Norwegian Krone (NOK) Profile

Norwegian krone users

Norwegian Krone is the official currency of Norway (officially the kingdom of Norway) and its dependent territories of Svalbard, Bouvet Island, Queen Maud Land and Peter I Island.

Svalbard has been recognized as a full part of the Kingdom of Norway since 1925 meanwhile as a free economic zone and a demilitarized zone according to Svalbard Act. Jan Mayen Island has no permanent population and the other three of Bouvet Island, Queen Maud Land and Peter I Island are uninhabited.

Norway is a Nordic country. The Nordic Europe countries consist of the three Scandinavian countries including the kingdoms of Norway, Sweden and Denmark, two republics of Iceland and Finland, and their associated territories of the Faroe Islands (Denmark), Greenland (Denmark) and Aland (Finland). Among them, Sweden, Finland and Denmark are the member states of the European Union (EU) and only Finland has adopted the euro.

Norway rejected joining the European Union (EU) in the two times of referendums held in 1972 and 1994.

Norwegian krone history

Norway, Sweden and Denmark used to be the members of Scandinavian Monetary Union which was formed in 1873 and lasted until World War I. The union provided a free circulation of the monetary. The three legacy currencies were replaced by an equal valued krone/krona at the rate of 1 krone/krona = 1 Swedish riksdaler = ½ Danish rigsdaler = ¼ Norwegian speciedaler.

Norwegian krone coins and banknotes

Norwegian krone is subdivided into 100 øre. Coins in denominations of 1, 2, 5, 10, 25, 50 øre were originally introduced between 1875 and 1878, however they were all withdrawn since 1972 one by one. The 50-øre coin could be accepted in trade until 2022 by the Norwegian bank but it’s no longer legal tender.

Currently in circulation coins are in denominations of 1, 5, 10, 20 kroner, banknotes are in denominations of 50, 100, 200, 500, 1000 kroner.

The plural form of krone is kroner.

Norwegian krone and the currency of crown

In English, Norwegian kroneis sometimes referred to as the Norwegian crown.The crown is a currency used in six European countries and their dependencies and dominions and crown names various because of these countries’ official language.