10 Krónur 1907 – Iceland P-5

A Significant Early Issue of Icelandic Paper Currency

The 10 Krónur 1907 (Pick-5) is one of Iceland’s most historically important early Treasury banknotes. Issued during a period of rapid economic development and growing national autonomy, this note represents the second denomination in the 1907 series and is admired today for its refined engraving and rarity.

Historical Background

At the beginning of the 20th century, Iceland’s monetary system was undergoing major changes. Although the country was still under Danish rule, local financial administration was becoming more independent. The Landssjóður Íslands (Icelandic Treasury) issued the 1907 banknote series to meet increasing domestic demand for circulating paper currency.

The 1907 series followed the landmark 1886 issues and maintained the traditional Nordic engraving style, while improving security and increasing the quality of production. Among these, the 10 Krónur note occupied the mid-range value and circulated widely across Iceland.

Design Features

Front Design

The obverse of the 10 krónur 1907 features:

A symmetrical and ornate engraved frame
Bold central text displaying the denomination „Tíu Krónur“
Official Treasury signatures
Early Icelandic coat of arms
Serial numbers printed in contrasting ink
Fine-line engraving and guilloche patterns for anti-counterfeit protection

The overall design reflects the high-quality Scandinavian banknote printing of the early 1900s—elegant, crisp, and detailed.

Reverse Design

The reverse showcases:

Elaborate symmetrical engraving
Decorative security linework
Wide ornamental borders
Traditional Icelandic Treasury layout
A monochromatic print consistent with early 20th-century Nordic currency

The reverse design is visually balanced and highly artistic, characteristic of early Icelandic financial documents.

Rarity & Collectability

The 10 Krónur 1907 P-5 is considered scarce, especially in good condition. Survival rates for this denomination are lower than expected due to:

Heavy circulation in the early 1900s
Many notes being withdrawn and destroyed
Limited preservation compared to higher denominations

Collectors value this note for:

Its historical significance in Iceland’s pre-banking era
Beautiful engraved artwork
Its role in the transition from Danish-controlled monetary policy toward Icelandic financial sovereignty
Relative scarcity in high-grade condition

It remains one of the most desirable Icelandic Treasury notes for early-date collectors.

Specifications

Country: Iceland
Issuer: Landssjóður Íslands (Icelandic Treasury)
Year: 1907
Denomination: 10 Krónur
Pick Number: P-5
Series Type: Early Treasury Issue
Material: Engraved paper

Iceland collect