The Danish also known as the Danish crown is the official currency of Denmark and the provinces of Greenland and Faroe Islands. The currency code for the Danish Krone is DKK while its symbol is kr. It was introduced in 1st January 1875 to replace the former Danish rigsdaler when Denmark joined the Scandinavian Monetary Union (alongside Norway and Sweden). When Denmark opted out of the Union at the start of the First World War, it retained its krone currency just like the two countries. The Danish Krone is subdivided into 100 ore. The Danish government issues coins in 50 øre, 1, 2, 5, 10, 20 kroner denominations while the bills are in 50, 100, 200, 500, 1000 kroner denominations.
The most actively traded currency pair involving the Danish Krone is the EURDKK and USDDKK. Denmark is part of the Exchange Rate Mechanism II (or ERM-II) whereby a country pegs its currency to the euro for a minimum of two years. As a result, the Danish Krone is closely linked to the European Monetary system thus the exchange rate is very stable towards the Euro, unlike other currencies where it varies more. The currency is available in the form of banknotes and coins and is solely regulated by the country's Central Bank, the Danmarks Nationalbank.
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