Norwegian Krone Currency | Norway Krone | NOK

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Norwegian krone Currency:

Norwegian krone is the official currency of Norway and its dependent territories. And it is subdivided into 100 øre. As of April 2016, the krone was the 14^th most traded currency in the world by value. In 1875, the krone was introduced, replacing the Norwegian speciedaler/spesidaler at a rate of 4 kroner: 1 speciedaler. In doing so, Norway joined the Scandinavian Monetary Union, which was established in 1873. The Union continued until 1914. After the winding up of its operations Denmark, Norway, and Sweden all decided to keep the names of their respective and since then separate currencies.

The central bank of Norway, called the Norges Bank, had discontinued the system of linking with the fixed exchange rate at the fag end of 1992 in the wake of huge speculation against its currency Kroner. As a result of the new exchange rate, there was a headlong fall of about 2 billion kroner in the foreign coinage reserves of the central bank.

In 1875, coins were introduced (some dated 1874) in denominations of 10 and 50 øre and 1 and 10 kroner. In 1877, bank notes were introduced by Norges Bank for 5, 10, 50, 100, 500 and 1000 kroner.