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Norway - Krone
The History of Norwegian Krone
"In 1814, when Sweden and Norway formed their union, Sweden had both coins and paper money circulating in Norway, which fluctuated in value against one another. Riksdaler Specie (SES) coins were divided into 48 Skilling or 192 Oere; and the Paper Riksdaler (SER) was divisible into Kopparmynt Dalers, Kopparmynt Marks and Kopparmynt Oere. The currency was devalued on June 25, 1830, and 1 Riksdaler Banco (SEB, the unit of account) was set equal to 6 silver Dalers, 48 Skilling and 192 Oere. However, overissue of paper Riksbank Dalers (SEO) led to their steady depreciation.
The currency was further reformed on February 3, 1855 and the paper Riksdaler Riksmynt (SEM), divisible into 100 Oere, was made legal tender. Silver coins were minted, but gold coins were worth their intrinsic value. The Krona (SEK) replaced the Riksdaler Riksmynt in 1875 when Norway joined the Scandinavian Monetary Union, which had been established by Sweden and Denmark on May 30, 1873. Coins of Sweden and Denmark were legal tender in Norway under the Scandinavian Monetary Union, which ended de facto in 1914 and de jure in 1924. Norway left the Gold Standard on September 28, 1931.
The Norges Bank began issuing banknotes in 1817. Upon gaining its independence in 1905, Norway adopted the Krone (NOK) at par with the Swedish Krona. Norway is not part of the European Economic Community and has not adopted the Euro. Norwegian Kroner are used on the Bouvet Islands, Svalbard/Spitzbergen, Peter I Island, Queen Maud Land and the Jan Mayen islands."
Sources: Central Bank of Norway, www.globalfinancialdata.com/index.php3action=showghoc&country_name=Norway
"In 1814, when Sweden and Norway formed their union, Sweden had both coins and paper money circulating in Norway, which fluctuated in value against one another. Riksdaler Specie (SES) coins were divided into 48 Skilling or 192 Oere; and the Paper Riksdaler (SER) was divisible into Kopparmynt Dalers, Kopparmynt Marks and Kopparmynt Oere. The currency was devalued on June 25, 1830, and 1 Riksdaler Banco (SEB, the unit of account) was set equal to 6 silver Dalers, 48 Skilling and 192 Oere. However, overissue of paper Riksbank Dalers (SEO) led to their steady depreciation.
The currency was further reformed on February 3, 1855 and the paper Riksdaler Riksmynt (SEM), divisible into 100 Oere, was made legal tender. Silver coins were minted, but gold coins were worth their intrinsic value. The Krona (SEK) replaced the Riksdaler Riksmynt in 1875 when Norway joined the Scandinavian Monetary Union, which had been established by Sweden and Denmark on May 30, 1873. Coins of Sweden and Denmark were legal tender in Norway under the Scandinavian Monetary Union, which ended de facto in 1914 and de jure in 1924. Norway left the Gold Standard on September 28, 1931.
The Norges Bank began issuing banknotes in 1817. Upon gaining its independence in 1905, Norway adopted the Krone (NOK) at par with the Swedish Krona. Norway is not part of the European Economic Community and has not adopted the Euro. Norwegian Kroner are used on the Bouvet Islands, Svalbard/Spitzbergen, Peter I Island, Queen Maud Land and the Jan Mayen islands."
Sources: Central Bank of Norway, www.globalfinancialdata.com/index.php3action=showghoc&country_name=Norway
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Latest page update: made by fxwiki007
, Jul 27 2007, 4:28 PM EDT
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