Iceland collect




1 Króna 1941 – Iceland (Pick P-22)

A wartime emergency note issued after Iceland took control of its own currency

The 1 Króna 1941 note marks an important turning point in Icelandic monetary history. It was produced during World War II, at a time when Iceland assumed full responsibility for issuing its own currency after Denmark was occupied. As a result, this note became one of the earliest Icelandic banknotes issued under domestic authority rather than by a foreign or private bank.

Historical Background

Before 1940, Iceland used banknotes issued by Íslandsbanki under Danish authorization. When Denmark was occupied in April 1940, Iceland had to quickly reorganize its financial system. In 1941, the newly empowered Icelandic authorities released emergency banknotes to ensure the continuity of domestic currency.

The 1 Króna 1941 (P-22) was part of this transitional emergency series. These notes were printed in relatively modest quantities, designed for immediate circulation at a time when Iceland lacked the ability to procure large or ornate banknote orders from abroad.

Because of the wartime circumstances and the fragile nature of the paper used, surviving examples—especially in high grade—are much harder to find today.

Design Features

Front

  • A simple, utilitarian design, reflecting its role as an emergency issue.

  • The denomination “1 KRÓNA” prominently displayed in the center.

  • Decorative yet modest border patterns typical of early 1940s production.

  • Icelandic text identifying the note’s validity as legal tender.

  • Serial numbers printed in contrasting ink.

Back

  • Repeating geometric patterns arranged symmetrically to deter counterfeiting.

  • Large numeral “1” placed at multiple points for clear denomination visibility.

  • Clean, uncluttered layout, consistent with emergency issues of the period.

The note is noticeably plainer than earlier Íslandsbanki designs, reflecting both the urgency and the limited printing resources available in 1941.

Technical Details

  • Issuer: Icelandic government (under domestic currency authority)

  • Series: Emergency wartime issue

  • Year of Issue: 1941

  • Denomination: 1 Króna

  • Catalog Reference: Pick P-22

  • Material: Thin banknote paper typical of emergency printings

  • Dimensions: Standard small format consistent with other low-value notes of the era

Collectability

The 1 Króna 1941 note is considered scarcer than later 1940s Icelandic issues, largely because:

  • It was produced during wartime in limited quantities

  • Many notes circulated heavily and were quickly worn out

  • Iceland’s population at the time was small, reducing total print numbers

Collectors appreciate P-22 for:

  • Its role as one of the first Icelandic-issued banknotes after the separation from Danish control

  • Its unique emergency design

  • Its importance in documenting Iceland’s transition to monetary independence

High-grade examples are especially desirable and can be significantly harder to obtain.

1 Króna 1941 – Iceland (Pick P-22)

It does have many different color variations. 

It can have small or large serial number of 3.5 – 4mm high.

Signatures guide for Icelandic currency of the period