Initially, the krone, which means crown, was introduced in 1873 by the Scandinavian Monetary Union. As economic activity flourished during this century, banknotes were introduced to lessen the necessity for coinage. The krone was listed on the Gold Standard until 1914 when World War I began, and the Gold Standard and the Monetary Union were discontinued. From January 1875 until 1914, Denmark, Norway and Sweden used the krone as currency. The krone introduced and adopted in 1875, was done so in part to restore public trust in the monarchy that had previously devalued national currency used by citizens.Since the dissolution of the monetary union, the krone has been used as separate currency in Denmark, Greenland and the AFaroe Islands, or in the case of Greenland, retained as it was in Denmark. The Faroe Islands have altered its currency by using bank notes and krone coinage. As mentioned, Denmark is now having its currency production outsourced.Since 1914, Denmark attempted the Gold Standard for a few years that ended in the early 1930s. The krone went through a subsequent series of devaluations. Two major krone devaluations occurred in 1949 and 1967. In 2000, a referendum to replace the krone with the Euro was defeated in a close vote of 53.2 percent to retain the krone, to 46.8 percent to replace the krone with the Eurozone. There is speculation, in part based on geography, that it is just a matter of time before Denmark adopts the euro as its form of currency.