Greenland is a self-governing territory of the Kingdom of Denmark. This largest island in the world is spanning between the Arctic and Atlantic oceans in the eastern part of the Canadian Arctic Archipelago. Geographically a part of the North American continent, Greenland has been a colony of European powers, specifically Norway and Denmark, since circa 986. Three-quarters of the territory is masked with the second-largest ice sheet in the world. As of 2020, Greenland has a population of 56, 081, making it the least densely populated in the world.
Greenland’s economy is heavily reliant on catches and exports of shrimp, Greenland halibut, crabs, and fish that account for about 60% of the government’s revenue. Its public sector comprising of publicly owned enterprises and municipalities governs the economy of the territory. Because of the downfall of the global economy, its budget surpluses became deficits and the unemployment rate has spiked in 2007.
International corporations are becoming more active in the exploration of hydrocarbon resources off the western coast of the territory. In May 2007, a memorandum of understanding with the Greenland Home Rule Government was closed by a US aluminum producer to establish an aluminum smelter and an electric generation facility that will exploit Greenland’s hydropower potential. With the growing numbers of cruise ships plying the western and southern waters of Greenland during the summer season, the tourism industry also provides economic growth for Greenland.
The Greenlandic krone, which was supposedly a legal tender for Greenland, is a version of the Danish krone rather than an independent currency. The Royal Greenland Trading Company began issuing banknotes in denominations of 25 and 59, and 1 and 5 kroner. There were also banknotes issued by the Administration of Colonies in Greenland in 1913. These notes depict animals on its front and the denomination on the reverse. In 1926, the Greenland Administration released banknotes and in 1953, the Royal Greenland Trading Company continued producing banknotes of 5, 10, and 50 kroner, and credit notes for 100 kroner.