Iceland experienced hyperinflation in 1981. So the currency was revalued. This meant that the 100 old krónur (ISJ) became as valuable as 1 new króna (ISK). The new 500 krónur banknote was also put into circulation the same year. The largest banknote ever issued was a 10,000 krónur. This bill was made after the 2008–11 Icelandic financial crisis.