Iceland collect




5 Krónur 1920 – Iceland (Pick P-15)

A transitional post-Islandsbanki design marking Iceland’s shift toward state-controlled currency

The 5 Krónur 1920 banknote (Pick P-15) occupies an important place in Icelandic monetary history. Issued shortly after the collapse of Íslandsbanki’s first incarnation (1919), this note represents the transition from privately issued banknotes to the emerging system of more standardized, state-backed Icelandic currency.

The design retains the traditional engraving style of earlier issues but is a newly printed note, not an overprint or reuse of older stock.

Key Details

  • Denomination: 5 Krónur

  • Year of issue: 1920

  • Pick catalog number: P-15

  • Issuer: Transitional authority following the bankruptcy of Íslandsbanki (banknote issues were managed under government supervision before the establishment of later centralized issuers)

  • Print type: Newly printed banknote, not a provisional overprint

  • Rarity: Scarce in high grade; surviving pieces tend to show circulation

  • Series & signatures: Known in multiple signature varieties, depending on the specific government administrators who validated the issue

Historical Background

By 1920, Iceland was in a period of economic and political transition:

  • Íslandsbanki (founded 1904) had gone bankrupt in 1919, ceasing its role as a private banknote issuer.

  • The Icelandic government temporarily supervised currency production while reorganizing monetary policy.

  • The 5 krónur 1920 note is one of the products of this interim system — printed to ensure adequate circulation while the framework for a more formal national currency was being created.

Thus, P-15 reflects the shift from private banknote issuance toward centralized national control, a key step toward Iceland’s modern banknote structure.

Design Description

Obverse (front)

  • Engraved Icelandic motif in the classic early-20th-century style

  • Prominent “Fimm Krónur” (5 krónur) denomination

  • Decorative frame with Nordic ornamental elements

  • Signatures of the government-appointed officials responsible for authorizing the issue

  • Serial number printed in red or black, depending on series

Reverse (back)

  • Symmetrical ornamentation with stylized foliage and geometric engraving typical of early Icelandic note design

  • Large central “5” denomination

  • Icelandic text confirming the validity and value of the note

  • No overprint from older notes (this design is original to the 1920 issue)

Paper & Printing Features

  • High-quality banknote paper similar to earlier Islandsbanki issues

  • Intaglio engraving with crisp linework

  • Distinctive early-Icelandic color palette (often muted brown, greenish-grey, or sepia depending on surviving examples and printing variation)

Rarity & Collector Information

  • Notes from the early 1920 transition period are relatively scarce, especially in VF+ condition or better.

  • Fewer were printed compared to the larger 1904–1919 Islandsbanki emissions.

  • Surviving examples typically show heavy circulation wear, edge softness, or small tears.

  • High-grade certified examples (PMG / PCGS) are uncommon and command strong collector interest.

  • Known for several signature varieties, which can slightly affect rarity and value.

Why Collectors Value This Note

  1. Transitional historical importance
    It marks the end of private-bank currency in Iceland and the beginning of state-supervised issues.

  2. Distinct design not reused elsewhere
    Unlike provisional overprints, this is a unique engraved note printed specifically for the 1920 release.

  3. Low survival rate in high quality
    Its scarcity in better grades increases its desirability.

  4. Essential for anyone building a full Icelandic banknote type set
    P-15 is a milestone note bridging two eras.

5 Krónur 1920 – Iceland (Pick P-15) 5 Krónur 1920 – Iceland (Pick P-15)