The Kingdom of Norway was first recorded in 872. Norway was independent until the Danish King inherited the Norwegian throne in 1387. Norway had a nominally personal union with Denmark from 1380 until January 24, 1814, and a personal union with Sweden from November 4, 1814 until June 7, 1905 when Norway gained its independence. Norway was occupied by Germany from April 9, 1940 until May 8, 1945.
The first coins were issued by Norway under King Olaf Tryggvason around 995, copying the Crux penny of Etherlred II of England. During Norway’s union with Denmark, Norway followed the Danish monetary system with the Gold Krone (DKG) being the unit of account, and the Rigsdaler Courant (DKC) and Rigsbankdaler (DKR) being the media of exchange. The Riksdaler was divided into 6 Mark or 96 Skilling in Bergen and Copenhagen, and it was divided into 4 Ort or 96 Skilling in Christiania (Oslo), Trondheim and Romsdal. After becoming part of Norway, the Speciesdaler became the primary unit of account with 1 Speciesdaler equal to 5 Ort or 120 Skilling.
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. |
