Norwegian krone | |||||
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norsk krone (Norwegian) | |||||
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ISO 4217 | |||||
Code | NOK | ||||
Number | 578 | ||||
Exponent | 2 | ||||
Denominations | |||||
Subunit | |||||
1/100 | øre | ||||
Plural | kroner | ||||
øre | øre | ||||
Symbol | kr | ||||
Banknotes | 50 kr, 100 kr, 200 kr, 500 kr, 1000 kr | ||||
Freq. used | 50 kr, 100 kr, 200 kr, 500 kr | ||||
Rarely used | 1000 kr | ||||
Coins | 1, 5, 10, 20 kr | ||||
Demographics | |||||
User(s) |
5 territories
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Issuance | |||||
Central bank | Norges Bank | ||||
Website | www |
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Valuation | |||||
Inflation | 2.3% | ||||
Source | The World Factbook, 2006 est. |
The krone [ˈkruːnə] (sign: kr; code: NOK), plural kroner, is the currency of Norway and its dependent territories. It is subdivided into 100 øre, which exist only electronically since 2012. The name translates into English as crown.
The krone was the thirteenth most traded currency in the world by value in April 2010, down three positions from 2007. (As Norway is replacing the notes from 2017 to 2020 (100 and 200 notes in 2017 and 50, 500 and 1000 from 2018/2020 please use pictures of the new notes)
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 Union persisted until 1914. After its dissolution, Denmark, Norway, and Sweden all decided to keep the names of their respective and since then separate currencies.
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 gold). This gold standard was restored between 1916 and 1920 and again in 1928. It 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. Nonetheless, Norway would continue to hold the Kingdom's gold reserves.