NORWAY (from 1945) - Norwegian krone (crown) [NOK]

1 krone = 100 øre

In 1905, when Norway announced independence from Sweden the legal currency was Swedish crown [SEK]. The Swedish crown was in a monetary union with Danish crown [DKK] from 1872. Norwegians, being a part of this union from 1875 as an autonomy, naturally joined it also as an independent state. Even while being a part of Sweden, but also earlier as a part of Denmark, Norway had the autonomous right to issue coins with Norwegian Coat of Arms. There was therefore no reason to introduce a totally new national currency just to feel independent, especially when the united crown was functioning well. One crown of the monetary union was exchangeable into 403 milligrams of gold and Norwegians joined the union keeping the same gold standard. In this way Norwegian crown [NOK] was formed on July 6th, 1905. When World War I erupted, the monetary union was dismantled, but Norway was trying to keep the gold standard until 1931, when the crown was pegged to British pound [GBP] in a rate 19.9 NOK for 1 pound. In 1939 the crown was pegged to American dollar [USD] with a rate 4.4 NOK for 1 dollar. After the World War II the ratio was updated to 4.96 NOK for 1 dollar and later to 7.14 NOK for a dollar in 1949. Only in December 1992 a floating exchange rate was applied when pegging to dollar became very expensive.

Please, note that at the moment we are presenting only these types of circulation coins of Norway, which were struck after year 1944.