Skuli Magnusson Statue in Reykjavik

The statue of Skuli Magnusson was erected in 1954 to mark a century of free trade in Iceland.

Skuli Magnusson was born in the remote village of Keldunes in the north east of the country.  He moved to Húsavik with his family before joining a Danish merchant’s company as a teenager.  Upon joining the company he was told by the merchant to “weigh it right”, meaning to cheat customers.  This made Magnusson angry, and he swore he would strive to replace the dishonest merchants.

Magnusson then took up a position in the south of Iceland as a county magistrate before moving to Skagafjörður in the north of the island 3 years later.  While in this position he discovered a Danish trading ship had foundered in the fjord and was illegally trading with locals.  He seized the ship and cargo and used it to build Akrar village.

Magnusson had a vision to use his wealth and power to destroy what he saw as a corrupt system and help strengthen the country.  Magnusson sued a corrupt merchant for dealing in mouldy flour, poor quality iron and for selling over the maximum price.  He won, becoming popular with the Icelandic public. 

Magnusson became the first Icelandic Governor in 1749 when the Danish Governor was dismissed for drunkeness and bankruptcy.

Magnusson came good on his vision of improving the country by build factories which focused on sulfur processing, developing agricultural machinery, wool weaving, dyeing, leather working, rope-making, fishing and shipbuilding.  He also pushed for Icelanders to use boats with a deck so they could fish deeper waters in safer vessels than the previously used rowing boats.