Norwegian krone - wikipedia Norwegian krone Norwegian krone norsk krone ( Norwegian ) 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 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 5 territories Svalbard Jan Mayen Bouvet Island Queen Maud Land Peter I Island Issuance Central bank Norges Bank Website www.norges-bank.no Valuation Inflation 2.3 % Source The World Factbook, 2006 est. The krone ( ˈkruːnə ) ( 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. Contents 1 History 2 Coins 2.1 Use of 10 Syrian pound coins in Norway 3 Banknotes 4 Summary of denominations issued 5 Exchange rates 5.1 Current NOK exchange rates 6 Usage 7 See also 8 References 9 External links History A 20 - crown gold coin. The text ' 124 Stk. 1 Kil. f. G. ' means that 124 pieces gave one kilogram of pure gold 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. During the German occupation ( 1940 -- 1945 ) in the Second World War, the krone was initially pegged to the Reichsmark at a rate of 1 krone = 0.6 Reichsmark, later reduced to 0.57. After the war, a rate of 20 kroner = 1 pound ( 4.963 kroner = 1 U.S. dollar ) was established. The rate to the pound was maintained in 1949, when the pound devalued relative to the U.S. dollar, leading to a rate of 7.142 kroner = 1 U.S. dollar. In December 1992, the Central Bank of Norway abandoned the fixed exchange rate in favor of a floating exchange rate ( managed float ) due to the heavy speculation against the Norwegian currency in the early 1990s, which lost the central bank around two billion kroner in defensive purchases of the NOK through usage of foreign currency reserves for a relatively short period of time. Coins In 1875, coins were introduced ( some dated 1874 ) in denominations of 10 and 50 øre and 1 and 10 kroner. These coins also bore the denomination in the previous currency, as 3, 15, and 30 skillings and 21⁄2 specidaler. Between 1875 and 1878, the new coinage was introduced in full, in denominations of 1, 2, 5, 10, 25, and 50 øre and 1, 2, and 10 kroner. The 1, 2, and 5 øre were struck in bronze ; the 10, 25, and 50 øre and 1 and 2 kroner, in silver ; and the 10 and 20 kroner, in gold. Coins of the NOK as of 2015 The last gold coins were issued in 1910 ; silver was replaced by cupro - nickel from 1920. Between 1917 and 1921, iron temporarily replaced bronze. 1917 also saw the last issuance of 2 kroner coins. During the German occupation of Norway in the Second World War, zinc was used in place of cupro - nickel in 10, 25, and 50 øre coins, and production of the 1 krone piece was suspended. The obverse of a 1940 Norwegian krone. The reverse of the 1940 krone. In 1963, 5 kroner coins were introduced. Production of 1 and 2 øre coins ceased in 1972. The following year, the size of the 5 øre coin was reduced ; production of the denomination ceased in 1982, along with minting of the 25 øre. Ten - kroner coins were introduced in 1983. In 1992, the last 10 øre coins were minted. Between 1994 and 1998, a new coinage was introduced, consisting of 50 øre, 1, 5, 10, and 20 kroner. These are the only coins which are currently legal tender, with the exception of the 50 - øre coin which was withdrawn on 1 May 2012. It was withdrawn because it was no longer circulating as an ordinary coin used for payment. However, banks in Norway will still exchange 50 øre coins for higher values until 2022. Currently circulating coins Value Technical parameters Description Issued since Diameter Thickness Mass Composition Edge Obverse Reverse 1 krone 21 mm 1.7 mm 4.35 g Cupronickel 75 % Cu, 25 % Ni Smooth Harald V 's monogram a fowl 5 kroner 26 mm 2 mm 7.85 g Milled St. Olav 's Order acanthi leaves 1998 10 kroner 24 mm 2 mm 6.8 g 81 % Cu, 10 % Zn, 9 % Ni Interrupted milling Harald V stave church roof 1995 20 kroner 27.5 mm 2.2 mm 9.9 g Smooth Viking ship For table standards, see the coin specification table. The 10 - and 20 - kroner coins carry the effigy of the current monarch. Previously the 1 - and 5 - kroner coins also carried the royal effigy, but now these denominations are decorated only with stylistic royal or national symbols. The royal motto of