Iceland collect




5 Krónur 1960 – Iceland (Pick P-37)

The final Landsbanki issue before the Central Bank era

The 5 Krónur 1960 banknote marks an important transitional moment in Icelandic monetary history. Issued by Landsbanki Íslands, it was among the last banknotes released before the establishment of the Central Bank of Iceland (Seðlabanki Íslands) in 1961.

This note represents the end of an era in which Landsbanki Íslands functioned as both a commercial bank and the nation’s issuing authority, closing a chapter that began in the 19th century.

🏦 Historical Context

By 1960, Iceland’s economy had expanded significantly, driven by fisheries, industrial growth, and increased international trade. The existing financial system was preparing for modernization, leading to the creation of an independent central bank the following year.

The 5 krónur denomination remained essential for everyday transactions, wages, and retail purchases. The 1960 issue ensured continuity of supply while signaling an impending institutional shift in Iceland’s monetary governance.

🎨 Design & Appearance

Obverse (Front)

  • Portrait of Jón Sigurðsson, the enduring symbol of Icelandic independence and national identity.

  • Denomination “Fimm Krónur” clearly displayed.

  • Issuer name Landsbanki Íslands prominently printed.

  • Printed signatures of authorized bank officials.

  • Fine guilloche patterns and line engraving providing security and visual elegance.

  • Serial numbers printed in contrasting colors.

The design closely follows earlier Republic-era notes, emphasizing stability and familiarity during a period of institutional change.

Reverse (Back)

  • Symmetrical ornamental engraving typical of mid-20th-century banknote design.

  • Clear denomination numerals for easy recognition.

  • Functional and restrained layout suited to daily circulation.

🖨️ Technical Details

  • Issuer: Landsbanki Íslands

  • Year of Issue: 1960

  • Denomination: 5 Krónur

  • Pick Number: P-37

  • Printing Method: Intaglio engraving

  • Paper: Banknote-grade security paper

  • Purpose: General circulation

🔎 Collectability & Significance

The 5 Krónur 1960 (P-37) is valued by collectors primarily for its historical position rather than rarity. Its significance includes:

  • One of the final banknotes issued by Landsbanki Íslands

  • Direct precursor to the Central Bank of Iceland era

  • Continuation of Jón Sigurðsson’s long-standing presence on Icelandic currency

  • Widely circulated, making high-grade examples increasingly scarce

Collectors particularly seek crisp, well-centered notes with strong engraving and minimal folds.

5 Krónur 1960 – Iceland (Pick P-37)

Signatures guide for Icelandic currency of the period