Norwegians treat the traditions of their country with incredible reverence. One of the distinctive features of the kingdom is its own national currency, which has a rich history. Let's take a closer look at the path to becoming Norwegian krone and its significance in the economy of modern Norway.

Codes and symbols

The letter code of the Norwegian krone is NOK, the numeric code is 578.

Symbolic sign - NKr.

NOK Norwegian Krone - history and symbols

For the first time, the inhabitants of Norway were able to pay with their own coins under Olav I Trygvasson, who ruled the kingdom of the harsh Vikings at the end of the 10th century. It should be noted that in Norway, coin making is still the prerogative of the king. Only in the 17th century did a full-fledged mint appear in Oslo, which used silver from the nearby Christiania mines to mint coins. Somewhat later, the mint was moved to Kongsberg, where the largest explored deposit of precious metals was located. Even despite the fact that at the end of the 50s of the XX century. The mine was depleted, the yard continues its work in this city.

The history of Norwegian banknotes has a lot of unexpected twists. Around the same time as the Norwegian mint, the king allowed a prominent Bergen merchant to issue banknotes, which were legal money in a certain area of ​​the country. After the merchant went bankrupt, it was decided to create Kurantbank under the patronage of the crown. In addition to this assignation and bill bank, the Riksbank received the right to issue money at the beginning of the 19th century. Thus, at the same time, various legal tenders were in circulation in Norway.

To restore order in the state's monetary system, the Norwegian Parliament developed a project for the creation of the Norwegian Bank. This bank began operations in 1817. It is worth noting that the modern Norwegian krone was introduced into circulation only in 1875, when the kingdom entered into a monetary union with Denmark and Sweden. The crown that replaced the so-called specidaler was supported by the gold standard until August 1914. Despite the government's attempts to restore the exchange of money for gold, after some time it was decided to abandon this idea.

During World War II, the Bank of Norway continued to operate in Great Britain, where its gold and foreign exchange reserves were transferred. At the same time, on the territory of Norway itself, Reichsmarks were used, the circulation of which was controlled by the occupation authorities.

To denote the Norwegian krone, the abbreviation NOK is used, corresponding to code 578. Amounts denominated in kroner are usually supplemented with the abbreviation kr. For several centuries, Norwegian money has been divided into one hundred fractional units called øre. Unfortunately, the øre were finally withdrawn from circulation in 2012: the smallest denomination available in modern Norway is 1 krone.

The Norwegian Bank provides a free, floating exchange rate for the national currency. Such a monetary policy is associated with inflation targeting and stabilization of the macroeconomic situation. The current exchange rate of the Norwegian krone can be found at the link:. It should be remembered that both paper and metal money still exist in the kingdom.

In accordance with widespread world practice, portraits of famous government and public figures are placed on Norwegian money. Among them are writers Peter-Kristen Asbjørnsen and Sigrid Undseth, opera singer Kirsten Flagstad, scientist Christian Bireland and artist Edvard Munch.

Denominations of Norwegian krone banknotes and coins

	Banknotes

The Norwegian currency, regardless of its denomination, has a very high degree of protection:

• watermark (similar to the portrait on the front side of the banknote);
• security thread;
• hidden image (the letter “N” is visible only when the viewing angle is changed);
• relief printing;
• holographic printing;
• combined images (a geometric figure, half of which is visible only when holding the bill up to the light);
• iridescent (translucent) paint;
• ultraviolet protection.

Is it true that the god Odin is depicted on Norwegian kroner? Did the first money appear during the Vikings? Was the issue of paper banknotes organized before the construction of St. Petersburg by Peter I? There are no myths, only facts in the article about the currency of Norway.

A little history

Norwegian money, and in particular the first coins, appeared in the tenth century under Olaf. The king himself was involved in production and minting, but the mint was officially founded only in the 17th century in Christiania, the current capital of Norway - Oslo. When the mint was moved, the first banknotes were issued. By the beginning of 1700, the production of banknotes of various denominations was established, and in 1735 paper means of payment were established at the Danish-Norwegian Kurntbank.

At the end of the 18th century, the Norwegian parliament decided to switch to the gold standard. This is how the Scandinavian Monetary Union appears in Norway. The modern unit became known as the crown, and the gold standard was abandoned as the mint collapsed. After the Second World War, by 1947, the old money was withdrawn, after which new coins were issued in a 1:1 ratio, and one and two crown notes were canceled completely. Thus, the type of money completely changed, as the denomination of currencies and coins took place.

