignity, stability, and national pride, appropriate for the country’s highest denomination.

Reverse (Back)

  • Elaborate ornamental engraving with symmetrical geometric patterns.

  • Large denomination numerals emphasizing the value of the note.

  • Formal and balanced layout consistent with high-value European banknotes of the period.

🖨️ Technical Details

  • Issuer: Landsbanki Íslands

  • Year of Issue: 1948

  • Denomination: 500 Krónur

  • Pick Number: P-36

  • Printing Method: Intaglio engraving

  • Paper: High-grade banknote security paper

  • Purpose: Institutional use and high-value transactions

🔎 Collectability & Significance

The 500 Krónur 1948 (P-36) is among the most important Republic-era Icelandic banknotes and is especially valued for:

  • Being the largest denomination of the 1948 series

  • Limited circulation and lower survival rates

  • Strong association with Jón Sigurðsson and Icelandic national identity

  • Its role in the financial system of early independent Iceland

High-grade examples are rare, as many notes were held by institutions or withdrawn from circulation relatively early.

500 Krónur 1948 – Iceland (Pick P-36)

Signatures guide for Icelandic currency of the period