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Norwegian krone

Norwegian krone
norsk krone (Norwegian)
VII-50-forside-200.jpg Norwegian coins as of 2015.png
50 kr banknote obverse Coin denominations in circulation as of 2015, ranging from 1 kr to 20 kr
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)

 Norway

Issuance
Central bank Norges Bank
 Website www.norges-bank.no
Valuation
Inflation 2.3%
 Source The World Factbook, 2006 est.

 Norway

The krone [ˈkɾuːnə] (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.

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.


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