Name: Norwegian Krone

Symbol: kr

Minor Unit:
1/100 = øre

Inflation: 1.9%

Coins:
Freq Used: kr1, kr5, kr10, kr20

Banknotes:
Freq Used: kr50, kr100, kr200, kr500, kr1000

Central Bank:
Norges Bank
Website: http://www.norges-bank.no/en/

Users: Norway, Bouvet Island, Svalbard, more ...

The Rigsdaler was used as the main form of currency in Norway until 1816. During this time, Danish currency also circulated in Norway, as the two countries were in a political union. In 1816, the modern central bank of Norway, Norges Bank, was established and the monetary unit was changed to Speciedaler. The currency got devalued in 1830 and was then pegged to silver on a fixed basis. In 1875, Norway joined the Scandinavian Monetary Union (SMU) and adopted the Krone as its official currency. The union lasted until 1914, though all the countries kept their respective currencies afterwards. The Norwegian Krone moved on and off of a gold standard and was also pegged to a number of different currencies at various rates.

• 1916-1920, 1928-1931: The Krone is put on a gold standard
• 1931: The currency is fixed to the British Pound at a rate of 19.9 Kroner to 1 Pound
• 1939: It is re-pegged to the US Dollar at a rate of 4.4. Kroner to 1 Dollar
• 1940: Under German occupation, it is re-pegged to the Reichsmark at a rate of 1 Krone to 0.6 Reichsmark
• 1945: The peg is switched to the Pound, this time at a rate of 20 Kroner to 1 Pound
• 1949: The Krone’s peg changes to the US Dollar at a rate of 7.142 NOK to 1 USD
• 1971: The Norwegian Krone begins to float freely in the market
• 1978: The NOK is then linked to a basket of currencies
• 1992: The currency is let to float freely in the market