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Norway’s Currency: An Introduction to the Norwegian Krone

Norway currency banknotes
Norway ’ randomness currency is the norwegian norwegian krone, but how much do you truly know about it ? hera is the history and other things to know about the currency of Norway .
When it comes to money in Norway, the eminent monetary value of be is the first thing that springs to most people ‘s minds. That ‘s no surprise ! But one thing that will help is to understand Norway ‘s currency american samoa soon as potential. This helps appreciate the full monetary value site and avoids expensive mistakes.

There are 180 currencies that the United Nations ( UN ) member states recognise as legal tender in the world. In Europe, there are 25 active currencies across 50 united nations extremity nations .

Norway does not use the Euro

The number of country specific currencies dwindled in Europe when the euro was introduced as a forcible denomination on 1 January 2002. It ’ mho presently the official currency of 19 of the 27 EU member states. If a state becomes a eurozone member, it ’ s expected to use the euro .
Because Norway is n’t a full moon EU member and only associated through its membership of the european Economic Area ( EEA ), the nation has kept the norwegian norwegian krone. Just like many other currencies around the world, it has been through an evolutionary travel over the years .
Bit art new bank notes

History of Norway’s currency

The norwegian danish krone was launched in 1875, when Norway joined the Scandinavian Monetary Union. It replaced the speciedaler/spesidaler ( or speci-dollar ), a currency that was used in the area between 1816 and 1875 .
Read more : How to Transfer Money Internationally
When the SMU was dissolved in 1914, each of the three scandinavian countries decided to keep their respective “ crown ”. Norway kept the norwegian norwegian krone, Sweden the swedish swedish krona and Denmark the Danish norwegian krone .
Coins originally came in forcible denominations of 10 and 50 øre and 1 danish krone and 10-krone coins, but when the coins were introduced in full between 1875 and 1878, 1, 2, 5, 10, 25 and 50 øre and 1, 2 and 10-krone coins were introduced .
50-øre coins
In 1963, 5-krone coins were launched. In 1972, production of 1 and 2-øre coins stopped. then, in 1982, the mint of the 5 and 25-øre coins besides stopped, while the last 10-øre coins were produced a ten late .
between 1994 and 1998, the new coins were introduced. They included a 50-øre mint, although this was removed from circulation in 2012. As of 2019, the norwegian danish krone was the 14th most deal currentness in the world .

Current denominations

Norway is one of several countries that uses a currency that literally translates as “ crown ”. The norwegian danish krone, or to use its abridge sign/code NOK, is used freely in the country and its dependant territories .
Read more : Send Money Between the US and Norway
1 NOK contains 100 øre, in the like way the euro has cents or the pound pennies. however, the øre is different. Since 2012, it has existed merely electronically. It is immediately only used in the quotation of prices and in shops and on-line .
For exercise, if you pay 9,50 in a grocery store storehouse with a 10 danish krone coin, you get no change. But if you pay with a credit or debit menu, you will be charged precisely 9,50.

coins of norway
Coins in circulation : 1, 5, 10, 20 .
Notes in circulation : 50, 100, 200, 500, 1,000 .

The new bank notes

My favored thing about norwegian money is the newly banknotes. They were launched in 2019, and possibly I ’ m biased but, Norway surely has the coolest notes in the world .
possibly because Norges Bank knows that physical money will be disused in the near future, it ’ second given them some freedom in terms of the design of the new notes. Each celebrates the Norway ’ second farseeing history and affinity with the sea :

  • The 50-kroner note depicts Ulvær Lighthouse and signifies “the sea that binds us together”.
  • The 100-kroner has an image of the famous Gokstad ship, representing “the sea that takes us out into the world”.
  • The 200-kroner has a cod fish design – “the sea that feeds us”.
  • The 500-kroner pictures a rescue vessel (RS 14 Stavanger), signalling that “the sea that gives us prosperity” (oil and gas wealth).
  • And finally, the 1,000-kroner note is purple, with a powerful wave out at sea – “the sea that carries us forward”.

new bank notes
On the invert of each note is the same image captured in morsel artwork ( a pixelated persona ). It adds a superintendent modern, and slightly boldness, fresh search to each ..

Vipps

Vipps is good one of a number of must-have apps in Norway. It ’ s the country ’ s leading mobile payment solution app that makes it super easy to pay for goods and services .
The app takes the tension away from things like splitting bills at restaurants and bars, with the facility to split it evenly between a group. Vipps besides allows you to send money to friends, all you need for this is their mention and mobile call total – or if you have them saved in the app, it takes only a couple of clicks .

Online banking and payments

Most banks in Norway come with a mobile deposit app, making it easier than ever to track income and expending. The apps allow you to pay bills with a face recognition, electronic key signature or a erstwhile code. It ’ mho besides possible to access your account anywhere and at any clock time .
In fact, the only reluctance to the migration to digital trust comes from some of the nation ’ s older generation. My friend declared to me last workweek, “ well, it finally happened – I persuaded my Dad to get on-line banking ” .
the future of banking
The comfort of access and use of Vipps and the versatile bank apps, highlight the benefits of switching from physical money to digital only.

The future of Norway currency

The future of Norway ’ south currentness about surely looks like it will be digital. even nowadays, I can say, I can ’ t remember the last fourth dimension is handled cash .
In fact, Norway ‘s governing Conservative Party ( Høyre ) has pledged to remove paper money all in all by 2030. The first stage in the serve was to remove the requirement for business to accept cash payments. The second will be to introduce compulsory on-line placard across the board .
The undertaking is supported by the norwegian Police Federation, who believe it will help in the fight against tax evasion and early criminal activities. however, there is an election around the corner in 2021 .

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