Norwegian krone
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| ISO 4217 Code | NOK |
| User(s) | Norway, Svalbard |
| Inflation | 1.6% |
| Source | The World Factbook, 2005 est. |
| Subunit | |
| 1/100 | øre |
| Symbol | kr |
| Plural | kroner |
| øre | øre |
| Coins | 50 øre, 1, 5, 10, and 20 kroner |
| Banknotes | 50, 100, 200, 500, 1000 kroner |
| Central bank | Bank of Norway |
| Website | www.norges-bank.no |
Krone is the name of the currency used in Norway. The plural form is kroner. One krone is divided into 100 øre, singular and plural. The ISO 4217 code is NOK, although the common abbreviation is "kr".
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[edit] History
The introduction of the krone as the Norwegian legal tender in 1875 was a result of the Scandinavian Monetary Union, which lasted until the First World War. The parties to the monetary union were the Scandinavian countries of Sweden and Denmark from the start in 1873, with Norway joining two years later. The name of the currency was Krone in Denmark and Norway, and Krona in Sweden, which in English literally means Crown. After dissolution of the monetary union Denmark, Norway and Sweden all decided to keep the name of their respective and now separate currencies.
The 10- and 20-kroner coins carry the effigy of current monarch. Previously the 1- and 5-kroner coins also carried the royal effigy, but now these denominations are only decorated 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 Norwegian coins and Norwegian banknotes are distributed by the Central Bank of Norway.
[edit] Coins and banknotes
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The following coins and banknotes are currently used in Norway. See images to the right.
[edit] Banknotes
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[edit] Coins
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[edit] Historical coins and notes
The following Norwegian coins and notes, not including gold, silver or memorial coins, have been used since 1875. Only the 1-krone has had substantial overlap between notes and coins, i.e. 1917-25 and 1940-50.
For more information on each note and coin, see the articles on Norwegian banknotes and Norwegian coins.
| Denomination | Notes | Coins | ||||
|---|---|---|---|---|---|---|
| Printed | Invalid | Comments | Printed | Invalid | Comments | |
| 1,000 kr | 1877– | - | - | |||
| 500 kr | 1877– | - | - | |||
| 200 kr | 1994– | - | - | |||
| 100 kr | 1877– | - | - | |||
| 50 kr | 1877– | - | - | |||
| 20 kr | - | 1994– | - | Golden | ||
| 10 kr | 1877–1984 | 1999 | Replaced by coin 1983 | 1983– | - | Golden |
| 5 kr | 1877–1963 | 1999 | Replaced by coin 1963 | 1963– | - | Silvery; hole 1998– |
| 2 kr | 1918–1925 1940–1950 | 1926 1999 | War time "coin notes" | 1876–1917 | ?? | Silvery |
| 1 kr | 1917–1925 1940–1950 | 1926 1999 | War time "coin notes" | 1875– | - | Silvery; hole 1925–51; hole 1997– |
| 50 øre | - | 1874– | - | Silvery; hole 1926–49; copper 1996– | ||
| 25 øre | - | 1876–1982 | 1998 | Silvery; hole 1924–51 | ||
| 10 øre | - | 1874–1991 | 2003 | Silvery; hole 1924–51 | ||
| 5 øre | - | 1875–1982 | 1998 | Copper; iron 1917–20; iron 1941–45 | ||
| 2 øre | - | 1876–1972 | 1998 | Copper; iron 1918–21; iron 1941–45 | ||
| 1 øre | - | 1876–1972 | 1998 | Copper; iron 1918–21; iron 1941–45 | ||
[edit] Exchange rates
The value of Norwegian kroner compared to other currencies varies considerably from one year to another, mainly based on changes in oil prices and interest rates.
In 2002 the Norwegian krone kept growing stronger and stronger to record high levels compared to the dollar and the Euro. On January 2, 2002, one krone was worth around 0.11 United States dollar (1 USD=9 NOK). In July 2002, the krone hit a high at 0.137 dollar (1 USD=7.36 NOK). In addition to the high level of interest, which increased further on July 4, 2002, to 7 per cent, the oil price was high. At the time Norway was the world's third biggest oil exporter.
In 2005, after almost continuously increasing since the beginning of 2002, oil prices reached record levels of more than 60 dollars per barrel. Although interest rates had decreased to around 2 per cent, the Norwegian krone grew even stronger.
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[edit] See also
[edit] External links
| Crowns | |
|---|---|
| Current | Czech koruna | Danish krone | Estonian kroon | Faroese króna | Icelandic króna | Norwegian krone | Slovak koruna | Swedish krona |
| Defunct | Austro-Hungarian krone | Czechoslovak koruna | Hungarian korona | Yugoslav krone |
| As a denomination | British crown |
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