Norway money today

At the beginning of the 21st century, money came into circulation in denominations of 1, 5, 10 and 20 crowns. They correspond to 10 and 50 eras, but the issue of such money has been suspended. Larger bills were used - 50, 100, 200, 500 and 1000 crowns. The creator of the new money was Sverre Morken, who created the seventh series of crowns.

• The 50 Kr note features folklorist Peter Asbjornsen;
• The 100 Kr banknote features an image of opera singer Kirsten Flagstad;
• The 200 Kr note features the image of the scientist Christian Birkeland;
• The 500 Kr banknote features the writer Sigrid Undset;
• The 1000 Kr banknote features the artist Edvard Munch.

General data on the Norwegian currency is presented in Table 1.

Convertibility of the Norwegian krone

Guests of Norway can exchange their currency for Norwegian money at any bank branch. There are no taxes or exchange fees. Private branches can set their own percentage when buying and selling money.

Over the past four years, the value of the Norwegian krone has reached its lowest level compared to the dollar. The fjord countries and Scandinavia by the end of 2013 averaged 6.2 kroner to 1 dollar; to 1 euro - 8.3 crowns. Compared to the figures for 2009, the crown fell in price by almost 1.3 times.

Stock market experts have long studied the dynamics of the rise and fall in the value of Norwegian money. They still cannot give a reason why the crown has fallen in value. Compared to 2013 in 2014 Norwegian currency lost more than 5% in price. There has been a drop in oil prices, on which Norwegian money is dependent. With an increase in the flow of tourists, the value of the crown can increase by 7% if favorable conditions for tourists are created.

Norwegian krone exchange rate

Let's look at the dynamics of the NOK crown to the ruble RUB exchange rate over the last 30 days, quarter and year.

The dynamics of the NOK exchange rate over the last month are shown in Figure 1.

Rice. 1
Rate for the last 30 days

The dynamics of the NOK exchange rate for the last quarter are shown in Figure 2.

Rice. 2
Exchange rate for the last quarter

The dynamics of the NOK exchange rate over the past year are presented in Figure 3.

Rice. 3
Course for the last year

Let's look at the NOK to US dollar exchange rate for the last month. The data is presented in Figure 4.

Rice. 4
Exchange rate to US dollar for the last month

The NOK exchange rate to world market currencies for the current day is shown in Figure 5.

Rice. 5
Exchange rate to world market currencies for the current day

Banknote value

Currently in use, the Norwegian currency is represented by the following banknotes:

Coins in denominations of 1, 5, 10, 20 crowns are also used.

You can only pay in Norwegian kroner in Norway.

How much money to take to Norway

Prices in Norway are comparable to European ones. To calculate upcoming costs, we recommend planning your trip in advance, thinking about what kind of transport you will use on your trip, whether you plan to travel to several cities, how much you are willing to spend on food per day, etc.

Norway has luxury hotels and budget hostels. To calculate your travel budget, we suggest that you familiarize yourself with approximate prices in Norway.

Approximate prices in Norway

• Dinner with wine in a good restaurant: 800 CZK (100 €)
• Set lunch in a cafe: 300 CZK (35 €)
• Bottle of good wine: 250 CZK (30 €)
• Hot dog at a kiosk: 30 CZK (3.5 €)
• Bottle of water: 12 CZK (1.5 €)
• Glass of beer at the bar: 70 CZK (8 €)
• Double room in an inexpensive hotel: 800 CZK (100 €) /night
• Double room in an average hotel: 1500 CZK (180 €) /night
• Car rental: from 2800 CZK (350 €) / 7 days
• Bus ticket (adult): 40 CZK (5 €)

Currency exchange in Norway

You can exchange money in Norway at airports, ports, tourist centers, and banks.

Opening hours of exchange offices in Norway: 08:00-15:00, in tourist areas 08:00-19:00, at airports/ports around the clock.

On weekends, most exchange offices are closed.

Currency exchange in Norway is not a profitable procedure. Almost all exchange offices charge a commission of 2 to 10%. The most economical way to use a credit card in Norway. A small amount of cash is useful for paying for travel, in small shops, and some museums.

