10 Krónur 1916 – Iceland P-8

A Rare Early Treasury Issue from Iceland’s Pre-Independence Era

The 10 Krónur 1916 (Pick-8) is one of the most sought-after early Icelandic banknotes. Issued by the Landssjóður Íslands (Icelandic Treasury), this note reflects the transitional years when Iceland was still tied to Denmark but moving rapidly toward financial and political independence. Today, the 1916 issue is considered rare and historically significant due to its limited survival and its position within the early Icelandic króna series.

Historical Background

In the early 20th century, Iceland was still under Danish rule, yet gaining more autonomy in internal affairs. The introduction of the króna as Iceland’s standard currency had begun in the late 19th century, and by 1916 Icelandic-issued notes were increasingly common in daily life.

The 10 Krónur 1916 was issued during World War I—a period marked by economic instability, shortages, and increased demand for circulating cash. This forced the Treasury to issue additional banknotes in mid-denominations such as the 10 krónur.

This note is one of the final issues before Iceland officially became a sovereign kingdom in 1918.

Design Characteristics

Obverse

The front of the note features:

The value „Tíu Krónur“ (Ten Kronur) prominently displayed
The Icelandic coat of arms used during the Danish union period
Two official Treasury signatures
Detailed guilloche engraving with Nordic geometric patterns
Serial numbers printed in contrasting ink
A stately, symmetrical frame typical of early Scandinavian banknote design

The style is similar to earlier 1907 issues but noticeably more refined and ornate.

Reverse

The reverse presents:

A clean, symmetrical ornamental layout
A central security medallion
Intricate linework designed to prevent counterfeiting
Elegant geometric borders, common in early Icelandic Treasury notes

Though simple, the reverse is appreciated for its clarity and its Scandinavian engraving characteristics.

Rarity & Collectability

The 10 Krónur 1916 P-8 is classified as rare, especially in higher grades. Several factors contribute to its scarcity:

Heavy circulation during World War I
Large quantities redeemed and destroyed during later monetary reforms
Fewer surviving examples compared to the 1907 and 1919 issues
Historically significant transitional issue

Collectors value this note for its combination of rarity, early date, and attractive design. It is considered an essential piece for anyone building a full Icelandic Treasury collection.

Specifications

Country: Iceland
Issuer: Landssjóður Íslands (Icelandic Treasury)
Year: 1916
Denomination: 10 Krónur
Pick Number: P-8
Series: Pre-Independence Treasury Issue
Type: Early 20th-century engraved paper currency

Iceland collect