Norwegian Krone NOK

The krone is the official currency of Norway. The krone consists of five types of banknotes and four types of coins. The highest value banknote is 1000 kroner, and the lowest is 50. Coins include 1, 5, 10, and 20 kroner. There is also a smaller coin called the øre. One krone is worth 100 øre, but øre coins are worth 50.

History of the Norwegian Krone

The krone was introduced in 1875, replacing the Norwegian rigsdaler. The exchange rate was 4 kroner = 1 rigsdaler. The currency change occurred when Norway joined the Scandinavian Monetary Union, and until 1914, all Scandinavian countries used the same currency. After the union ended, each country adopted its own currency.

Interesting Facts about the Krone

Norwegian krone coins are often very similar to those of other countries, especially the Syrian pound. For example, 10 Syrian pounds and 20 Norwegian kroner are so similar that many coin-operated machines cannot distinguish them, and people often exploit this.

The value of the Norwegian krone compared to other currencies varies significantly each year, mostly due to oil prices.

The value of the Norwegian krone reached a record high in 2002 against the dollar and the euro, as oil prices also reached record levels, and Norway is the third-largest oil exporter in the world.