500 kronur 1961
About This Note
This is an Iceland 500 Krónur banknote from 1961, issued by Sedlabanki Islands and graded UNC according to the provided condition assessment. The note features a portrait of Hannes Hafstein, Iceland's first Prime Minister, rendered in green and pink with ornamental rosette designs on the obverse. However, the visual analysis indicates a vertical crease running through the center of the note, which is inconsistent with an uncirculated grade and suggests the note has experienced handling. The reverse depicts a detailed maritime scene of Icelandic fishermen at work, reflecting the nation's cultural and economic heritage during the mid-20th century.
Common. The 500 Krónur 1961 (Pick 45) was part of Iceland's standard circulation series during the 1960s, issued in substantial quantities by Sedlabanki Islands. No evidence suggests limited print runs, early recall, or significant scarcity. While the note has historical interest as part of Iceland's mid-20th century currency, it remains readily available in the collector market and is not considered scarce or rare in any grade.
Iceland's 1961 currency issue represented the nation's monetary sovereignty during a period of economic growth centered on its fishing industry. The selection of Hannes Hafstein as the portrait subject honored Iceland's first Prime Minister (served 1904-1909), while the reverse design celebrating fishermen emphasized the critical importance of fishing to Iceland's economy and national identity. The March 29, 1961 legislative date marks the formal authorization of this banknote series under Icelandic law, coinciding with post-independence economic development.
The obverse features a left-positioned portrait of Hannes Hafstein (1861-1940), Iceland's pioneering Prime Minister, depicted as a bearded gentleman in formal 19th-century attire with suit and tie. The design employs ornamental pink rosette patterns in the center with decorative corner elements and elaborate border work in green and pink. The reverse presents a dynamic maritime labor scene depicting approximately 5-6 fishermen engaged in processing fish aboard a fishing vessel, with visible nets, barrels, rigging equipment, and seabirds in flight. A coastal building structure appears in the background, contextualizing the scene within Iceland's fishing communities. The entire reverse is rendered in monochromatic green engraving, emphasizing the heroic labor of Iceland's fishing heritage.
Front side: 'SEÐLABANKI ÍSLANDS' (Central Bank of Iceland); '500' (denomination in numerals); 'FIMM HUNDRUÐ KRÓNUR' (Five Hundred Kronur in words); 'SAMKVÆMT LÖGUM NR. 10, 29. MARZ 1961' (According to Law No. 10, March 29, 1961); 'HANNES HAFSTEIN' (name of the depicted historical figure); Serial number 'F1099849'. Back side: '500' (denomination marking in two locations). All inscriptions are in Icelandic with numerals.
Intaglio (engraved line) printing, evidenced by the fine detailed cross-hatching, ornamental line work, and the depth of detail visible throughout both sides of the note. The complex engraving patterns on both the portrait and reverse maritime scene, along with the decorative borders and rosette designs, are characteristic of high-security intaglio production. This printing method was standard for Icelandic banknote production during this period and provided resistance to counterfeiting through intricate detail reproduction.
The specific variety is identified as Pick 45(5), which denotes the fifth listed variety for this denomination and year. The observed serial number prefix 'F' and serial number F1099849 help identify this as a standard circulation note from the issued series. No overprints, signatures, or other distinguishing features are noted that would indicate a special variety. The note represents the standard design issued under the March 29, 1961 law authorization.