the monarch ( King Harald 's motto is Alt for Norge, meaning `` Everything for Norway '' ) is also inscribed on the 10 - kroner coin. Coins and banknotes of the Norwegian krone are distributed by the Central Bank of Norway. Up to 25 coins of any single denomination is considered tvungent betalingsmiddel -- a legally recognized method of payment, in which the intended recipient can not refuse payment, according to Norwegian law. Use of 10 Syrian pound coins in Norway The characteristics of the 10 Syrian pound ( 10 SYP ) coin have been found to so closely resemble the 20 Norwegian kroner ( 20 NOK ) coin that it can fool vending machines, coins - to - cash machines, arcade machines, and any other coin - operated, automated service machine in the country. Whilst they are hardly similar to the naked eye, machines are unable to tell the coins apart, owing to their almost identical weight and size. As of mid February 2017, 10 Syrian pounds were worth 0.39 Norwegian kroner, making the 20 NOK coin 51.5 times more valuable than the 10 SYP coin. While not easy to find in Norway, the Syrian coins are still used in automated machines there with such frequency that Posten Norge, the Norwegian postal service, decided to close many of their coins - to - cash machines on 18 February 2006, with plans to develop a system able to differentiate between the two coins. In the summer of 2005, a Norwegian man was sentenced to 30 days, suspended, for having used Syrian coins in arcade machines in the municipality of Bærum. Banknotes Main article : Banknotes of the Norwegian krone In 1877, Norges Bank introduced notes for 5, 10, 50, 100, 500 and 1000 kroner. In 1917, 1 - krone notes were issued, and 2 - kroner notes were issued between 1918 and 1922. Because of metal shortages, 1 - and 2 - kroner notes were again issued between 1940 and 1950. In 1963, 5 - kroner notes were replaced by coins, with the same happening to the 10 - kroner notes in 1984. 200 - kroner notes were introduced in 1994. Current series Image Value ( millimeters ) Main Color Design First issue Obverse Reverse Obverse Reverse 50 kr 128 × 60 Green Peter Christen Asbjørnsen Water lilies 2008 100 kr 136 × 65 Red Kirsten Flagstad Folketeatret in Oslo 's concert hall 2006 100 kr 133 × 70 Red Gokstad ship Stylized Container ship and Orion ( constellation ) 2017 200 kr 144 × 70 Blue Kristian Birkeland Northern polar region and aurora 2009 200 kr 140 × 70 Blue Codfish Stylized fishing boat 2017 500 kr 152 × 75 Orange Sigrid Undset A wreath from the trilogy of Kristin Lavransdatter 2005 1000 kr 160 × 80 Purple Edvard Munch Excerpt from Munch 's wall painting `` The Sun '' These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table. Summary of denominations issued Denomination Notes Coins Printed Invalid Comments Minted Invalid Comments 1 øre -- 1876 -- 1972 1988 Bronze, iron 1918 -- 1921 & 1941 -- 1945 2 øre -- 1876 -- 1972 1988 Bronze, iron 1917 -- 1920 & 1943 -- 1945 5 øre -- 1875 -- 1982 1988 Bronze, iron 1917 -- 1920 & 1941 -- 1945 10 øre -- 1874 -- 1991 2003 Silver 1874 -- 1919, cupro - nickel 1920 -- 92 ( holed 1924 -- 51 ), zinc 1941 -- 1945 25 øre -- 1876 -- 1982 1988 Silver 1876 -- 1919, cupro - nickel 1921 -- 82 ( holed 1921 -- 50 ), zinc 1943 -- 1945 50 øre -- 1874 -- 2012 2012 Silver 1874 -- 1919, cupro - nickel 1920 -- 96 ( holed 1920 -- 49 ), zinc 1941 -- 1945, bronze 1996 -- 2012 1 krone 1917 -- 1925 1940 -- 1950 1926 1999 War time `` coin notes '' 1875 -- -- Silver 1875 -- 1917, cupro - nickel 1925 -- ( holed 1925 -- 1951, 1997 -- ) 2 kroner 1918 -- 1925 1940 -- 1950 1926 1999 War time `` coin notes '' 1876 -- 1917 1922 Silver 1878 -- 1917 5 kroner 1877 -- 1963 1999 Replaced by coin 1963 1963 -- -- Cupro - nickel ( holed 1998 -- ) 10 kroner 1877 -- 1984 1999 Replaced by coin 1984 1983 -- -- Nickel - brass 20 kroner -- 1994 -- -- Nickel - brass 50 kroner 1877 -- -- -- 100 kroner 1877 -- -- -- 200 kroner 1994 -- -- -- 500 kroner 1877 -- -- -- 1000 kroner 1877 -- -- -- Sources : Exchange rates Most traded currencies by value Currency distribution of global foreign exchange market turnover Rank Currency ISO 4217 code ( symbol ) % daily share ( April 2016 ) United States dollar USD ( US $ ) 87.6 % Euro EUR ( € ) 31.4 % Japanese yen JPY ( ¥ ) 21.6 % Pound sterling GBP ( £ ) 12.8 % 5 Australian dollar AUD ( A $ ) 6.9 % 6 Canadian dollar CAD ( C $ ) 5.1 % 7 Swiss franc CHF ( Fr ) 4.8 % 8 Renminbi CNY ( 元 ) 4.0 % 9 Swedish krona SEK ( kr ) 2.2 % 10 New Zealand dollar NZD ( NZ $ ) 2.1 % 11 Mexican peso MXN ( $ ) 1.9 % 12 Singapore dollar SGD ( S $ ) 1.8 % 13 Hong Kong dollar HKD ( HK $ ) 1.7 % 14 Norwegian krone NOK ( kr ) 1.7 % 15 South Korean won KRW ( ₩ ) 1.7 % 16 Turkish lira TRY ( ₺ ) 1.4 % 17 Russian ruble RUB ( ₽ ) 1.1 % 18 Indian rupee INR ( ₹ ) 1.1 % 19 Brazilian real BRL ( R $ ) 1.0 % 20 South African rand ZAR ( R ) 1.0 % Other 7.1 % Total 200.0 % The value of Norwegian krone compared to other currencies varies considerably from one year to another, mainly based on changes in oil prices and interest rates. In 2002 the Norwegian krone grew to record high levels against the United States dollar and the Euro. On 2 January 2002, 100 NOK were worth 11.14 USD ( 1 USD = 8.98 NOK ). In July 2002, the krone hit a high at 100 NOK = 13.7 USD ( 1 USD = 7.36 NOK ). In addition to the high level of interest, which increased further on 4 July 2002, to 7 per cent, the price of oil was high. At the time Norway was the world 's third largest oil exporter. In 2005, oil prices reached record levels of more than 60 dollars per barrel. Although interest rates had decreased to around 2 per cent, the Norwegian krone grew even stronger. However, in late 2007 and early 2008, the USD suffered a steady depreciation against all other major currencies. The Norwegian krone was gaining value at the same time ; as a result, the Norwegian krone became stronger than ever compared to the USD, making the USD worth about 5 NOK in April 2008. By October 2008, the USD had recovered and was worth approximately 7 NOK. Following 2009, the NOK has once again seen strong growth, making the USD worth about 5.8 NOK as of the beginning of 2010. Since then, the USD has gone up further and as of mid 2016 is worth about 8.5 NOK. Current NOK exchange rates From Google Finance : AUD CAD CHF EUR GBP HKD JPY USD INR SEK DKK From Yahoo ! Finance : AUD CAD CHF EUR GBP HKD JPY USD INR SEK DKK From XE : AUD CAD CHF EUR GBP HKD JPY USD INR SEK DKK From OANDA : AUD CAD CHF EUR GBP HKD JPY USD INR SEK DKK From fxtop.com : AUD CAD CHF EUR GBP HKD JPY USD INR SEK DKK Usage The Norwegian krone is used in Norway including Svalbard. It is also informally accepted in many shops in Sweden and Finland that are close to the Norwegian border, and also in some shops in the Danish ferry ports of Hirtshals and Frederikshavn. Norwegians spent 14.1 billion NOK on border shopping in 2015 compared to 10.5 billion NOK spent in 2010. Border shopping is a fairly common practice amongst Norwegians, though it is seldom done on impulse. Money is spent mainly on food articles, alcohol and tobacco, in that order, usually in bulk or large quantities. This is due to considerably higher taxes and fees on tobacco and alcohol purchased domestically in Norway. See also Danish krone Economy of Norway Estonian kroon Gold reserves of Norway Icelandic króna Scandinavian Monetary Union Swedish krona Table of historical exchange rates References Jump up ^ Bank for International Settlements : Triennial Central Bank Survey p. 12 Jump up ^ 50 - øre coin to be withdrawn in 2012 Jump up ^ Forsikringsselskap utbetalte forlik på 130 000 kroner i småmynt Jump up ^ Andersen, Øystein ( 2006 - 02 - 18 ). `` Myntsvindlere herjer i Oslo ''. Dagbladet ( in Norwegian ). DB Medialab AS. Retrieved 2008 - 03 - 08. Jump up ^ Notes and coins -- Norges Bank Jump up ^ Kroner og øre Jump up ^ Bergen Mynt og Seddel Jump up ^ Numisma Mynthandel Jump up ^ Lovdata Jump up ^ `` Triennial Central Bank Survey Foreign exchange turnover in April 2016 '' ( PDF ). Triennial Central Bank Survey. Basel, Switzerland : Bank for International Settlements. 