Credit cards in Norway

In Norway, credit cards are accepted almost everywhere, in hotels, restaurants, parking lots, etc. The most common plastic cards: Eurocard, Mastercard, Visa, American Express and Diners Club.

Tipping in Norway

Tipping in Norway is usually included in the bill and is not mandatory. You can leave a tip of 5-7% if you are very pleased with the service.

A tip of 10% of the amount spent is considered very generous in Norway.

In hotels, it is not customary to leave a tip for the maid and porter. In a taxi, the total fare is usually rounded up.

Banks in Norway

The central bank of Norway is Norwegian Bank (Norges Bank). There are also branches of many international banking companies in Norway.

Banking hours in Norway: Mon-Fri 09:00-15:30, Sat, Sun - days off.

The history of the formation of money in Norway began about a thousand years ago. It was affected by historical events, economics, wars, and occupations.

Historical reference

In 995-999 under King Olaf I Trygvasson The history of Norwegian money began. Only the monarch officially had the right to produce the first coins.

In 1625, a mint was established in Christiania (present-day Oslo). Silver for minting was supplied by the Kongsberg mine. Then in 1686 the yard was moved to Kongsberg to be closer to the mining site. In 1957, the reserves were exhausted and communication with the mine ceased.

Currency circulation before the introduction of the crown

The first banknotes appeared in 1695. J. Mollen, a merchant from Bergen, received the right to issue from the king. But later he went bankrupt. These banknotes could only be used to pay in certain parts of Norway.

In the 18th and 19th centuries, the first banks were founded and received the right to issue banknotes

• In 1736, under royal control, the private Danish-Norwegian Assignation and Bill Bank (Courantbank) was established.
• In 1791, the Danish-Norwegian Species Bank appeared.
• Riksbank founded in 1813

In 1814, the Riksbank branch in Christiania issued so-called "prince notes", which were invalidated after Norway became part of Sweden. But for some time they continued to be used along with other banknotes and certificates.

On June 14, 1816, a law creating the Norwegian Bank was passed. He began his work in January 1817. The speciedaler was taken as the monetary unit(=5 orts=120 skills).

In 1855, paper money was recognized as legal tender. banknote riksdaler riksmint(= 100 öre)

Coins

Old Norwegian coins take their name from the ancient Roman aureus (gold) coin. Abbreviated as era. They usually depicted a crown, a royal monogram, a mint seal, a cross, and the Order of St. Olaf.

From 1974 to 2012, the öre were gradually withdrawn from circulation, and now 1, 5, 10 and 20 kroner coins are in circulation in Norway.

The 1 and 5 crown coins are made of cupro-nickel alloy and have a hole in the center. 10 and 20 crowns are made of copper-zinc alloy.

REFERENCE: The obverse shows the year of issue and the digital denomination. On the reverse there are symbolic drawings:

• 1 crown: reverse - ornament and a seagull on a branch, obverse - wreath and circular inscription
• 5 crowns - reverse - oak leaves, obverse - cross and symbols of royal power
• 10 crowns - the reverse is a fragment of an ancient church, the obverse is the profile of King Harald V
• 20 crowns - reverse - a fragment of a Viking longship, obverse - similar to ten crowns

All coins are produced in the city of Oslo at the factories of the Norwegian Mint.

Norway's first paper money

In 1695, the first Norwegian banknotes were issued, the right to issue which was given by the king (of Denmark) to the Bergen merchant J. Molen (who later went bankrupt). These banknotes were legal tender in a small part of Norway.

In 1736, the Danish-Norwegian Assignation and Bill Bank was founded - a private bank under royal control, which received the right to issue banknotes.

On January 5, 1813, the Riksbank was founded and received the right to issue banknotes. In 1814, under Christian Frederick of Oldenburg, the branch of the Riksbank in Christiania issued Norwegian banknotes (“prince notes”), which were declared invalid after Norway joined Sweden in the summer of 1814. In fact, for some time they continued to be in circulation along with banknotes of the Kurantbank, Riksbank, assignation certificates and treasury certificates.

On June 14, 1816, an act of parliament was adopted to create the Norwegian Bank. The speciedaler (=5 orts=120 skills) was declared as the monetary unit. The bank began operations in January 1817.

On February 3, 1855, the paper riksdaler riksmint (= 100 öre) was declared legal tender.

