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Norwegian krone

The krone ([ˈkrûːnə], abbreviation: kr (also NKr for distinction); code: NOK), plural kroner, is currency of the Kingdom of Norway (including Svalbard). Traditionally known as the Norwegian crown in English. It is nominally subdivided into 100 øre, although the last coins denominated in øre were withdrawn in 2012.

Krone
krone (Norwegian)
100 kroner banknote obverse
ISO 4217
CodeNOK (numeric: 578)
Subunit0.01
Unit
Pluralkroner
Symbolkr
Denominations
Subunit
1100øre
Plural
øreøre
Banknotes
 Freq. used50, 100, 200, 500 kroner
 Rarely used1000 kroner
Coins
 Freq. used1, 5, 10, 20 kroner
Demographics
Date of introduction1875; 148 years ago (1875)
ReplacedNorwegian rigsdaler
User(s) Kingdom of Norway
Issuance
Central bankNorges Bank
 Websitewww.norges-bank.no
Valuation
Inflation5.4% (April 2022)
 SourceNorges bank

The krone was the thirteenth-most-traded currency in the world by value in April 2010, down three positions from 2007.[1]

The Norwegian krone is also informally accepted in many shops in Sweden and Finland that are close to the Norwegian border, and also in some shops in the Danish ferry ports of Hirtshals and Frederikshavn. Norwegians spent 14.1 billion NOK on border shopping in 2015 compared to 10.5 billion NOK spent in 2010. Border shopping is a fairly common practice amongst Norwegians, though it is seldom done on impulse. Money is spent mainly on food articles, alcohol, and tobacco, in that order, usually in bulk or large quantities. This is due to considerably higher taxes and fees on tobacco and alcohol purchased domestically in Norway.[2][3]

History

 
A 20-crown gold coin dated 1874. The text '124 Stk. 1 Kil. f. G.' means that 124 pieces gave one kilogram of pure gold.

The krone was introduced in 1875, replacing the Norwegian speciedaler/spesidaler at a rate of 4 kroner = 1 speciedaler. In doing so, Norway joined the Scandinavian Monetary Union, which had been established in 1873. The Scandinavian currencies were mutually exchangeable at par until 1914 with the suspension of the gold standard due to World War I. After this date, the currencies of Denmark, Norway, and Sweden ceased to be mutually equivalent to each other.

Within the Scandinavian Monetary Union, the krone was on a gold standard of 2,480 kroner = 1 kilogram of pure gold (1 krone = 403.226 milligrams of gold). The gold standard was suspended from 1914 to 1916 and from 1920 to 1928, and in 1931 it was permanently suspended. In 1933 the krone was pegged to the pound sterling at 1 pound = 19.9 kroner, and in 1939 the krone was pegged to the U.S. dollar at $1 = 4.4 kroner.[4]

During the German occupation (1940–1945) in the Second World War, the krone was initially pegged to the Reichsmark at a rate of 1 krone = 0.6 Reichsmark, later reduced to 0.57.[citation needed] After the war, a peg of 1 pound = 20 kroner was established in 1946, equivalent to US$1 = 4.963 kroner before the 1949 devaluation of sterling revised it to US$1 = 7.142 kroner.[4]

In December 1992, the Central Bank of Norway abandoned the fixed exchange rate system in favor of floating exchange rates (managed float) due to the heavy speculation against the Norwegian currency in the early 1990s, which lost[clarification needed] the central bank around two billion kroner in defensive purchases of the NOK through the usage of foreign currency reserves for a relatively short period of time.

Summary of denominations issued

Denomination Notes Coins
Printed Invalid Comments Minted Invalid Comments
1 øre 1876–1972 1988 Bronze, iron 1918–1921 & 1941–1945
2 øre 1876–1972 1988 Bronze, iron 1917–1920 & 1943–1945
5 øre 1875–1982 1988 Bronze, iron 1917–1920 & 1941–1945
10 øre 1874–1991 2003 Silver 1874–1919, cupro-nickel 1920–92 (holed 1924–51), zinc 1941–1945
25 øre 1876–1982 1988 Silver 1876–1919, cupro-nickel 1921–82 (holed 1921–50), zinc 1943–1945
50 øre 1874–2012 2012 Silver 1874–1919, cupro-nickel 1920–96 (holed 1920–49), zinc 1941–1945, bronze 1996–2012
1 krone 1917–1925
1940–1950
1926
1999
Wartime "coin notes" 1875– Silver 1875–1917, cupro-nickel 1925– (holed 1925–1951, 1997–)
2 kroner 1918–1925
1940–1950
1926
1999
Wartime "coin notes" 1876–1917 1922 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–  

