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CURRENCY

Sweden pays its last respects to the öre

The 50 öre coin took its final breath on Thursday and The Local's Peter Vinthagen Simpson has had a look at the life and times of Sweden's last remaining copper coin.

Sweden pays its last respects to the öre

The 50 öre, a little 3.7 gramme copper coin which since 1991 has served as the lowest denomination of the Swedish currency, the krona, was rendered expendable by Sweden’s Riksbank in December 2008. On Thursday, September 30th this decision came into effect.

The name öre was derived from the Latin aureus meaning gold but in its dotage the coin was made up of 97 percent copper, 2.5 percent zinc and 0.5 percent tin. It was first introduced as a coin back in 1522 by King Gustav Vasa, then in a silver version, which remained in circulation in various forms until its early demise in 2006.

The decimal system’s introduction in Sweden in 1855 gave the öre a renewed vigour, fixing its value as one hundredth of a krona, where it was to remain until its death.

The 50 öre outlived its siblings – the silver 25 öre and 10 öre, and the copper 5 öre, 2 öre, 1 öre and 1/2 öre – who were laid to rest variously in 1873, 1971, 1984 and 1991. It is survived by the one, five and ten krona (silver) coins.

The removal of the öre’s silver sibling in 2006 resulted in the disappearance of a total of 125 million kronor ($18.5 million) from the monetary system, and as the death knell sounds for the copper 50-öre coin there is reported to be some 394 million krona remaining in circulation.

Mourners seeking to pay with their last öre at funeral services across the country are encouraged to contact their local store for details.

Furthermore many supermarket chains are cooperating with charities to encourage people to bury their final coins in a coffin of goodwill. The Swedish Red Cross is among those looking at the end of the öre era with optimism, having managed to collect some 344,435 coins to date.

While the öre is no longer with us in person it will live on in print, on the receipts of those making purchases in the post-öre era. Items will still be priced, for example, at 5.50 kronor, and those using charge cards will thus hardly register the loss. With cash purchases the price will be rounded up to a whole krona.

Those eking out the household budget by collecting bottles to return for deposit will no doubt gain some solace from the fact that the alluminium cans will now be worth a krona, double their previous sum. Plastic bags, which typically retail for 1.50 kronor, will now be worked into the total grocery bill.

Those unable to attend in-store funeral services before September 30th are encouraged to contact their bank directly before March 31st 2011, after which time the options are to place the copper coin under a pot on the kitchen stove (to promote heat distribution), or to cast them onto the heap as just another item of metal scrap.

The öre’s demise, it seems, will not remain an isolated passing in Scandinavian currency circles, with Norway currently reviewing the existence of its own 50 øre. The öre’s Danish cousin, the øre, is thus set to bear the lone responsibility in carrying on the family dynasty for the time being.

Two public service commercials from the Riksbank (in Swedish)

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CURRENCY

Swedes don’t want to join the euro – now or ever

A large majority of Swedes don’t want to join the eurozone and most predict the country will never adopt the EU’s common currency‚ according to a new survey.

Swedes don't want to join the euro – now or ever
Euros? Nej tack! Photo: Jens Meyer/AP

Sixty-eight percent of Swedes are opposed to replacing the krona with the euro, a new Eurobarometer poll shows. 

The survey was carried out in the seven countries that are not yet part of the single currency but have pledged to join at some point. These are: Czech Republic, Bulgaria, Poland, Croatia, Hungary, Romania and Sweden. 

The two other countries outside the eurozone, Denmark and the UK, have each secured exemptions and are not obliged to join, as Europaportalen reports

Thirty percent of respondents in Sweden were “strongly against” adopting the euro. A further 38 percent were “rather against”. Only four percent were strongly in favour of introducing the euro. 

Czechs were even more strongly opposed than Swedes, with 70 percent keen to give the euro a wide berth. 

Poles also want to stay out, whereas Bulgarians, Croats, Hungarians and Romanians would prefer to scrap their domestic currencies. Support for the euro was strongest in Romania, where 66 percent of respondents favour the euro over the leu. 

Despite their overall opposition, a majority of respondents in the seven countries polled said the euro had made a positive impact in the countries that had adopted it. 

Even thought these countries are formally required to join, in practice the decision remains in national hands. And 55 percent of Swedes don’t think the euro will ever become their currency.