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Your coin is from Iceland and is worth less than one US cent. "Island" isn't the English word island; rather, it's Icelandic for "Iceland".
"Island" is Icelandic for "Iceland" so "island krona" means "Iceland crown". If the coin has a recent date it's only worth face value. At the end of 2008 the crown has been trading at less than one U.S. cent.
The coin is just a common Lincoln cent, spend it.
$200.00
It is worth one cent whether it is in perfect condition or not.
Retail values are $1.50- $2.00
5 cents
It's worth 2 cents for the copper.
It's worth 10 cents
About 2 cents, due to copper content.
The word "eyrir" means "one cent". It was valued at 1/100 of an Icelandic krona. The bronze coins were minted by Iceland before the drop of the currency's value made all aurar (cents) coins virtually worthless. The Iceland krona (100 aurar, 100 of the eyrir) is currently valued at about 1 US cent, more precisely 1/128 of a US dollar.
1 cent, they are easily found in pocket change.