500 Krónur Law of 1961

The 500 Krónur "Law of 1961" series had an unusually long production run, with notes printed across the late 1970s into the mid-1980s — a period of severe inflation in Iceland that made the denomination increasingly inadequate. By the early 1980s, Iceland's annual inflation rate was running above 50%, which meant this was a note that lost purchasing power faster than it circulated.

Two printers share credit for the series: Bradbury Wilkinson and De La Rue, both UK firms. Split-printer arrangements of this kind were not uncommon for smaller central banks managing supply continuity, though the two firms' outputs are distinguishable to specialists by subtle differences in ink registration and plate wear.