| Norwegian krone norsk krone (Norwegian) |
|||||
|
|||||
| ISO 4217 Code | NOK | ||||
|---|---|---|---|---|---|
| User(s) |  Norway |
||||
| Inflation | 2. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established Norway ( Norwegian: Norge ( Bokmål) or Noreg ( Nynorsk) officially the Kingdom of Norway, is a Constitutional In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time 3% | ||||
| Source | The World Factbook, 2006 est. | ||||
| Subunit | |||||
| 1/100 | øre | ||||
| Symbol | kr | ||||
| Plural | kroner | ||||
| øre | øre | ||||
| Coins | 50 øre, 1, 5, 10, 20 kr | ||||
| Banknotes | 50, 100, 200, 500, 1000 kr | ||||
| Central bank | Bank of Norway | ||||
| Website | www.norges-bank.no | ||||
The krone is the currency of Norway. Øre is the one-hundredth subdivision of the Norwegian krone, Danish krone, Swedish krona and Icelandic króna Currency units A currency sign is a graphic symbol often used as a shorthand for a Currency 's name Plural is a Grammatical number, typically referring to more than one of the Referent in the real world Øre is the one-hundredth subdivision of the Norwegian krone, Danish krone, Swedish krona and Icelandic króna Currency units Norwegian coins are circulated in addition to Norwegian banknotes, as the standard unit of Currency in Norway, the Norwegian krone. Norwegian banknotes are circulated in addition to Norwegian coins, with a denomination of Norwegian kroner as standard units of Currency in Norway A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states Norges Bank / Noregs Bank is the Central bank of Norway. Among other tasks it manages The Government Pension Fund of Norway, a A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is Norway ( Norwegian: Norge ( Bokmål) or Noreg ( Nynorsk) officially the Kingdom of Norway, is a Constitutional The plural form is kroner. It is subdivided into 100 øre (singular and plural are the same). Øre is the one-hundredth subdivision of the Norwegian krone, Danish krone, Swedish krona and Icelandic króna Currency units The ISO 4217 code is NOK, although the common local abbreviation is kr. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established The name translates into English as "crown". English is a West Germanic language originating in England and is the First language for most people in the United Kingdom, the United States
Contents |
History
The krone was introduced in 1875, replacing the Norwegian speciedaler at a rate of 4 kroner = 1 speciedaler. Year 1875 ( MDCCCLXXV) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common The speciedaler was the currency of Norway between 1816 and 1875 In doing so, Norway joined the Scandinavian Monetary Union, which had been established in 1873. The Scandinavian Monetary Union (Skandinaviska myntunionen Skandinaviske møntunion Skandinaviske myntunion was a Monetary union formed by Sweden and Denmark Year 1873 ( MDCCCLXXIII) was a Common year starting on Wednesday (link will display the full calendar of the Gregorian calendar (or a Common The Union persisted until 1914 but, after its dissolution, Denmark, Norway and Sweden all decided to keep the names of their respective and now separate currencies. Year 1914 ( MCMXIV) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar (or a Common year
Within the Scandinavian Monetary Union, the krone was on a gold standard of 2480 kroner = 1 kilogram of pure gold (1 krone = 403. The gold standard is a monetary system in which a region's common media of exchange are paper notes that are normally freely convertible into pre-set fixed quantities of Gold 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. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency 9 kroner = 1 pound was established (the previous rate had been 18. 16 kroner = 1 pound). In 1939, Norway pegged the krone to the U.S. dollar at a rate of 4. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 4 kroner = 1 dollar.
During the German occupation in the Second World War, the krone was pegged to the Reichsmark at a rate of 1 krone = 0. Starting with the invasion of April 9, 1940, Norway was under Military occupation of German forces and civil rule of a German World War II, or the Second World War, (often abbreviated WWII) was a global military conflict which involved a majority of the world's nations, including For a detailed discussion of the English translation of Reich, see Reich. 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.
Coins
In 1875, coins were introduced (some dated 1874) in denominations of 10 and 50 øre and 1, 10 and 20 krone. These coins also bore the denomination in the previous currency, as 3, 15 and 30 skilling and 2½ and 5 specidaler. The skilling was the Scandinavian equivalent of the Schilling or Shilling. 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, 10 and 20 krone. The 1, 2 and 5 øre were bronze, the 10, 25 and 50 øre and 1 and 2 kroner were silver, whilst the 10 and 20 kroner were gold.