Sources:[5][6][7][8][9]

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 2+12 specidaler. 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 in 1920. Between 1917 and 1921, iron temporarily replaced bronze. 1917 also saw the last issuance of 2 kroner coins. During the German occupation of Norway 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 the 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. These are the only coins that are currently legal tender, with the exception of the 50 øre coin which was withdrawn on 1 May 2012. It was withdrawn because it was no longer circulating as an ordinary coin used for payment.[10] However, banks in Norway will still exchange 50 øre coins for higher values until 2022.

Currently circulating coins
Image Value Technical parameters Description Issued since
Obverse Reverse Diameter Thickness Mass Composition Edge Obverse Reverse
1 krone 21 mm 1.7 mm 4.35 g Cupronickel
75% Cu, 25% Ni
Smooth Harald V's monogram a fowl 1997
    5 kroner 26 mm 2 mm 7.85 g Milled St. Olav's Order acanthi leaves 1998
10 kroner 24 mm 2 mm 6.8 g 81% Cu, 10% Zn, 9% Ni Interrupted milling Harald V stave church roof 1995
    20 kroner 27.5 mm 2.2 mm 9.9 g Smooth Viking ship 1994
For table standards, see the coin specification table.

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.

Coins and banknotes of the Norwegian krone are distributed by the Central Bank of Norway.

Up to 25 coins of any single denomination is considered tvungent betalingsmiddel—a legally recognized method of payment, in which the intended recipient can not refuse payment, according to Norwegian law.[11]

Use of 10 Syrian pound coins in Norway

The characteristics of the ten Syrian pound (LS 10) coin have been found to so closely resemble the Norwegian 20 kroner (NKr 20) coin that it can fool vending machines, coins-to-cash machines, arcade machines, and any other coin-operated, automated service machine in the country. Machines are unable to tell the coins apart, owing to their almost identical weight and size.

As of mid-February 2017, LS 10 was worth NKr 0.39, making the 20-kroner coin 51.5 times more valuable than the 10-pound coin. While not easy to find in Norway, the Syrian coins are still used in automated machines there with such frequency that Posten Norge, the Norwegian postal service, decided to close many of their coins-to-cash machines on 18 February 2006, with plans to develop a system able to differentiate between the two coins. In the summer of 2005, a Norwegian man was sentenced to 30 day suspended sentence, for having used Syrian coins in arcade machines in the municipality of Bærum.[12]

Banknotes

In 1877, Norges Bank introduced notes for 5, 10, 50, 100, 500, and 1000 kroner. In 1917, 1 krone notes were issued, and 2 kroner notes were 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. Two hundred kroner notes were introduced in 1994.

Current series
Image Value Dimensions
(millimeters)
Main Color Design First issue
Obverse Reverse Obverse Reverse
    50 kr 126 × 70 Green Utvær Lighthouse Stylized lighthouse beacon and Karlsvogna (Big Dipper) 2018
    100 kr 133 × 70 Red Gokstad ship Stylized Container ship, a globe, and Orion 2017
    200 kr 140 × 70 Blue Codfish Stylized fishing boat, a fishing net, and a beacon 2017
    500 kr 147 × 70 Orange Rescue vessel RS 14 Stavanger [no] Stylized oil platform, gas pipeline networks from the North Sea, and an ammonite 2018
    1000 kr 154 × 70 Purple Wave in the sea Stylized horizon and water molecules 2019
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Exchange rates

