The Danish krone (DKK) is the official currency of Denmark, Greenland, and the Faroe Islands, divided into 100 øre. Locally abbreviated as kr, it was introduced in 1973 as part of the Scandinavian Monetary Union, which linked it to gold. After the union dissolved, Denmark kept the krone as its currency. The Faroe Islands use their own designed banknotes but share the currency with Denmark. Greenland also uses the Danish krone and issued its own banknotes in 2008, but Danish notes are still accepted.