The last gold coins were issued in 1910, with silver being 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 WWII, zinc was used in place of cupro-nickel in the 10, 25 and 50 øre, with production of the 1 krone suspended.
In 1963, 5 kroner coins were introduced, whilst, in 1972, production of 1 and 2 øre coins ceased. In 1973, the size of the 5 øre coin was reduced, with the denomination ceasing production in 1982, along with the 25 øre. 10 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, with the 20 kroner introduced in 1994.
| Coins of the Norwegian krone |
  50 øre (1996); King's crown, fable animal |
  1 kr (1997); Harald V's monogram, a fowl |
  5 kr (1998); St.Olav's Order, acanthi leaves |
  10 kr (1995); Harald V, stave church roof |
  20 kr (1994); Harald V, viking ship |
The 10- and 20-kroner coins carry the effigy of the current monarch. Norwegian coins are circulated in addition to Norwegian banknotes, as the standard unit of Currency in Norway, the Norwegian krone. Year 1996 ( MCMXCVI) was a Leap year starting on Monday (link will display full 1996 Gregorian calendar) A crown is the traditional Symbolic form of Headgear worn by a Monarch or by a Deity, for whom the crown traditionally represents power A fable is a succinct story in prose or verse that features Animals Plants inanimate objects, or forces of nature which are Year 1997 ( MCMXCVII) was a Common year starting on Wednesday (link will display full 1997 Gregorian calendar Childhood and education When Prince Harald was born in Skaugum he was the first heir to the throne of Norway to be born in Norway for several hundred years Most or all Birds collectively referred to as fowl belong to one of two orders namely the gamefowl or landfowl ( Galliformes) and the waterfowl Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) The Royal Norwegian Order of St Olav ( Norwegian: Den Kongelige Norske St Acanthus is a Genus of about 30 species of Flowering plants in the family Acanthaceae, native to tropical and warm temperate regions of the Year 1995 ( MCMXCV) was a Common year starting on Sunday. Events of 1995 A stave church is a Medieval wooden church with a Post and beam construction related to Timber framing. Year 1994 ( MCMXCIV) was a Common year starting on Saturday (link will display full 1994 Gregorian calendar) Viking ship is a collective term for ships used during the Viking Age (793–1066 in Northern Europe Members of Norwegian, Swedish, and Danish royal families have been Norwegian monarchs. 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. Childhood and education When Prince Harald was born in Skaugum he was the first heir to the throne of Norway to be born in Norway for several hundred years
The coins and banknotes are distributed by the Central Bank of Norway. Norwegian coins are circulated in addition to Norwegian banknotes, as the standard unit of Currency in Norway, the Norwegian krone. Norwegian banknotes are circulated in addition to Norwegian coins, with a denomination of Norwegian kroner as standard units of Currency in Norway Norges Bank / Noregs Bank is the Central bank of Norway. Among other tasks it manages The Government Pension Fund of Norway, a
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.
| Banknotes of the Norwegian krone |
  50 kr; Peter Christen Asbjørnsen |
  100 kr; Kirsten Flagstad |
  200 kr; Kristian Birkeland |
  500 kr; Sigrid Undset |
  1000 kr; Edvard Munch |
Summary of denominations issued
| Denomination | Notes | Coins | ||||
|---|---|---|---|---|---|---|
| Printed | Invalid | Comments | Minted | Invalid | Comments | |
| 1 øre | - | 1876-1972 | 1998 | Bronze, iron 1918-21 & 1941-45 | ||
| 2 øre | - | 1876-1972 | 1998 | Bronze, iron 1917-20 & 1943-45 | ||
| 5 øre | - | 1875-1982 | 1998 | Bronze, iron 1917-20 & 1941-45 | ||
| 10 øre | - | 1874-1991 | 2003 | Silver 1874-1919, cupro-nickel 1920-92 (holed 1924-51), zinc 1941-45 | ||
| 25 øre | - | 1876-1982 | 1998 | Silver 1876-1919, cupro-nickel 1921-82 (holed 1921-50), zinc 1943-45 | ||
| 50 øre | - | 1874 | - | Silver 1874-1919, cupro-nickel 1920-96 (holed 1920-49), zinc 1941-45, bronze 1996- | ||
| 1 krone | 1917-1925 1940-1950 |
1926 1999 |
War time "coin notes" | 1875- | - | Silver 1875-1917, cupro-nickel 1925- (holed 1925-51, 1997-) |
| 2 kroner | 1918-1925 1940-1950 |
1926 1999 |
War time "coin notes" | 1876-1917 | ?? | Silver 1878-1917 |
| 5 kroner | 1877-1963 | 1999 | Replaced by coin 1963 | 1963- | - | Cupro-nickel (holed 1998-) |
