Exchange Currency
Norwegian krone
The krone is the currency of Norway and its dependent territories. The plural form is kroner. It is subdivided into 100 øre. The name translates into English as "crown". The Norwegian krone was the thirteenth most traded currency in the world by value in April of 2010, down three positions from 2007.
The first coins were issued by Norway under King Olaf Tryggvason around 995, copying the Crux penny of Ethelred II of England. During Norway's union with Denmark, Norway followed the Danish monetary system with the Gold Krone (DKG) being the unit of account, and the Rigsdaler Courant (DKC) and Rigsbankdaler (DKR) being the media of exchange. The Riksdaler was divided into 6 Mark or 96 Skilling in Bergen and Copenhagen, and it was divided into 4 Ort or 96 Skilling in Christiania (Oslo), Trondheim and Romsdal. After becoming part of Norway, the Species Daler became the primary unit of account with 1 Speciedaler equal to 5 Ort or 120 Skilling.
In 1814, when Sweden and Norway formed their union, Sweden had both coins and paper money circulating in Norway, which fluctuated in value against one another. Riksdaler Specie (SES) coins were divided into 48 Skilling or 192 Oere; and the Paper Riksdaler (SER) was divisible into Kopparmynt Dealers, Kopparmynt Marks and Kopparmynt Oere. The currency was devalued on June 25, 1830, and 1 Riksdaler Banco (SEB, the unit of account) was set equal to 6 silver Dealers, 48 Skilling and 192 Were. However, overissue of paper Riksbank Dealers (SEO) led to their steady depreciation.
The currency was further reformed on February 3, 1855 and the paper Riksdaler Risk Mynt (SEM), divisible into 100 Oere, was made legal tender. Silver coins were minted, but gold coins were worth their intrinsic value. The Krona (SEK) replaced the Riksdaler Risk Mynt in 1875 when Norway joined the Scandinavian Monetary Union, which had been established by Sweden and Denmark on May 30, 1873. Coins of Sweden and Denmark were legal tender in Norway under the Scandinavian Monetary Union, which ended de facto in 1914 and de jure in 1924. Norway left the Gold Standard on September 28, 1931.
Within the Scandinavian Monetary Union, the krone was on a gold standard of 2480 kroner = 1 kilogram of pure gold (1 krone = 403.226 milligrams gold). This gold standard was restored between 1916 and 1920 and again in 1928 but was suspended permanently in 1931, when a peg to the British pound of 19.9 kroner = 1 pound was established (the previous rate had been 18.16 kroner = 1 pound). In 1939, Norway pegged the krone temporarily to the U.S. dollar at a rate of 4.4 kroner = 1 dollar.
During the German occupation in World War II, the krone was pegged to the Reichsmark at a rate of 1 krone = 0.6 Reichsmark initially, later reduced to 0.57. After the war, a rate of 20 kroner = 1 pound (4.963 kroner = 1 U.S. dollar) was established. The rate to the pound was maintained in 1949 when the pound devalued relative to the U.S. dollar, leading to a rate of 7.142 kroner = 1 U.S. dollar.
In December 1992 the Norges Bank (Central Bank of Norway) abandoned the fixed exchange rate in favor of a floating exchange rate (managed float) due to the heavy speculation against the Norwegian currency in the early 1990s which lost the Norwegian central bank around two billion kroner in defensive purchases of the NOK through usage of foreign currency reserves for a relatively short period of time.
The last gold coins were issued in 1910; silver was replaced by cupro-nickel from 1920. Between 1917 and 1921, iron temporarily replaced bronze. 1917 also saw the last issuance of 2 kroner coins. During the German occupation in the Second World War, zinc was used in place of cupro-nickel in 10, 25, and 50 øre coins, and production of the 1 krone piece was suspended.
In 1963, 5 kroner coins were introduced. Production of 1 and 2 øre coins ceased in 1972. The following year, the size of the 5 øre coin was reduced; production of the denomination ceased in 1982, along with minting of the 25 øre. Ten-kroner coins were introduced in 1983. In 1992, the last 10 øre coins were minted. Between 1994 and 1998, a new coinage was introduced, consisting of 50 øre, 1, 5, 10, and 20 kroner (this last, introduced in 1994).