11 December 2016. p. 7. Retrieved 22 March 2017. Jump up ^ The total sum is 200 % because each currency trade always involves a currency pair. Jump up ^ `` Mest mat i handlekurven '' ( in Norwegian Bokmål ). ssb.no. Retrieved 2016 - 04 - 12. Jump up ^ `` NOK 14.1 billion in cross border trade ''. ssb.no. Retrieved 2016 - 04 - 12. External links Factors that influence the krone exchange rate, information from Norges Bank in 2000. The banknotes of Norway ( in English ) ( in German ) Norway articles History Stone Age Bronze Age Petty kingdoms Viking Age Unification High Middle Ages Kingdom of Norway ( 872 -- 1397 ) Hereditary Kingdom of Norway Kalmar Union Denmark -- Norway Kingdom of Norway ( 1814 ) Sweden -- Norway End of the union World War II Reichskommissariat Quisling regime Norwegian government - in - exile 1945 -- 2000 21st century Geography Climate Extreme points Islands Lakes Mammals Mountains Municipalities Cities Protected areas Rivers Politics Administrative divisions National budget Constitution Correctional service Courts Customs Elections Flag flying days Foreign relations Governments Health care services LGBT history Military Monarchy Parliament Police Political parties Prime Minister Vinmonopolet Economy Energy Fisheries Government Pension Fund Industry Mining Natural gas Krone ( currency ) National bank Norwegian paradox Oil Renewable energy Stock Exchange Taxation Tourism Transport Whaling Society Crime Demographics Education Ethnic groups Immigration Languages Norwegians Pensions Religion Culture Architecture Art Bunad ( clothing ) Christmas ( season ) Cinema Cuisine Jante law Music Norwegian language Literature Media Prostitution Public holidays Sport Romantic nationalism Symbols Anthem Coat of arms Flags national flag Mottos Name of Norway Outline Portal Currency units named crown or similar Circulating Czech koruna Danish krone Faroese króna Icelandic króna Norwegian krone Swedish krona Obsolete Austrian krone Austrian Netherlands kronenthaler Austro - Hungarian krone Bohemian and Moravian koruna Czechoslovak koruna English crown Estonian kroon Fiume krone Hungarian korona Liechtenstein krone Slovak koruna Yugoslav krone Proposed Greenlandic krone As a denomination British crown Kronenthaler Currencies of Europe European Union British pound sterling Bulgarian lev Croatian kuna Czech koruna Danish krone Euro Gibraltar pound Hungarian forint Polish złoty Romanian leu Swedish krona Eastern Armenian dram Azerbaijani manat Belarusian ruble Georgian lari Moldovan leu Kazakhstani tenge Russian ruble Transnistrian ruble ( unrecognised ) Ukrainian hryvnia Southern Albanian lek Bosnian convertible mark Macedonian denar Maltese scudo ( unrecognised ) Serbian dinar Turkish lira Western Faroese króna Guernsey pound Icelandic króna Jersey pound Manx pound Norwegian krone Swiss franc Retrieved from `` https://en.wikipedia.org/w/index.php?title=Norwegian_krone&oldid=841717943 '' Categories : ISO 4217 Crown ( currency ) Currencies of Europe Circulating currencies Currencies of Norway Currency introduced in 1875 Economy of Norway Hidden categories : CS1 Norwegian - language sources ( no ) CS1 Norwegian Bokmål - language sources ( nb ) Use dmy dates from November 2010 Articles containing Norwegian - language text All articles with unsourced statements Articles with unsourced statements from January 2015 Wikipedia articles needing clarification from January 2015 Articles with German - language external links Talk Contents About Wikipedia Languages Afrikaans Azərbaycanca Bân - lâm - gú Беларуская Български Bosanski Català Чӑвашла Čeština Dansk Davvisámegiella Deutsch Eesti Ελληνικά Español Esperanto Euskara فارسی Føroyskt Français Frysk Galego 한국어 Հայերեն Hrvatski বিষ্ণুপ্রিয়া মণিপুরী Bahasa Indonesia Íslenska Italiano עברית ქართული Коми Latviešu Lietuvių Magyar Македонски मराठी მარგალური Nederlands 日本 語 Norsk Norsk nynorsk ਪੰਜਾਬੀ پښتو Polski Português Română Русский Scots Slovenčina Slovenščina Српски / srpski Srpskohrvatski / српскохрватски Suomi Svenska Tagalog தமிழ் Тоҷикӣ Türkçe Українська Tiếng Việt Yorùbá 粵語 Zazaki Žemaitėška 中文 58 more Edit links This page was last edited on 17 May 2018, at 16 : 09. 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Question: kr is the currency symbol of which country
Answer: Norway