Norwegian coins, ca 1910
The krone or crown was introduced in 1875 when Norway joined the Scandinavian Monetary Union that had been established two years earlier in 1873. The krone was a replacement for the Norwegian speciedaler with 4 kroner equal to 1 speciedaler. The Monetary Union was dissolved in 1914 but Denmark, Norway and Sweden decided to keep the names for their separate currencies. Originally within the Union the krone was on a gold standard but that was abandoned permanently in 1931. During German occupation in World War II the krone was linked to the Reichsmark at the rate of 1 krone equaling 0,6 Reichsmark. After the war the krone had a fixed rate of exchange until 1992 when the Norges Bank abandoned the fixed exchange rate in favor of a floating exchange rate or managed float .
In 1875 there were coins in denominations of 10 and 50 øre and 1 and 10 kroner with the corresponding previous currency also indicated on the coins. The last gold coins were issued in 1910 and in 1920 silver was replaced by cupro-nickel. Between 1917 and 1921 iron temporarily replaced bronze. Also in 1917 the 2 kroner coins were discontinued. One krone was equal to 100 øre. Today the øre has been retired and coins are issued in 1, 5, 10 and 20 kroner values. The present day exchange rate does not vary much and is currently approximately 5.8 kroner equal to one U.S. dollar.
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