On June 4, 1873, parliament decided to switch to the gold standard in 1874. Norwegian krone (symbol - NKr) = 100 ore, introduced by law on April 17, 1875 in connection with Norway's entry into the Scandinavian Monetary Union.

Before this, the monetary unit was the specidaler. On August 5, 1914, the exchange of banknotes for gold was suspended and restored in 1916. Due to the fact that the volume of banknotes issued far exceeded the gold reserves, the exchange of banknotes for gold in April 1916 became optional for the Norwegian Bank.

On March 19, 1920, the exchange of banknotes for gold was suspended and resumed on May 1, 1928. On September 27, 1931, the gold standard was abolished. Until 1917 (formally until 1924), in addition to national money, there were banknotes and coins of Sweden and Denmark in circulation.

Since 1940, the Norwegian Bank emigrated to London, and the gold reserves were in the USA, Great Britain and Canada. The bank in Norway was subject to the control of the occupation authorities. The money supply increased 5 times during the war. After liberation, from September 9 to 22, 1945, old banknotes were exchanged for new ones 1:1, 1 and 2 crown notes were canceled.

Since 1962, the mint was subordinate to the Norwegian Bank, then, in 2000, it was reorganized into a limited liability company. In 2004, crossed hammers became the symbol of the yard, and the name “Royal Norwegian Mint” was changed to “Norwegian Mint”.

Episodes released

1. Banknotes from 1994-2001

Currently, banknotes issued in 1996-2000 are in circulation in the country.

Denomination (in crowns):

Each banknote has its own size. The higher the denomination, the more. The smallest banknote of 50 crowns has dimensions of 128x60 mm, and the size of 1000 crowns is 160x80 mm.

REFERENCE: all banknotes differ in color

• 50 crowns emerald green;
• 100 - purple and brown shades
• 200 CZK - blue
• 500 crowns has brown and olive shades
• 1000 crowns - purple, blue and yellow

New banknotes

In 2014, the Norwegian Bank announced a competition for new banknote design. As a result, The Metric System agency designed the front side in a traditional style, and the creative pixel design from Snohetta Design studio came on the back.

On May 30, 2017, banknotes of 100 kroner and 200 kroner were already put into circulation. By 2019, the remaining new banknotes will be introduced in denominations of 1000, 500 and 50 kroons.

Signs and symbols on banknotes

In design, the Norwegian kroner of the 1994-2001 model resemble the euro, although they have elements of their own design.

The obverse depicts portraits of famous scientists and cultural figures. On the reverse you can see abstract works by Norwegian artists.

• Peter Christen Asbjornsen, a 19th-century Norwegian writer, is featured on the 50 kroner note. On the reverse side there is a drawing of a summer night.

• 100 kroner is decorated with a portrait of opera singer Kirsten Flagstad and the master of the Norwegian Opera on the back

• The outstanding Norwegian physicist Christian Birkeland can be seen on the 200 kroner banknote, on the reverse there is a fragment of a map of the Northern Hemisphere

• The obverse of 500 crowns depicts a portrait of the writer, Nobel Prize winner Sigrid Undset, the reverse - a wreath of ears and flowers.

• The well-known artist Edvard Munch is printed on 1000 crowns, and on the reverse side is a fragment of his painting “The Sun”.

For the new banknotes that are in the process of being introduced, the theme “Sea” was chosen. It is the main source of income and welfare of the country.

REFERENCE: each denomination had its own theme, based on which the artists created the design.

• 50 crowns - the sea that unites us all

On one side of the 50 kroner banknote is printed the Utvær lighthouse, which is located at the westernmost point of the country. On the other - a pixel ship.

• 100 crowns - the sea, thanks to which we can communicate with the world

The 100 kroner banknote depicts the Viking-era ship Gokstad. On the other side is a pixelated cargo ship and the constellation Orion, which has been guiding travelers on the right course for centuries.

• 200 crowns - the sea that provides us with food

The theme of the 200 kroner banknote is the two most common fish in Norway - herring and cod. They are mainly produced in the country and exported. On the back you can see a fishing boat and a fishing net.

• 500 crowns - the sea that gives us prosperity

The RS 14 "Stavanger" rescue ship, which operated from 1901 to 1938, is printed on the 500 kroner note.

• 1000 crowns - the sea that takes us into the future

The 1000 kroner banknote depicts a wave rushing forward. This is a symbol of an optimistic view of the future. On the back you can also see a pixelated sea.