Most traded currencies by value
Currency distribution of global foreign exchange market turnover[13]
Rank Currency ISO 4217
code
Symbol or
abbreviation
Proportion of
daily volume,
April 2019
Proportion of
daily volume,
April 2022
1
U.S. dollar
USD
US$
88.3% 88.5%
2
Euro
EUR
32.3% 30.5%
3
Japanese yen
JPY
¥ / 円
16.8% 16.7%
4
Sterling
GBP
£
12.8% 12.9%
5
Renminbi
CNY
¥ / 元
4.3% 7.0%
6
Australian dollar
AUD
A$
6.8% 6.4%
7
Canadian dollar
CAD
C$
5.0% 6.2%
8
Swiss franc
CHF
CHF
5.0% 5.2%
9
Hong Kong dollar
HKD
HK$
3.5% 2.6%
10
Singapore dollar
SGD
S$
1.8% 2.4%
11
Swedish krona
SEK
kr
2.0% 2.2%
12
South Korean won
KRW
₩ / 원
2.0% 1.9%
13
Norwegian krone
NOK
kr
1.8% 1.7%
14
New Zealand dollar
NZD
NZ$
2.1% 1.7%
15
Indian rupee
INR
1.7% 1.6%
16
Mexican peso
MXN
$
1.7% 1.5%
17
New Taiwan dollar
TWD
NT$
0.9% 1.1%
18
South African rand
ZAR
R
1.1% 1.0%
19
Brazilian real
BRL
R$
1.1% 0.9%
20
Danish krone
DKK
kr
0.6% 0.7%
21
Polish złoty
PLN
0.6% 0.7%
22
Thai baht
THB
฿
0.5% 0.4%
23
Israeli new shekel
ILS
0.3% 0.4%
24
Indonesian rupiah
IDR
Rp
0.4% 0.4%
25
Czech koruna
CZK
0.4% 0.4%
26
UAE dirham
AED
د.إ
0.2% 0.4%
27
Turkish lira
TRY
1.1% 0.4%
28
Hungarian forint
HUF
Ft
0.4% 0.3%
29
Chilean peso
CLP
CLP$
0.3% 0.3%
30
Saudi riyal
SAR
0.2% 0.2%
31
Philippine peso
PHP
0.3% 0.2%
32
Malaysian ringgit
MYR
RM
0.1% 0.2%
33
Colombian peso
COP
COL$
0.2% 0.2%
34
Russian ruble
RUB
1.1% 0.2%
35
Romanian leu
RON
L
0.1% 0.1%
Other 2.2% 2.5%
Total[note 1] 200.0% 200.0%
 
The cost of one euro in Norwegian krone (from 1999)

The value of the Norwegian krone 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 grew to record high levels against the United States dollar and the euro. On 2 January 2002, 100 kroner were worth US$11.14 ($1 = 8.98 kroner). In July 2002, the krone hit a high at 100 kroner = $13.7 ($1 = 7.36 kroner). In addition to the high level of interest, which increased further on 4 July 2002, to 7 percent, the price of oil was high. At the time Norway was the world's third largest oil exporter.

In 2005, oil prices reached record levels of more than 60 dollars per barrel. Although interest rates had decreased to around 2 percent, the Norwegian krone grew even stronger.

However, in late 2007 and early 2008, the dollar suffered a steady depreciation against all other major currencies. The Norwegian krone was gaining value at the same time; as a result, the krone became stronger than ever compared to the dollar, making the dollar worth about 5 kroner in April 2008. By October 2008, the dollar had recovered and was worth approximately 7 kroner. Following 2009, the krone once again saw strong growth, making the dollar worth about 5.8 kroner as of the beginning of 2010. Since then, the dollar has gone up further and as of October 2019 was worth about 9 kroner. During the COVID-19 pandemic, the krone fell heavily, making one dollar cost 12.00 kroner on 19 March 2020.

Current NOK exchange rates

From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD DKK SEK
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD DKK SEK
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD DKK SEK
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD DKK SEK

See also

Notes

  1. ^ The total sum is 200% because each currency trade always involves a currency pair; one currency is sold (e.g. US$) and another bought (€). Therefore each trade is counted twice, once under the sold currency ($) and once under the bought currency (€). The percentages above are the percent of trades involving that currency regardless of whether it is bought or sold, e.g. the US dollar is bought or sold in 88% of all trades, whereas the euro is bought or sold 32% of the time.