The 10- and 20-kroner coins carry the effigy of the current monarch. Previously the 1- and 5-kroner coins also carried the royal effigy, but now these denominations are decorated only with stylistic royal or national symbols. The royal motto of the monarch (King Harald's motto is Alt for Norge, meaning "Everything for Norway") is also inscribed on the 10-kroner coin.
The coins and banknotes are distributed by the Central Bank of Norway.
The 50-øre coin is no longer legal tender (since May 1, 2012, according to Norges Bank); it was withdrawn because it was no longer circulating as an ordinary coin used for payment.
Summary info
Summary information about Norwegian krone- ISO 4217 Code:
- NOK
- Currency sign:
- kr
- Country:
- Norway, Svalbard, Bouvet Island, Queen Maud Land, Peter I Island
- Subunit:
- øre
- Coins:
- 1 krone, 5 kroner, 10 kroner, 20 kroner
- Banknotes:
- 50 kroner, 100 kroner, 200 kroner, 500 kroner, 1000 kroner
- Central bank:
- Norges Bank
History
The Kingdom of Norway was first recorded in 872. Norway was independent until the Danish King inherited the Norwegian throne in 1387. Norway had a nominally personal union with Denmark from 1380 until January 24, 1814, and a personal union with Sweden from November 4, 1814 until June 7, 1905 when Norway gained its independence. Norway was occupied by Germany from April 9, 1940 until May 8, 1945.The first coins were issued by Norway under King Olaf Tryggvason around 995, copying the Crux penny of Ethelred II of England. During Norway's union with Denmark, Norway followed the Danish monetary system with the Gold Krone (DKG) being the unit of account, and the Rigsdaler Courant (DKC) and Rigsbankdaler (DKR) being the media of exchange. The Riksdaler was divided into 6 Mark or 96 Skilling in Bergen and Copenhagen, and it was divided into 4 Ort or 96 Skilling in Christiania (Oslo), Trondheim and Romsdal. After becoming part of Norway, the Species Daler became the primary unit of account with 1 Speciedaler equal to 5 Ort or 120 Skilling.
In 1814, when Sweden and Norway formed their union, Sweden had both coins and paper money circulating in Norway, which fluctuated in value against one another. Riksdaler Specie (SES) coins were divided into 48 Skilling or 192 Oere; and the Paper Riksdaler (SER) was divisible into Kopparmynt Dealers, Kopparmynt Marks and Kopparmynt Oere. The currency was devalued on June 25, 1830, and 1 Riksdaler Banco (SEB, the unit of account) was set equal to 6 silver Dealers, 48 Skilling and 192 Were. However, overissue of paper Riksbank Dealers (SEO) led to their steady depreciation.
The currency was further reformed on February 3, 1855 and the paper Riksdaler Risk Mynt (SEM), divisible into 100 Oere, was made legal tender. Silver coins were minted, but gold coins were worth their intrinsic value. The Krona (SEK) replaced the Riksdaler Risk Mynt in 1875 when Norway joined the Scandinavian Monetary Union, which had been established by Sweden and Denmark on May 30, 1873. Coins of Sweden and Denmark were legal tender in Norway under the Scandinavian Monetary Union, which ended de facto in 1914 and de jure in 1924. Norway left the Gold Standard on September 28, 1931.
Within the Scandinavian Monetary Union, the krone was on a gold standard of 2480 kroner = 1 kilogram of pure gold (1 krone = 403.226 milligrams gold). This gold standard was restored between 1916 and 1920 and again in 1928 but was suspended permanently in 1931, when a peg to the British pound of 19.9 kroner = 1 pound was established (the previous rate had been 18.16 kroner = 1 pound). In 1939, Norway pegged the krone temporarily to the U.S. dollar at a rate of 4.4 kroner = 1 dollar.