| 10 kroner | 1877-1984 | 1999 | Replaced by coin 1984 | 1983- | - | Nickel-brass |
| 20 kroner | - | 1994- | - | Nickel-brass | ||
| 50 kroner | 1877- | - | - | |||
| 100 kroner | 1877- | - | - | |||
| 200 kroner | 1994- | - | - | |||
| 500 kroner | 1877- | - | - | |||
| 1000 kroner | 1877- | - | - | |||
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. Norwegian banknotes are circulated in addition to Norwegian coins, with a denomination of Norwegian kroner as standard units of Currency in Norway Peter Christen Asbjørnsen (1812-1885 was a Norwegian writer and scholar Kirsten Malfrid Flagstad ( 12 July 1895 &ndash 7 December 1962) was a Norwegian Opera singer one of the greatest Kristian Olaf Birkeland ( December 13, 1867 - June 15, 1917) was born in Christiania ( Oslo today and wrote his first Sigrid Undset ( 20 May, 1882 &ndash 10 June, 1949) was a Norwegian novelist who was awarded the Nobel Prize in Literature Edvard Munch (mʉŋk December 12, 1863 – January 23, 1944) was a Norwegian Symbolist painter, Printmaker Petroleum ( L petroleum, from Greek πετρέλαιον, lit
In 2002 the Norwegian krone kept growing stronger and stronger to record high levels compared to the United States dollar and the Euro. See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Please update other articles as well to avoid contradiction within Wikipedia e On January 2, 2002, one krone was worth around 0. Events 366 - The Alamanni cross the frozen Rhine River in large numbers invading the Roman Empire. 11 US dollars (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. Events 836 - Pactum Sicardi, peace between the Principality of Benevento and the Duchy of Naples At the time Norway was the world's third biggest oil exporter. Petroleum ( L petroleum, from Greek πετρέλαιον, lit
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.
In late 2007, the USD has suffered a steady depreciation against all other major currencies. Also, the Norwegian krone is gaining value. As a result, the Norwegian krone is stronger than ever compared to the USD, making the USD worth about 5 NOK in April 2008.
| Use Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD SEK DKK |
| Use XE.com: | AUD CAD CHF EUR GBP HKD JPY USD SEK DKK |
| Use OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD SEK DKK |
Possible elimination of the 1000 kroner bill
In June 2007, Norwegian politician Heikki Holmås suggested eliminating the 1000 kroner bill as a means of dealing with crimes such as tax evasion. A politician (from Greek " Polis " is an individual who is involved in influencing public decision making through the influence of Politics or a person Heikki Holmås (born June 28, 1972 in Voss) is a Norwegian politician for the Socialist Left Party (SV In the sociological field, crime is the breach of a rule or Law for which some governing authority or force may ultimately prescribe a Punishment Tax avoidance is the legal utilization of the Tax regime to one's own advantage in order to reduce the amount of tax that is payable by means that are within the law It is also argued that eliminating the bill would complicate bank robberies, as one million kroner in 500 kroner bills weighs twice as much as the same amount in 1000 kroner bills, making it more difficult for robbers to physically carry vast amounts of money. The 1000-krone bill is not widely circulated among regular people, who generally use debit cards or other forms of electronic payments for large purchases. Økokrim (the financial investigation branch of the Norwegian police) and Kredittilsynet (The Financial Supervisory Authority of Norway) expressed a positive interest in this proposal. Norwegian National Authority for the Investigation and Prosecution of Economic and Environmental Crime (Økokrim is Norway 's central unit for fighting economic, The Financial Supervisory Authority of Norway (Kredittilsynet is a Norwegian government agency responsible for supervision of financial companies [1]
See also
- Table of historical exchange rates
- Scandinavian Monetary Union
- Swedish krona
- Danish krone
- Economy of Norway
References
- ^ Ønsker mindre sedler (Wanting smaller money bills) Aftenposten, June 8, 2007 (Norwegian)
External links
- Don's World Coin Gallery - Norway
- Ron Wise's World Paper Money - Norway Mirror site
- The Global History of Currencies - Norway
- Global Financial Data data series - Norway Krone
- Global Financial Data currency histories table (
Microsoft Excel format)
Dapyx Software network: MP3 Explorer | Ebook Manager | Zenithic