50 Ore N. Chr. Gram

Features

Location Iceland
Issuing entity N. Chr. Gram
Type Trade tokens › Business token
Year 1902
Value 50 Ore (0.50 DKK)
Currency Krone (1874-1918)
Composition Brass
Weight 5.849 g
Diameter 28.5 mm
Shape Round
Technique Milled
Demonetized 1901
Number
N#
110048
References KM# Tn23
Tracy L. Schmidt (editor); 2019. Standard Catalog of World Coins / 2001-Date (14th edition). Krause Publications, Stevens Point, Wisconsin, United States.
And 5 more volumes.

Obverse

Lettering around GEGN VÖRUM in centre

Script: Latin

Lettering:
*AKTIESELSK N. CHR. GRAM*
GEGN VÖRUM
HANDEL

Reverse

Value in centre, wreath around

Script: Latin

Lettering: 50 ØRE

Comments

Under the Scandinavian Monetary Convention of 1873, the currencies of Denmark, Norway and Sweden could move to Iceland. But very few of these coins have actually made the way to the island, which missed of liquidity. Consequently, the Icelandic merchants made strike tokens to fill this gap. A law of 1901 banned them, the traders while profiting to increase the prices.

According to Island national museum, this piece was produced for Niels Christian Grams' store in Þingeyri. It is very unlikely that the Grams money ever went into circulation, but was returned to the smelter at the manufacturer in Germany. Only one copy of Niels' money has been found in this Iceland. Other specimens have been found in Denmark.

See also

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Date VG F VF XF AU UNC
ND (1902) 

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