500 Krónur 1st Settlement

Issued to mark the 1100th anniversary of Iceland's settlement, traditionally dated to 874 AD when Ingólfur Arnarson is said to have established the first permanent Norse homestead at Reykjavík. The commemorative program coincided with a period of considerable national pride — Iceland had just won the Cod Wars against Britain, asserting exclusive 50-mile fishing limits in 1972 and preparing to extend them further.

The .925 silver specification aligns this piece with sterling standard, unusual for Icelandic coinage of the period.