References

  1. ^ Bank for International Settlements: Triennial Central Bank Survey p. 12
  2. ^ "Mest mat i handlekurven" (in Norwegian Bokmål). ssb.no. Retrieved 12 April 2016.
  3. ^ "NOK 14.1 billion in cross border trade". ssb.no. Retrieved 12 April 2016.
  4. ^ a b "History of Norges Bank".
  5. ^ "Notes and coins". www.norges-bank.no.
  6. ^ "Kroner og øre". www.dokpro.uio.no.
  7. ^ "Felles nettbutikk for Mynt & Seddel og Skanfil". www.skanfil.no.
  8. ^ "Numisma Mynthandel". www.numisma.no.
  9. ^ "50-øringen snart historie - Lovdata". lovdata.no.
  10. ^ "50-øre coin to be withdrawn in 2012".
  11. ^ Aas, Magnus Lutnæs (9 August 2014). "Forsikringsselskap utbetalte forlik på 130 000 kroner i småmynt". dagbladet.no.
  12. ^ Andersen, Øystein (18 February 2006). "Myntsvindlere herjer i Oslo". Dagbladet (in Norwegian). DB Medialab AS. Retrieved 8 March 2008.
  13. ^ "Triennial Central Bank Survey Foreign exchange turnover in April 2022" (PDF). Bank for International Settlements. 27 October 2022. p. 12. (PDF) from the original on 27 October 2022. Retrieved 29 October 2022.

External links

  • Factors that influence the krone exchange rate, information from Norges Bank in 2000.
  • The banknotes of Norway (in English and German)
  • Official exchange rates in Norway (in Norwegian and English)

