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Norway Currency


Norway Currency Details

  Country Name : Norway
Currency Name : Norwegian krone
ISO Code : NOK
Banknotes-Types : 50¸ 100¸ 200¸ 500¸ 1000 kr
Coins-Types : 50 Ýre¸ 1¸ 5¸ 10¸ 20 kr
Symbol : kr
Official Users : Norway¸ Svalbard¸Bouvet Island¸Queen Maud Land¸Peter I Island
Website : www.norges-bank.no

 
Norway Currency Image
Norwegian krone

About Norwegian krone Currency

About Norwegian Krone Currency:

The krone is the official currency of Norway.  The Norwegian speciedaler was prevailed in Norway before krone was introduced. Krone was launched in 1875. Norway joined the Scandinavian Monetary Union in 1873 but it was ended at the time of World War I and krone had higher level of importance during the time of Scandinavian Monetary Union role. The standard of krone was very high at the time Scandinavian Monetary Union role which increased at the rate of 2480 kroner = 1 kilogram of pure gold.

Most importantly¸ the krone was pegged to the Reichsmark at a rate of 1 krone = 0.6 Reichsmark at the time of German invasion during 1914 to 1945.

The Central Bank of Norway prohibited the circulation of krone for the fixed exchange rate in favor of a floating exchange rate. The entral Bank of Norway speculated heavily against krone in the early 1990s which lost the Norwegian central bank around two billion deficit.

Norwegian Currency Name:

The official name of the Nowegian currency is ‘krone’. The reason of taking ‘krone’ as the currency name of the country is - the word means ‘crown’ in English which depicts the financial stability of the country. The common abbreviation of the word is ‘kr’. However¸ the abbreviation ‘kr’ is considered for the international recognition. It is used locally. The plural form of krone is kronor which means ‘discuss’ in English.

Norwegian Krone Currency ISO 4217 Code:

Norwegian Krone Currency ISO 4217 code is ‘NOK’.

Norwegian Krone Banknotes Types:

Norges Bank has the main power of controlling the monetary system as they introduced banknotes in 1877. Norges Bank launched banknotes in denominations of 5¸ 10¸ 50¸ 100¸ 500 and 1000 kroner. 1 krone banknotes and 2 kroner banknotes were issued in 1917. Most importantly¸ 5 kroner notes were replaced by coins in 1963.

Norwegian Krone Coins Types:

The main versions of Norwegian Krone coins types are usually 50 øre¸ 1¸ 5¸ 10¸ 20 kr etc. The Central Bank of Norway launched coins in denominations of 10 and 50 øre and 1 and 10 kroner in 1875. Norwegian krone coins are also considered as one of the old currencies in the world. However¸ the first versions of coins were the denomination in the previous currency¸ as 3¸ 15 and 30 skilling and 2½ specidaler which was prevailed in Norway before krone. A new version of coinage was introduced in denominations of 1¸ 2¸ 5¸ 10¸ 25 and 50 øre and 1¸ 2 and 10 krone during the period of 1875 and 1878 respectively. This new version of coinage was made in three different metals first 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.

Currency Exchange Rate to other World Famous Currencies like US¸ UK etc.

As per the present rate of conversion on 23/2/2011            

1.00 NOK = 0.177370 USD

1.00 NOK = 0.109197 GBP

You can visit official website of the Norway where you will get maximum information of Norwegian Krone Currency.


Norway Currency Coins and Banknotes Images

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