The official currency of Norway is Krone and this was a Scandinavian Monetary Union part including Norway, Denmark and Sweden. ‘Krone’ and ‘Crown’ are synonyms and the plural form is ‘kroner’. Norwegian kroner are subdivided into 100 parts and the symbol remains ‘kr’ and is used in the country.
The national currency of Norway kingdom is Norwegian kroner and is in use since 1875 as the unit of exchange replacing rigsdaler. The ISO code states the currency code as NOK and 578 as the numeric code.
Structure of banknotes & coins
The Norwegian Kroner unit has 100 subunits. The Bank of Norway is the central bank and was instituted in 1816. This bank has the responsibility of forming the designs and denominations for the coins and notes, besides also has the authority to issue currency. The banknotes series includes denominations such as 50, 100, 200, 500 and 1000 kr.
These banknotes are in different color patterns such that it is simple to differentiate. The notes sizes are proportional to its face value such that the higher value notes are in bigger dimension. The front sides of the notes have important people of Norway history images and the back sides symbolize pieces of work depicting images.
The coins are in denominations 50, 1,5,10 and 20 kr. These coins come in different colors such as brown, gold and silver. The lower values were in bronze and higher values in gold. The smallest value is 50 in brown color and the 1 & 5 kr are in silver and 10 & 20 kr in golden color. The front and the back sides of the coins have symbolic images.
Norway adopted krone in 1875 and ore was its official currency unit. The Scandinavian Monetary Union existed till 1914 and became diluted owing to the WWI outbreak. Owing to this three countries became free and used the same unit of currency Krone as official. Norway in 1931 left the gold peg and began at a fixed rate with pound. In 1939, the currency was revalued and US dollar was connected to gold forced krone to be associated with gold once again.
The WWII completion made Norway adopt the Bretton woods system having the value fixed against gold. This system came to an end in 1971 making krone float freely in the market. However, this unit in 1978 was linked to other currencies and to the European currency unit in 1990 to 1992.