norwegian, krone, krone, ˈkrûːnə, abbreviation, also, distinction, code, plural, kroner, currency, kingdom, norway, including, svalbard, traditionally, known, norwegian, crown, english, nominally, subdivided, into, øre, although, last, coins, denominated, øre,. The krone ˈkruːne abbreviation kr also NKr for distinction code NOK plural kroner is currency of the Kingdom of Norway including Svalbard Traditionally known as the Norwegian crown in English It is nominally subdivided into 100 ore although the last coins denominated in ore were withdrawn in 2012 Kronekrone Norwegian 100 kroner banknote obverseISO 4217CodeNOK numeric 578 Subunit0 01UnitPluralkronerSymbolkr DenominationsSubunit 1 100orePlural oreoreBanknotes Freq used50 100 200 500 kroner Rarely used1000 kronerCoins Freq used1 5 10 20 kronerDemographicsDate of introduction1875 148 years ago 1875 ReplacedNorwegian rigsdalerUser s Kingdom of NorwayIssuanceCentral bankNorges Bank Websitewww wbr norges bank wbr noValuationInflation5 4 April 2022 SourceNorges bankThe krone was the thirteenth most traded currency in the world by value in April 2010 down three positions from 2007 1 The Norwegian krone is also informally accepted in many shops in Sweden and Finland that are close to the Norwegian border and also in some shops in the Danish ferry ports of Hirtshals and Frederikshavn Norwegians spent 14 1 billion NOK on border shopping in 2015 compared to 10 5 billion NOK spent in 2010 Border shopping is a fairly common practice amongst Norwegians though it is seldom done on impulse Money is spent mainly on food articles alcohol and tobacco in that order usually in bulk or large quantities This is due to considerably higher taxes and fees on tobacco and alcohol purchased domestically in Norway 2 3 Contents 1 History 1 1 Summary of denominations issued 2 Coins 2 1 Use of 10 Syrian pound coins in Norway 3 Banknotes 4 Exchange rates 4 1 Current NOK exchange rates 5 See also 6 Notes 7 References 8 External linksHistory Edit A 20 crown gold coin dated 1874 The text 124 Stk 1 Kil f G means that 124 pieces gave one kilogram of pure gold The krone was introduced in 1875 replacing the Norwegian speciedaler spesidaler at a rate of 4 kroner 1 speciedaler In doing so Norway joined the Scandinavian Monetary Union which had been established in 1873 The Scandinavian currencies were mutually exchangeable at par until 1914 with the suspension of the gold standard due to World War I After this date the currencies of Denmark Norway and Sweden ceased to be mutually equivalent to each other Within the Scandinavian Monetary Union the krone was on a gold standard of 2 480 kroner 1 kilogram of pure gold 1 krone 403 226 milligrams of gold The gold standard was suspended from 1914 to 1916 and from 1920 to 1928 and in 1931 it was permanently suspended In 1933 the krone was pegged to the pound sterling at 1 pound 19 9 kroner and in 1939 the krone was pegged to the U S dollar at 1 4 4 kroner 4 During the German occupation 1940 1945 in the Second World War the krone was initially pegged to the Reichsmark at a rate of 1 krone 0 6 Reichsmark later reduced to 0 57 citation needed After the war a peg of 1 pound 20 kroner was established in 1946 equivalent to US 1 4 963 kroner before the 1949 devaluation of sterling revised it to US 1 7 142 kroner 4 In December 1992 the Central Bank of Norway abandoned the fixed exchange rate system in favor of floating exchange rates managed float due to the heavy speculation against the Norwegian currency in the early 1990s which lost clarification needed the central bank around two billion kroner in defensive purchases of the NOK through the usage of foreign currency reserves for a relatively short period of time Summary of denominations issued Edit Denomination Notes CoinsPrinted Invalid Comments Minted Invalid Comments1 ore 1876 1972 1988 Bronze iron 1918 1921 amp 1941 19452 ore 1876 1972 1988 Bronze iron 1917 1920 amp 1943 19455 ore 1875 1982 1988 Bronze iron 1917 1920 amp 1941 194510 ore 1874 1991 2003 Silver 1874 1919 cupro nickel 1920 92 holed 1924 51 zinc 1941 194525 ore 1876 1982 1988 Silver 1876 1919 cupro nickel 1921 82 holed 1921 50 zinc 1943 194550 ore 1874 2012 2012 Silver 1874 1919 cupro nickel 1920 96 holed 1920 49 zinc 1941 1945 bronze 1996 20121 krone 1917 19251940 1950 19261999 Wartime coin notes 1875 Silver 1875 1917 cupro nickel 1925 holed 1925 1951 1997 2 kroner 1918 19251940 1950 19261999 Wartime coin notes 1876 1917 1922 Silver 1878 19175 kroner 1877 1963 1999 Replaced by coin 1963 1963 Cupro nickel holed 1998 10 kroner 1877 1984 1999 Replaced by coin 1984 1983 Nickel brass20 kroner 1994 Nickel brass50 kroner 1877 100 kroner 1877 200 kroner 1994 500 kroner 1877 1000 kroner 1877 Sources 5 6 7 8 9 Coins EditIn 1875 coins were introduced some