During the German occupation in World War II, the krone was pegged to the Reichsmark at a rate of 1 krone = 0.6 Reichsmark initially, later reduced to 0.57. After the war, a rate of 20 kroner = 1 pound (4.963 kroner = 1 U.S. dollar) was established. The rate to the pound was maintained in 1949 when the pound devalued relative to the U.S. dollar, leading to a rate of 7.142 kroner = 1 U.S. dollar.
In December 1992 the Norges Bank (Central Bank of Norway) abandoned the fixed exchange rate in favor of a floating exchange rate (managed float) due to the heavy speculation against the Norwegian currency in the early 1990s which lost the Norwegian central bank around two billion kroner in defensive purchases of the NOK through usage of foreign currency reserves for a relatively short period of time.
Coins
In 1875, coins were introduced (some dated 1874) in denominations of 10 and 50 øre and 1 and 10 kroner. These coins also bore the denomination in the previous currency, as 3, 15, and 30 skillings and 2½ speciedaler. Between 1875 and 1878, the new coinage was introduced in full, in denominations of 1, 2, 5, 10, 25, and 50 øre and 1, 2, and 10 kroner. The 1, 2, and 5 øre were struck in bronze; the 10, 25, and 50 øre and 1 and 2 kroner, in silver; and the 10 and 20 kroner, in gold.The last gold coins were issued in 1910; silver was replaced by cupro-nickel from 1920. Between 1917 and 1921, iron temporarily replaced bronze. 1917 also saw the last issuance of 2 kroner coins. During the German occupation in the Second World War, zinc was used in place of cupro-nickel in 10, 25, and 50 øre coins, and production of the 1 krone piece was suspended.
In 1963, 5 kroner coins were introduced. Production of 1 and 2 øre coins ceased in 1972. The following year, the size of the 5 øre coin was reduced; production of the denomination ceased in 1982, along with minting of the 25 øre. Ten-kroner coins were introduced in 1983. In 1992, the last 10 øre coins were minted. Between 1994 and 1998, a new coinage was introduced, consisting of 50 øre, 1, 5, 10, and 20 kroner (this last, introduced in 1994).
The 10- and 20-kroner coins carry the effigy of the current monarch. Previously the 1- and 5-kroner coins also carried the royal effigy, but now these denominations are decorated only with stylistic royal or national symbols. The royal motto of the monarch (King Harald's motto is Alt for Norge, meaning "Everything for Norway") is also inscribed on the 10-kroner coin.
The coins and banknotes are distributed by the Central Bank of Norway.
The 50-øre coin is no longer legal tender (since May 1, 2012, according to Norges Bank); it was withdrawn because it was no longer circulating as an ordinary coin used for payment.
Banknotes
In 1877, Norges Bank introduced notes for 5, 10, 50, 100, 500 and 1000 kroner. In 1917, 1 krone notes were issued, with 2 kroner notes issued between 1918 and 1922. Because of metal shortages, 1 and 2 kroner notes were again issued between 1940 and 1950. In 1963, 5 kroner notes were replaced by coins, with the same happening to the 10 kroner notes in 1984. 200 kroner notes were introduced in 1994.NOK banknotes pictures gallery
| 50 Norwegian kroner | |
|---|---|
| Banknote of 50 Norwegian kroner has dimensions 128×60 mm and main colors are dim gray, feldgrau, splashed white, beige, pistachio, dollar bill, dark sea green, asparagus and cosmic latte. The banknote of the 50 Norwegian kroner was issued for the first time on the 20 January 1997. | |
 Obverse side of the 50 Norwegian kroner is showing the portrait of Peter Christen Asbjørnsen. The background is based on Asbjørnsen's story "A summer night in Krokskogen" and also creates associations with his profession as a forester. |
 Reverse side of the 50 Norwegian kroner is showing an image based on "A summer night in Krogskogen". Theodor Kittelsen's drawings of this motif are the most famous. The key in the lower right-hand corner is a symbol used by Asbjørnsen in the fairytale "The storehouse key on the distaff". By extension the key may also symbolise an openness to contact with fairies and goblins. |
| 100 Norwegian kroner | |
|---|---|
| Banknote of 100 Norwegian kroner has dimensions 136×65 mm and main colors are cordovan, raspberry glace, bazaar, rosy brown, tumbleweed, desert sand, platinum, pale chestnut, snow and sunset. The banknote of the 100 Norwegian kroner was issued for the first time on the 15 September 1997. | |
