Yearly average exchange rates on Danish krone. 
1914-1919, Copenhagen on New York ; 1920-1922, New York on Copenhagen. 
Cents per krone 
(26.8=par). 
Calendar year: 
1914 26. 34 
1915 25.46 
1916 27. 78 
1917 29. 53 
1918 30. 00 
1919 23. 01 
1920 15. 63 
1921 17.78 
1922 20.93 
Cents per krone. 
Danish fiscal year ended May 
31: * 
1915-16 26. 8738 
1916-17 27. 6856 
1917-18 30. 8534 
1918-19 27. 6511 
1919-20 19. 6028 
1920-21 16. 0754 
1921-22 19. 0143 
1922-23 20. 2080 
1 Calculated from the same monthly averages as for calendar years. 
Source: Federal Reserve Board Bulletins, quoting Statistisk Aarbog, July, 1914, to 
December, 1919, and their own, monthly averages since January, 1920. Quotations at 
New York on Copenhagen are not available throughout the period, but the shift in sources 
does not result! in any material discrepancy. For the calendar year 1920 the Copenhagen 
quotations averaged 15.43 cents per krone, while the New York quotations averaged 15.63 
cents. For the months, January to June, 1914, exchange is calculated as at par or 
26.8 cents as equal to 1 krone. 
