kr

Value of 1959 Icelandic Kronur today

kr100 in 1959
kr420,875.26 in 2024

The inflation rate in Iceland between 1959 and today has been 420,775.26%, which translates into a total increase of kr420,775.26. This means that 100 kronur in 1959 are equivalent to 420,875.26 kronur in 2024. In other words, the purchasing power of kr100 in 1959 equals kr420,875.26 today. The average annual inflation rate between these periods has been 13.7%.

Inflation timeline in Iceland (1959 - 2024)

The following chart depicts the equivalence of kr100 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (ISK) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1959-2023 400,692.59%
Cumulative inflation 1959-today 420,775.26%
Avg. Annual inflation 1959-2023 13.84%
CPI 1959 0.03
CPI 2023 138.48
CPI 2024-03 (latest official data) 144.91
CPI today 145.42

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1959 and 2023, use the corresponding CPI values:

Value2023
=Value1959 ×
CPI2023/CPI1959
=kr 100 ×
138.48/0.03
kr400,792.59

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 145.42:

Valuetoday
=Value1959 ×
CPItoday/CPI1959
=kr 100 ×
145.42/0.03
kr420,875.26

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are kr100 worth today. There are 64 years between 1959 and 2023 and the average inflation rate was 13.8402%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.138402)64
kr400,792.59

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1959 kr4,007.93 kronur in 2023
kr5 kronur in 1959 kr20,039.63 kronur in 2023
kr10 kronur in 1959 kr40,079.26 kronur in 2023
kr50 kronur in 1959 kr200,396.3 kronur in 2023
kr100 kronur in 1959 kr400,792.59 kronur in 2023
kr500 kronur in 1959 kr2,003,962.95 kronur in 2023
kr1,000 kronur in 1959 kr4,007,925.91 kronur in 2023
kr5,000 kronur in 1959 kr20,039,629.54 kronur in 2023
kr10,000 kronur in 1959 kr40,079,259.08 kronur in 2023
kr50,000 kronur in 1959 kr200,396,295.38 kronur in 2023
kr100,000 kronur in 1959 kr400,792,590.76 kronur in 2023
kr500,000 kronur in 1959 kr2,003,962,953.78 kronur in 2023
kr1,000,000 kronur in 1959 kr4,007,925,907.55 kronur in 2023
Cumulative inflation From 1959 420,775.26%
Avg. annual inflation From 1959 13.7%
CPI 1959 0.03
CPI today 145.42

Value of Krona over time (by year)

Period Value
1959 100
1960 101.99
1961 106.79
1962 118.56
1963 133.89
1964 159.65
1965 171.33
1966 189.64
1967 195.94
1968 225.79
1969 274.92
1970 311.69
1971 332.67
1972 365.31
1973 443.32
1974 631.81
1975 943.67
1976 1,245.98
1977 1,623.72
1978 2,334.1
1979 3,371.47
1980 5,344.74
1981 8,112.96
1982 12,189.17
1983 22,421.98
1984 29,339.69
1985 38,726.82
1986 47,296.45
1987 55,950.67
1988 70,344.24
1989 84,946.45
1990 98,122.25
1991 104,803.18
1992 108,940.51
1993 113,344.82
1994 115,104.66
1995 117,005.31
1996 119,650.12
1997 121,822.29
1998 123,843.62
1999 127,846.02
2000 134,412.81
2001 143,022.06
2002 150,454.95
2003 153,547.8
2004 158,397.15
2005 164,712.49
2006 175,726.94
2007 184,603.93
2008 208,038.29
2009 233,009.35
2010 245,584.24
2011 255,410.13
2012 268,655.45
2013 279,058.51
2014 284,764.2
2015 289,414.58
2016 294,325.65
2017 299,507.04
2018 307,542.64
2019 316,812.01
2020 325,834.51
2021 340,315.36
2022 368,591.17
2023 400,792.59
2024-03 419,389.21
Today 420,875.26

All available years

Today's value of icelandic kronur by year:

1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |

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