dated 1874 in denominations of 10 and 50 ore and 1 and 10 kroner These coins also bore the denomination in the previous currency as 3 15 and 30 skillings and 2 1 2 specidaler Between 1875 and 1878 the new coinage was introduced in full in denominations of 1 2 5 10 25 and 50 ore and 1 2 and 10 kroner The 1 2 and 5 ore were struck in bronze the 10 25 and 50 ore 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 in 1920 Between 1917 and 1921 iron temporarily replaced bronze 1917 also saw the last issuance of 2 kroner coins During the German occupation of Norway in the Second World War zinc was used in place of cupro nickel in 10 25 and 50 ore coins and production of the 1 krone piece was suspended The obverse of a 1940 Norwegian krone The reverse of the 1940 krone In 1963 5 kroner coins were introduced Production of 1 and 2 ore coins ceased in 1972 The following year the size of the 5 ore coin was reduced production of the denomination ceased in 1982 along with the minting of the 25 ore Ten kroner coins were introduced in 1983 In 1992 the last 10 ore coins were minted Between 1994 and 1998 a new coinage was introduced consisting of 50 ore 1 5 10 and 20 kroner These are the only coins that are currently legal tender with the exception of the 50 ore coin which was withdrawn on 1 May 2012 It was withdrawn because it was no longer circulating as an ordinary coin used for payment 10 However banks in Norway will still exchange 50 ore coins for higher values until 2022 Currently circulating coinsImage Value Technical parameters Description Issued sinceObverse Reverse Diameter Thickness Mass Composition Edge Obverse Reverse1 krone 21 mm 1 7 mm 4 35 g Cupronickel75 Cu 25 Ni Smooth Harald V s monogram a fowl 1997 5 kroner 26 mm 2 mm 7 85 g Milled St Olav s Order acanthi leaves 199810 kroner 24 mm 2 mm 6 8 g 81 Cu 10 Zn 9 Ni Interrupted milling Harald V stave church roof 1995 20 kroner 27 5 mm 2 2 mm 9 9 g Smooth Viking ship 1994For table standards see the coin specification table 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 Coins and banknotes of the Norwegian krone are distributed by the Central Bank of Norway Up to 25 coins of any single denomination is considered tvungent betalingsmiddel a legally recognized method of payment in which the intended recipient can not refuse payment according to Norwegian law 11 Use of 10 Syrian pound coins in Norway Edit The characteristics of the ten Syrian pound LS 10 coin have been found to so closely resemble the Norwegian 20 kroner NKr 20 coin that it can fool vending machines coins to cash machines arcade machines and any other coin operated automated service machine in the country Machines are unable to tell the coins apart owing to their almost identical weight and size As of mid February 2017 LS 10 was worth NKr 0 39 making the 20 kroner coin 51 5 times more valuable than the 10 pound coin While not easy to find in Norway the Syrian coins are still used in automated machines there with such frequency that Posten Norge the Norwegian postal service decided to close many of their coins to cash machines on 18 February 2006 with plans to develop a system able to differentiate between the two coins In the summer of 2005 a Norwegian man was sentenced to 30 day suspended sentence for having used Syrian coins in arcade machines in the municipality of Baerum 12 Banknotes EditMain article Banknotes of the Norwegian krone In 1877 Norges Bank introduced notes for 5 10 50 100 500 and 1000 kroner In 1917 1 krone notes were issued and 2 kroner notes were 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 Two hundred kroner notes were introduced in 1994 Current series Image Value Dimensions millimeters Main Color Design First issueObverse Reverse Obverse Reverse 50 kr 126 70 Green Utvaer Lighthouse Stylized lighthouse beacon and Karlsvogna Big Dipper 2018 100 kr 133 70 Red Gokstad ship Stylized Container ship a globe and Orion 2017 200 kr 140 70 Blue Codfish Stylized fishing boat a fishing net and a beacon 2017 500 kr 147 70 Orange Rescue vessel RS 14 Stavanger no Stylized oil platform gas pipeline networks from the North Sea and an ammonite 2018 1000 kr 154 70 Purple Wave in the sea Stylized horizon and water molecules 2019These images are to scale at 0 7 pixel per millimetre For table standards see the banknote specification table Exchange rates EditThis section does not cite any sources Please help improve this section by adding citations to reliable sources Unsourced material may be challenged and removed November 2021 Learn how and when to remove this template message Most traded currencies by valueCurrency distribution of global foreign exchange market turnover 13 vte Rank Currency ISO 4217 code Symbol or abbreviation Proportion of daily volume April 2019 Proportion of daily volume