Sweden was using riksdaler as its currency till 1873 when the currently prevailing currency that is the Swedish krone replaced it. The riksdaler served as the country’s national currency for a long time as it was being used since 17th century.
The name riksdaler was taken from the German word "thaler", from which the names of other European currencies were also taken such as "Reichstaler" (German currency), "Rijksdaalder" (currency of Austria-Hungary) and "Rigsdaler" (currency of Denmark-Norway). This old currency had a complex subunit division system consisting of mark, öre, penning and later on skillingar and runstycken. In 1885, the Swedish currency adopted the decimal system with the introduction of a new version of the currency that was the "riksdaler riksmynt". Swedish krona came into existence when the country agreed to join the Scandinavian Monetary Union, the other members being Denmark and Norway. These three countries fixed the value of their respective currencies against gold to gain monetary stability. This union lasted until the World War I resulting the countries to lose their pegs to gold. Sweden held on to the same currency and same name of the currency even after the monetary union was discarded. The same currency is in operation till date even though the other two currencies of the union have switched over to the euro in recent times.
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