The term "kronor" refers to the currency used in Sweden, known as the Swedish krona. It is abbreviated as SEK and is subdivided into 100 öre. The currency symbol for the krona is "kr." The krona has been in use since 1873, replacing the previous currency, the riksdaler. In addition to Sweden, the term "kronor" can also refer to the currency used in Iceland, called the Icelandic króna. The Icelandic króna is abbreviated as ISK and also has a similar subdivision of 100 aurar. Both currencies play a significant role in their respective economies and are essential for everyday transactions.