April 20221 U S dollar USD US 88 3 88 5 2 Euro EUR 32 3 30 5 3 Japanese yen JPY 円 16 8 16 7 4 Sterling GBP 12 8 12 9 5 Renminbi CNY 元 4 3 7 0 6 Australian dollar AUD A 6 8 6 4 7 Canadian dollar CAD C 5 0 6 2 8 Swiss franc CHF CHF 5 0 5 2 9 Hong Kong dollar HKD HK 3 5 2 6 10 Singapore dollar SGD S 1 8 2 4 11 Swedish krona SEK kr 2 0 2 2 12 South Korean won KRW 원 2 0 1 9 13 Norwegian krone NOK kr 1 8 1 7 14 New Zealand dollar NZD NZ 2 1 1 7 15 Indian rupee INR 1 7 1 6 16 Mexican peso MXN 1 7 1 5 17 New Taiwan dollar TWD NT 0 9 1 1 18 South African rand ZAR R 1 1 1 0 19 Brazilian real BRL R 1 1 0 9 20 Danish krone DKK kr 0 6 0 7 21 Polish zloty PLN zl 0 6 0 7 22 Thai baht THB 0 5 0 4 23 Israeli new shekel ILS 0 3 0 4 24 Indonesian rupiah IDR Rp 0 4 0 4 25 Czech koruna CZK Kc 0 4 0 4 26 UAE dirham AED د إ 0 2 0 4 27 Turkish lira TRY 1 1 0 4 28 Hungarian forint HUF Ft 0 4 0 3 29 Chilean peso CLP CLP 0 3 0 3 30 Saudi riyal SAR 0 2 0 2 31 Philippine peso PHP 0 3 0 2 32 Malaysian ringgit MYR RM 0 1 0 2 33 Colombian peso COP COL 0 2 0 2 34 Russian ruble RUB 1 1 0 2 35 Romanian leu RON L 0 1 0 1 Other 2 2 2 5 Total note 1 200 0 200 0 The cost of one euro in Norwegian krone from 1999 The value of the Norwegian krone 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 grew to record high levels against the United States dollar and the euro On 2 January 2002 100 kroner were worth US 11 14 1 8 98 kroner In July 2002 the krone hit a high at 100 kroner 13 7 1 7 36 kroner In addition to the high level of interest which increased further on 4 July 2002 to 7 percent the price of oil was high At the time Norway was the world s third largest oil exporter In 2005 oil prices reached record levels of more than 60 dollars per barrel Although interest rates had decreased to around 2 percent the Norwegian krone grew even stronger However in late 2007 and early 2008 the dollar suffered a steady depreciation against all other major currencies The Norwegian krone was gaining value at the same time as a result the krone became stronger than ever compared to the dollar making the dollar worth about 5 kroner in April 2008 By October 2008 the dollar had recovered and was worth approximately 7 kroner Following 2009 the krone once again saw strong growth making the dollar worth about 5 8 kroner as of the beginning of 2010 Since then the dollar has gone up further and as of October 2019 was worth about 9 kroner During the COVID 19 pandemic the krone fell heavily making one dollar cost 12 00 kroner on 19 March 2020 Current NOK exchange rates From Google Finance AUD CAD CHF CNY EUR GBP HKD JPY USD DKK SEKFrom Yahoo Finance AUD CAD CHF CNY EUR GBP HKD JPY USD DKK SEKFrom XE com AUD CAD CHF CNY EUR GBP HKD JPY USD DKK SEKFrom OANDA AUD CAD CHF CNY EUR GBP HKD JPY USD DKK SEKSee also EditDanish krone Economy of Norway Estonian kroon Gold reserves of Norway Icelandic krona Scandinavian Monetary Union Swedish krona Table of historical exchange ratesNotes Edit The total sum is 200 because each currency trade always involves a currency pair one currency is sold e g US and another bought Therefore each trade is counted twice once under the sold currency and once under the bought currency The percentages above are the percent of trades involving that currency regardless of whether it is bought or sold e g the US dollar is bought or sold in 88 of all trades whereas the euro is bought or sold 32 of the time References Edit Bank for International Settlements Triennial Central Bank Survey p 12 Mest mat i handlekurven in Norwegian Bokmal ssb no Retrieved 12 April 2016 NOK 14 1 billion in cross border trade ssb no Retrieved 12 April 2016 a b History of Norges Bank Notes and coins www norges bank no Kroner og ore www dokpro uio no Felles nettbutikk for Mynt amp Seddel og Skanfil www skanfil no Numisma Mynthandel www numisma no 50 oringen snart historie Lovdata lovdata no 50 ore coin to be withdrawn in 2012 Aas Magnus Lutnaes 9 August 2014 Forsikringsselskap utbetalte forlik pa 130 000 kroner i smamynt dagbladet no Andersen Oystein 18 February 2006 Myntsvindlere herjer i Oslo Dagbladet in Norwegian DB Medialab AS Retrieved 8 March 2008 Triennial Central Bank Survey Foreign exchange turnover in April 2022 PDF Bank for International Settlements 27 October 2022 p 12 Archived PDF from the original on 27 October 2022 Retrieved 29 October 2022 External links EditFactors that influence the krone exchange rate information from Norges Bank in 2000 The banknotes of Norway in English and German Official exchange rates in Norway in Norwegian and English Portals Europe Money Norway Numismatics Retrieved from https en wikipedia org w index php title Norwegian krone amp oldid 1131044081, wikipedia, wiki, book, books, library,

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