The Krone is the official currency of Norway. 1 Krone is equal to the sub unit 100 Øre. The current banknotes in circulation are 50, 100, 200, 500 and the rarely used 1000 kr. Coins currently in circulation are 1, 5, 10 and 20 kr. To easily differentiate banknotes they are all color coded and their size is directly proportional to their face value. The higher the value of the note, the greater the dimensions. The coins are also color coded silver (1, 5 kr) and gold (10, 20kr).
Krone means 'crown.' The value of the Krone is influenced by the price of Norway’s crude oil exports. The country is the third largest exporter of crude oil in the world.
In 1875, Norway joined the Scandinavian Monetary Union consisting of Norway, Sweden and Denmark. According to the terms and conditions of the Union it had to adopt the Krone and Ore currency which was based on gold. The Union collapsed at the outbreak of the first World War but the currency continued. The Krone was floated in 1971.
- Øre (100)
- Norges Bank