The traditional design of Norwegian money with images of monarchs and prominent figures is gradually giving way to new designer banknotes. Now the main tribute is paid to the sea.

Norway currently has a freely floating exchange rate. It changes noticeably every year. There is a dependence on the country’s economy and how the price of oil changes.

The national currency of Norway is the kroner, which is equal to 100 øre. It is freely convertible and is part of the international system for settlement of conversion transactions. Its name is Continuous Linked Settlement, which in translation sounds like “a system of united continuous settlements.” This system applies exclusively to those states that are members of the International Monetary Fund. Since the end of the 19th century, the Norwegian krone has been one of the most stable European currencies.

The issue of this currency is carried out by the country's central bank - the Norwegian Bank, which is controlled by the Monetary Policy Committee. He, in turn, is elected by the Storting (parliament) of the state.

Coin making is the main function of the Norwegian Mint. In free circulation you can see banknotes with denominations of 50, 100, 200, 500, 1000 crowns, as well as coins with denominations of 1, 5, 10, 20 crowns and 50 öre.

Features of determining the Norwegian currency exchange rate

To determine the exchange rate of Norway's currency in relation to others, trading is carried out on the international foreign exchange market. It depends on what supply and demand are. The name of this method is free conversion. It exists and is actively used in the international economy since the IMF member countries decided to introduce it in the mid-70s of the 20th century.

Since then, free conversion has been one of the fundamental principles of the Jamaican monetary system. Its main feature is the free floating of exchange rates, the values ​​of which depend on the supply and demand of the foreign exchange market.

Results of joining the Scandinavian Monetary Union

Norway's currency, the krone, was introduced in 1876. Until this time, the inhabitants of this country used specidalers. The main goal of monetary reform is to create more favorable conditions for economic development. To achieve this, Sweden and Denmark joined the Scandinavian Monetary Union in 1873.

Each of the participating countries brought the value of its currency unit to a common gold equivalent and name. As a result, a fixed exchange rate was established for all these countries.

But despite this, each country resolved issues of money issue independently and independently. At that time, it was quite difficult to determine what currency was in Norway, because until 1917, Swedish and Danish kroner were also freely used in these lands.

World War I

When World War I began, countries that were part of the Scandinavian Monetary Union abandoned the gold backing of their currencies. This contributed to the emergence of a significant difference between their prices. The violation of parity was accompanied by the de facto demise of the Union. But there was no official decision on this matter.

During the years 1917-1933, the Norwegian government introduced and abolished the gold standard for its currency several times. Since 1931, Norway's currency has been pegged to the pound sterling.

Krona in the Second World War

In 1940, the Norwegian Bank was evacuated to London, as the entire country was captured by German troops. Those bank branches that remained operating in the occupied territory were under the control of the German authorities. They exchanged Reichsmarks for kroner at a very unfavorable rate. This fact significantly accelerated the emission of the Norwegian krone and increased inflation.

Under the Bretton Woods agreements, there was a stable exchange rate throughout 1946-1971, whereby Norway's currency was valued in relation to the key currency. It was the US dollar. Then, in 1972-1978, the krone exchange rate was supported within the framework of the “European Currency Snake”.

In 1979, the government pegged the krone exchange rate to a basket of currencies. And in 1993, Norway introduced a floating exchange rate.

Current state of the krona exchange rate

The banknotes that are currently in circulation were issued in 1996-2006. Their size depends on the denomination: the higher the denomination, the larger the size. For example, a 50-krona banknote measures 128x60 mm, while a 1,000-krona banknote measures 160x80 mm. In addition, they differ in color:

• 50 crowns are emerald green;
• 100 - brown-violet;
• blue 200 kronor note;
• the 500 kroon note has brown and olive shades;
• 1000 crowns in lilac, blue and yellow shades.

Over the past decade, there has been a constant and continuous increase in the exchange rate of the Norwegian krone against the US dollar. In 2001, for 1 dollar you had to pay 9 Norwegian kroner, and after 10 years this ratio dropped to 6 NOK.

The exchange rate of the Norwegian currency depends on the dynamics of oil prices. This is because this state is the largest exporter of this product in Western Europe. This is due to the fact that Norway depends on the situation on the energy market. The euro currency here is used almost exclusively by tourists.