50 Krónur 1886 – Iceland P-3

A Rare Early Icelandic Banknote

The 50 Krónur 1886 (Pick-3) is one of the earliest and most sought-after high-denomination banknotes issued in Iceland. Produced under Danish administration during a period when Iceland did not yet have its own central bank, this note represents both a historical milestone and a high-value collectible in Nordic numismatics.

Historical Background

In the late 19th century, Iceland’s currency system was still developing, and most paper money was issued by private banks under government authorization. The 50 Krónur note was part of the very first printings of modern Icelandic banknotes, marking a significant step toward the creation of Iceland’s autonomous financial system.

Issued in 1886 by the Landssjóður Íslands (Icelandic Treasury), the note belongs to a small family of early issues consisting of the 5 krónur, 10 krónur, and 50 krónur denominations. Among these, the 50 krónur is the highest and scarcest denomination.

Design Features

The design of the 50 krónur 1886 note reflects the classic 19th-century Scandinavian banknote style, emphasizing security and official authority.

Front Design

Elaborate frame with intricate line engraving typical of Danish and Icelandic printwork of the time
The Icelandic coat of arms used in the late 1800s
Text entirely in Icelandic
Serial number and signatures of issuing authorities
“Fimmtíu Krónur” prominently displayed at center
High-detail border patterns designed to prevent counterfeiting

Reverse Design

Traditional ornamental engraving
Symmetrical patterns, scrollwork, and geometric anti-counterfeiting elements
Simple but elegant layout consistent with other 1886 issues

Note: As with all 1886 Icelandic notes, both sides were printed in monochrome with detailed line-engraved artwork.

Rarity & Collectability

The 50 krónur 1886 P-3 is considered rare, with surviving examples limited and often found in low grades. Its scarcity is due to:

Low original printing volume
Heavy circulation during the period
Limited preservation of high-value notes in Iceland during the 19th century

Collectors value this banknote for its:

High denomination
Historical significance
Early date of issue
Beautiful 19th-century engraving

Examples in high grade can command significant prices on the international banknote market.

Specifications

Country: Iceland
Issuer: Landssjóður Íslands (Icelandic Treasury)
Year: 1886
Denomination: 50 Krónur
Pick Number: P-3
Type: Early Treasury Issue
Material: Paper (engraved print)

Iceland collect