Iceland collect




1 Króna 1924 – Iceland (Pick P-18b)

A Late Treasury Issue Completing Iceland’s Early Low-Denomination Note Series

🏦 Historical Background

The 1 Króna 1924 note marks the final stage of Iceland’s early treasury-issued small-denomination paper money. During the early 1920s, Iceland still suffered from an ongoing shortage of coinage. Metal costs had risen sharply, minting was slow, and the economy still felt the effects of post–World War I instability.

To maintain daily cash flow, the Icelandic Treasury (Ríkissjóður Íslands) continued producing 1 króna paper notes. The 1924 edition (P-18b) is the last variation in this emergency-style series before Iceland transitioned to more stable and permanent banknote issues.

🎨 Design & Characteristics

  • Denomination: 1 Króna

  • Year: 1924

  • Pick Number: P-18b

  • Issuer: Ríkissjóður Íslands (Treasury of Iceland)

  • Type: Small-format emergency/tax-certificate style note

Obverse Design

The 1924 note maintains the utilitarian layout seen in earlier issues but includes slight differences that identify it as the P-18b variety:

  • A central value statement “1 Króna” printed in a basic serif typeface.

  • Decorative border work featuring simple guilloche patterns for anti-counterfeiting.

  • Treasury text in Icelandic confirming validity, mirrored from the 1922 design.

  • New serial number ranges and updated signature combinations, distinguishing this issue from P-18a.

  • Small-format paper, intentionally inexpensive and easy to produce.

Reverse Side

Typical of Icelandic treasury notes of this denomination:

  • Largely blank or minimally printed.

  • Focus was on efficiency, not artistic presentation.

🖨️ Printing & Physical Features

  • Printed on thin, lightweight paper without complex watermarking.

  • Notes were intended as practical substitutes for unavailable coins, so durability was limited.

  • Serial numbers were applied in single-color print and vary in placement compared with the 1922 version.

🔎 Collector Notes

The 1 Króna 1924 (P-18b) is noticeably scarcer than many later Icelandic notes because:

  • These notes circulated heavily and had a very low value.

  • They were intended as temporary instruments and not preserved by the population.

  • Redemption programs and natural wear eliminated most surviving examples.

1 Króna 1924 – Iceland (Pick P-18b)

1 Króna 1924 – Iceland (Pick P-18b) 1 Króna 1924 – Iceland (Pick P-18b)

Signatures guide for Icelandic currency of the period