in 1904, two new denominations were introduced, the "bit" and "franc". the four units were related as 5 bit = 1 cent, 100 bit = 20 cents = 1 franc, 100 cents = 5 francs = 1 daler. coins were issued each denominated in two units, bits and cents, francs and cents, or francs and daler. gold coins were struck and issued in 4 and 10 daler denominations (121,000 and 2,005 minted respectively) only in 1904. banknotes were issued denominated in francs. the franc was equal to the french franc, with text on the reverse of the banknotes (see ) giving the value in danish kroner and øre, with 1 franc = 72 øre.