BANKNOTES OF NORWAY
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Date Pick# Denomination Observations Obverse Reverse
1943 7c 5 Kroner  
 
1929 8b 10 Kroner  
 
1942 9d 50 Kroner  
 
1939 10c 100 Kroner  
 
1917 13 1 Krone  
 
1918 14 2 Kroner  
 
1948 15b 1 Krone  
 
1943 16a 2 Kroner  
 
1944 19b 5 Kroner  
 
1944 20b 10 Kroner  
 
1946 25b 5 Kroner  
 
1952 26b 10 Kroner  
 
1945 27a 50 Kroner  
 
1947 28a 100 Kroner  
 
1946 29a 1000 Kroner  
 
1962 30b 5 Kroner  
 
1970 31e 10 Kroner  
 
1965 32c 50 Kroner  
 
1950 33a 100 Kroner  
 
1972 34f 500 Kroner  
 
1961 35c 1000 Kroner  
 
1973 36a 10 Kroner  
 
1992 43d 100 Kroner  
 
2000 46b 50 Kroner  
 
2004 49 100 Kroner  
 
2002 50b 200 Kroner  
 

The history of Norway's currency
Norway was independent until the Danish King inherited the Norwegian throne in 1387. Norway had a union with Denmark from 1380 until 1814. A Union was then formed with Sweden from 1814 and in 1905 Norway gained its independence from Sweden. Norway was occupied by German forces from April 9, 1940 and remained under German control until May 8, 1945.

Norway first followed the Danish monetary system using the Danish riksdaler courant as the medium of exchange and the gold krone as the unit of account.  In Norway the riksdaler was divided into four "ort" or ninety-six "skilling". After forming the union with Denmark, Norway adopted the speciedaler as its primary unit of account. One speciesdaler was divided into 5 ort or 120 skilling.

In 1814 when Norway and Sweden formed their union, the Swedish had already both coins and paper money circulating in Norway. There were two separate Swedish currencies circulating concurrently in Norway. The Swedish paper money currency was known as the "paper riksdaler" and was divisible into "kopparmynt dalers", "kopparmynt marks" and "kopparmynt Ýre". The Swedish coin currency known as the "riksdaler specie" was divided into 48 skilling or 92 Ýre.  The values of the coin and paper currencies fluctuated greatly against one another and over issue of the paper currency led to its steady depreciation.

The currency was reformed in 1855 and the paper Riksdaler and Riksmynt was introduced and made legal tender. The new currency was divisible into 100 Ýre. Both silver and gold coins were minted in the new currency.

In 1875 the Swedish krone replaced the Riksdaler Riksmynt when Norway joined the Scandinavian Monetary Union which had been establish two years earlier by Denmark and Sweden.

Scandinavian Monetary Union
The Scandinavian Monetary Union was a monetary union formed by Denmark and Sweden on 5 May 1873 by fixing the value of their currencies to where one krone was equal to 0.403 grams of fine gold  or (2,480 Kroner = 1 kilogram of gold), making the value of both nations currencies at par with one another. Norway entered the union two years later, in 1875 by pegging the value of its currency to gold at the same level as Sweden and Denmark.

All three member countries continued to issue their own separate currencies and the coins of Sweden and Denmark were legal tender in Norway.  Banknotes of one country however were not legal tender in another member's country but due to the perceived security of this union, many of each member's banknotes circulated throughout the entire area of the union and were accepted on the basis of "as good as legal tender".

In 1905 the political union between Norway and Sweden was dissolved, this however did not affect the monetary union between the three member countries. In 1914, at the outbreak of World War I, Sweden decided to abandon the gold standard and without a fixed exchange rate the monetary union came to an end.

Norwegian currency today
Still working on it...

Norwegian paper money
Still working on it...

One and Two Kroner Banknotes
Still working on it...

Government in exile issues "London Issues"
Still working on it...

Historical exchange rates
The table below gives the average yearly exchange rates of the Norwegian krone from 1948 through to 2006.  The rates represented here show the number of Norwegian kroner per U.S. Dollar and per British pound.
 

Year US Dollar (USD) Br. Pound (GBP) Year US Dollar (USD) Br. Pound (GBP)
1948     1978    
1949     1979    
1950     1980    
1951     1981    
1952     1982    
1953     1983    
1954     1984    
1955     1985    
1956     1986    
1957     1987    
1958     1988    
1959     1989    
1960     1990    
1961     1991    
1962     1992    
1963     1993    
1964     1994    
1965     1995    
1966     1996    
1967     1997    
1968     1998    
1969     1999    
1970     2000    
1971     2001    
1972     2002    
1973     2003    
1974     2004    
1975     2005    
1976     2006    
1977          
* Rates from 1948 - 1959 are shown in old francs.

Related Pages
Svalard and Spitsbergen

 


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Page created:     1 December 2006
Last Update:      15 February 2007

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