 Obverse side of the 100 Norwegian kroner is showing the portrait of the opera singer Kirsten Flagstad. The background is an illustration of the main auditorium of the Norwegian Opera, as viewed from the stage. The rosette encircling a hexagon encompasses a number of security features. One of Kirsten Flagstad's embroideries, which are on display at the Kirsten Flagstad commemorative collection at Strands Tuen in Hamar, has been used for the vignette in the area containing the watermarks. |
 Reverse side of the 100 Norwegian kroner is showing the Folketeateret in Oslo's concert hall.The architects Morgenstierne and Eide were engaged in 1929 to draw the Folketeateret building in Oslo. The building was completed in 1935 and served as a cinema and theatre until the Norwegian Opera took over the premises in 1959. The vignette in the area containing the watermarks is a brooch worn by Kirsten Flagstad in a Wagner opera. |
| 200 Norwegian kroner | |
|---|---|
| Banknote of 200 Norwegian kroner has dimensions 144×70 mm and main colors are powder blue, platinum, alice blue, davy’s grey, wild blue yonder and gainsboro. The banknote of the 200 Norwegian kroner was issued for the first time in 1994. | |
 Obverse side of the 200 Norwegian kroner is showing the portrait of Kristian Birkeland. The northern lights rising upwards toward the North Star and well-known constellations such as Little Bear (Ursa Minor) and the Big Dipper.are the central feature of the background. The snow crystal symbolises winter, the time of year when the northern lights are most visible, and includes a number of security features. |
 Reverse side of the 200 Norwegian kroner is showing the northern lights that are visible during the day. Whereas the northern lights on our side of the earth are visible along the coast of northern Norway at night, they are visible over Svalbard, a Norwegian archipelago in the Arctic Ocean, during the day. The illustrations in the lower right hand corner of the note depict Birkland's thoughts about the orientation of electric currents in connection with the northern lights. Currents near the auroral arcs flow parallel to the ground, while those that are higher up flow along the earth's magnetic field lines. These currents are called Birkeland Currents. |
| 500 Norwegian kroner | |
|---|---|
| Banknote of 500 Norwegian kroner has dimensions 152×75 mm and main colors are light taupe, shadow, sand, sandy brown, desert sand, wheat, floral white and raw umber. The banknote of the 500 Norwegian kroner was issued for the first time on the 7 June 1999. | |
 Obverse side of the 500 Norwegian kroner is showing the portrait of Sigrid Undset as a young woman. The rosette on the left was inspired by one of her lace collars and encompasses a number of security features. The background is based on Gudbrandsdal tapestries, in particular a pattern where the cross figures prominently. The watermark area contains a double cross. |
 Reverse side of the 500 Norwegian kroner is showing an image with the bridal wreath. "The Bridal Wreath" is the title of the first book in Undset's trilogy about Kristin Lavransdatter. The author used the wreath to symbolise secular and spiritual love. A tapestry pattern from Gudbrandsdalen provides the background for the wreath. |
| 1000 Norwegian kroner | |
|---|---|
| Banknote of 1000 Norwegian kroner has dimensions 160×80 mm and main colors are pastel purple, dark electric blue, old lavender, silver, anti-flash white and pearl. The banknote of the 1000 Norwegian kroner was issued for the first time on the 19 June 2001. | |
 Obverse side of the 1000 Norwegian kroner is showing the portrait of Edvard Munch as a young man set against a background inspired by Munch's painting "Melancholy". |
 Reverse side of the 1000 Norwegian kroner is showing a rendering of one of Munch's studies for his masterpiece "The Sun", which is among the decorations adorning the University of Oslo's Aula. |
Useful links
- About Norges Bank:
- Norges Bank
- List of currencies:
- Currencies
- Security and design features of NOK banknotes:
- NOK banknotes
- NOK currency on Wikipedia:
- Norwegian krone
- Official Website of Norges Bank:
- www.norges-bank.no
- Commemorative coins:
- Commemorative Coins