Currency law [Lov om pengevæsenet] on the adoption of the Thaler in the Danish silver standard of 1671; effective 01.01.1819 by law of 13.08.1818
14.06.1816
Law on the establishment of the Bank of Norway as central bank; effectve upon constitution of the bank on 01.01.1817
01.01.1819
Start of currency exchange: - 01.01.1819: Start of issuance of the new banknotes (subsidiary coins already in 1816) - 30.04.1819: Danish Rigsbank notes no longer accepted for payment but could be exchanged at the Bank of Norway (?).
Valuation Regimes
1816-1873
Metallic currency based on circulating silver coins. Base weight was the Cologne mark / 16 Lot / 18 Grän at 233.856 grams.
Currency law [Lov om pengevæsenet] on the adoption of the gold standard of the Scandinavian Currency Union, based on the Specie Thaler of 4 Crowns; effective 01.01.1874
01.01.1874
Start of currency exchange: - 01.01.1874: Start of issuance of new coins denominated in both Specie Thaler and Crown - 01.01.1877: Start of issuance of new banknotes and coins denominated in Crown - 31.12.1877: Demonetization of the former banknotes denominated in Thaler (gold and silver coins were demonetized on 31.12.1881, subsidiary coins on 31.12.1884) - 02.08.1914: End of legal tender status of Danish and Swedish money in Norway.
17.04.1875
Currency law [Lov om pengevæsenet], abolished the denominations of Specie Thaler and Skilling; effective 01.01.1877
16.10.1875
Ratification of the Scandinavian Currency Union of 18.12.1872 between Denmark, Norway and Sweden; effective immediately
1940-1945
German occupation of Norway in World War II: - ??.04.1940: German occupants established a military exchange rate of German Reichsmark = 0.6 Norwegian Crown, but the Crown was subsequently not pegged and fluctuated around a ratio of 1 : 0.58 - 05.09.1945: Post-occupation banknote exchange of denominations higher than 2 Crowns until 22.09.1945. Of the collected cash 60% were transferred to a proprietor's bank account, 40% to a blocked "state account" where withdrawal required authorization.
Valuation Regimes
1875-1914
Metallic currency based on circulating gold coins, the gold standard was suspended on 02.08.1914
1914-1928
Variable rate around the former gold parity
1928-1931
Fixed rate against gold, the gold parity was abandoned on 28.09.1931
1931-1967
Fixed rate against British Pound
1967-1973
Fixed rate against US Dollar
1973-
Variable rate (the IMF gold parity was updated until 16.10.1978)
Rate Arrangements
01.01.1875
Metallic
Crown: 403.23mg AU fine
2'480 Crowns (620 Specie Thalers) to the kilogram fine gold
02.08.1914
Variable
initially: [Gold parity] 403.23mg AU fine
±0.0%
01.05.1928
Fixed
[Gold parity] 403.23mg AU fine
-
28.09.1931
Fixed
British Pound at 1 : 19.90
-8.7%
16.05.1945
Fixed
British Pound at 1 : 20 - [Gold parity (18.12.1946)] 179.07mg AU fine
+5.9%
18.09.1949
Fixed
British Pound at 1 : 20 - [Gold parity] 124.41mg AU fine
±0.0%
18.11.1967
Fixed
US Dollar at 1 : 7.143 - [Gold parity] 124.41mg AU fine
±0.0%
18.12.1971
Fixed
US Dollar at 1 : 6.645 - [Gold parity] 124.41mg AU fine
+7.5%
15.02.1973
Fixed
US Dollar at 1 : 5.981 - [Gold parity] 124.41mg AU fine