South Korean Won (1945–1953)

The krone (plural: kroner; sign: kr.; code: NOK) is the currency of Norway and its dependent territories. It is subdivided into 100 øre. The name "krone" literally means "crown", and is cognate with the Scandinavian countries' and Icelandic króna, the Faroese króna, the Swedish krona, and the Danish krone. All of these names derive from the krone, the former Norwegian coin with the same name. The krone was the thirteenth most traded currency in the world by value in April 2010, with a trade volume of approximately $20.3 billion per day. 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 and the krone remained on that standard until its dissolution in 1814. After its dissolution, Denmark, Norway, and Sweden all decided to keep the names of their respective and now separate currencies. Norway used the imperial units of measure until 1824, when it switched to metric. This change did not affect the coin names. Coins with a face value of 1, 2, and 5 øre were introduced, with 1, 2, and 10 kroner coins following in 1854. A 50 øre coin was introduced in 1874, with the 5 øre coins discontinued in 1876. Between 1874 and 1876, Sweden introduced coins with a 1, 2, and 5 krona face value. In 1877, Norway introduced its first paper money, the Norwegian Banknotes, with a 50 kroner note followed by notes of 100, 500, and 1000 kroner. A 10 kroner note was introduced in 1883. The Union between Sweden and Norway was dissolved in 1905, leading each country to issue its own currency once again. On 3 May 1918, Norges Bank introduced Norway's first notes, with denominations of 1, 5, 10, 50, and 100 kroner. In 1925, the 1 krone note was discontinued, with the current lowest denomination, the 50 øre coin, introduced in 1927. In 1875, coins were introduced in denominations of 1, 2, 5, 10, and 25 øre and 1, 2, and 10 kroner. The 1, 2, and 5 øre were struck in bronze, the 10, 25 øre and 1 krone in silver, and the 2 and 10 kroner in gold. In 1906, gold 5 kroner coins were introduced, followed by aluminium-bronze 50 øre in 1918 and cupro-nickel 25 øre in 1919. Between 1915 and 1917, zinc 10, 15, 25, and 50 øre and 1 krone coins were issued by the occupying German authorities in Norway. In 1923, aluminium 1 and 2 øre, and cupro-nickel 5, 10, and 25 øre and 1 and 2 kroner coins were introduced, with the 2 kroner also available in gold. The 1 øre was discontinued in 1930. In 1931, aluminium replaced cupro-nickel in the 5, 10, and 25 øre coins, although cupro-nickel 5 øre coins were issued between 1954 and 1960. In 1939, Norway introduced nickel-clad-steel 5 and 10 kroner coins. Production of the 1 and 2 kroner coins was halted in 1940, with zinc 10 and 15 kroner introduced in 1941 and aluminium-bronze 5 and 10 kroner introduced in 1942. In 1963, 5, 10, and 25 øre coins were redesigned to be smaller and struck in aluminium-bronze, with the 1 krone following suit in 1974. Also in 1974, a new, smaller 5 kroner coin was introduced, struck in aluminium-brass. In 1986, the 50 øre was redesigned to be smaller and struck in aluminium. In 1992, a new 100 kroner note was introduced, followed by a redesigned 50 kroner note in 1996 and a 500 kroner note in 1998. The design of the 100 kroner note was refreshed in 2001, while the 50 kroner note was refreshed in 2004. In 2006, a new 20 kroner note was introduced, followed by a new 500 kroner note in 2009. On 1 January 2009, the Norwegian krone was pegged to the euro at a rate of 1 NOK = 0.71157 EUR. This peg lasted until 14 December 2015 when the Norwegian government removed the peg and allowed the krone to float freely against the euro. As of June 2017, the exchange rate is 1 EUR = 8.96 NOK.