The Norwegian krone is the currency of Norway and the dependent territories. It is divided into 100 Ore and its ISO code is NOK. Its official abbreviation is KR.
History of the Norwegian Currency
The history of Norwegian money goes back centuries. It is known that Norwegian coins existed as early as 1000. These were called pennies. However, all coins were imported to Norway, as no coins were minted in the country itself. The “Skilling” and “Specie-Taler” were the official currency of Norway from 1544
From 1628 a mint was built in what is now Oslo. This establishment worked with silver from factories and mines in Kongsberg (today: Königsberg). The artistic production was relocated there in 1686. Then in 1695 the first banknotes were introduced.
The first bank, established in 1736, was a private bank but was still subject to royal decree. This bank had the task of issuing notes and the government itself could also borrow money. Since there were too many notes in circulation, the monetary system failed and it was supposed to be “cleaned up” by founding a new bank, but that also failed because the Norwegian government, with the help of the bank, financed its expenses.
The “Skilling” and “Specie-Taler” were replaced in 1875 by the Krone, which was established as the single currency by the Law on Monetary Affairs. This was also a turning point in Norwegian money and its history. At that time the decimal system and the sub-currency Ore were introduced practically at the same time.
As mentioned before, 100 ores correspond to one crown. Long-term inflation has made this denomination less important. No ore coins have been in circulation since May 2012, and the 50 ore coins have also been abolished.
In 2000 the law on payment systems came into force. It regulates the responsibilities and ensures that Norges Bank monitors the payment systems. There are Norwegian banknotes of 50, 100, 200, 500 and 1000 kroner. The coins are worth 1, 5, 10 and 20 crowns.
Exchange into Norwegian kroner
The money should only be changed in Norway, as you will probably get a better exchange rate there. Withdrawing with giro or credit cards at ATMs is particularly recommended.