Norwegian currency is used across all of Norway and Svalbard. It is accepted on a random and unofficial basis along the ports and borders in Sweden, Finland, and Denmark.
The currency of Norway is called a krone. More than one are called kroner. In English, the word krone translates to crown.
Unlike $, £, or €, there is no symbol for a krone. Instead, the letters kr are used after the price or value, generally in lowercase.
Norwegian kroner not only come in different denominations, but various physical sizes and colors. Kroner exist as bills and coins, depending on the denomination.
Even though the Norwegian krone is their “dollar”, lower denominations come in coin form. Since they are used so frequently in transactions, the metal lasts longer than paper.
|Kroner Coin Value|
There have been seven series of Norwegian kroner, as of 2015.
|Bill Value||Color||Series 7:
|50 kr||Green||Peter Christen Asbjørnsen, writer||Water lilies|
|100 kr||Red-Violet||Kirsten Flagstad, opera soprano||Folketeatret in Oslo’s concert hall|
|200 kr||Blue||Kristian Birkeland, scientist||Polar Landscape and Northern Lights|
|500 kr||Orange, Tan||Sigrid Undset, writer||A wreath from the trilogy of Kristin Lavransdatter|
|1000 kr||Purple||Edvard Munch, painter||Section from Munch’s wall painting “The Sun”|
The eighth kroner series has preliminary design approval. Series eight will have pictures related to the sea on the front and pixels on the back. The size of the pixels will be smaller on lower denomination bills and increase in size as the banknote value increases. There will be additional security features to deter forgeries.
One krone is subdivided into 100 øre, but the øre coins are no longer in circulation. From a banking standpoint, they only exist digitally.
Historically, the coins have been made from many different metals. The designs vary from simple to ornate, including animals, royal emblems, art, and symbols. Some coins have a hole in the middle. The discontinued coins are sometimes available in the non-banking marketplace of coin collectors and artists who make jewelry and other things from them.
Basis for Value
The krone has been periodically been tied to the gold standard, the British pound, and the US dollar. During the World War II German occupation (1940–1945) in the Second World War, the krone was pegged to the Reichsmark.
Currently the krone is based on a floating exchange rate in which Norway’s currency’s value is allowed to fluctuate in response to market mechanisms of the foreign-exchange market. With a strong oil economy, it generally fares well.
The currency code for Norwegian money in the exchange market is NOK.
You can see the current value of the Norwegian krone in exchange for other world currencies in the left column on this page.
History of the Norwegian Krone
This history is intentionally incomplete as changes occur frequently, but hits some highlights.
2012: The end of all øre coins as legal tender. The øre now exists only electronically.
2003: 10 øre coins become invalid.
1988: 1, 2, 5, and 25 øre coins are discontinued.
1992: In December, the Central Bank of Norway abandoned the fixed exchange rate in favor of a floating exchange rate
1910: The last gold coins were issued.
1875: The krone was introduced as Norway joined the Scandinavian Monetary Union. The previous currency was the Norwegian speciedaler.