Norwegian krone exchange rates - NOK/PLN

The NOK became the official unit of currency in Norway in 1875 with the accession to the Scandinavian Monetary Union, of which Denmark and Sweden were also members. The name of each country’s currency refers to the symbol of the monarchy, i.e. the crown. Joining the union forced Norway to give up its previous currency Speciedaler. The monetary union did not last and broke up after World War I. For some time the exchange rate of Norwegian krone with gold was restored, but due to growing inflation authorities had to give up this idea. However, this was only the beginning of dynamic changes in tying the Norwegian krone with other currencies or with gold. And so in the following years the NOK rate was pegged to the British pound (1926), but just 2 years later it returned to gold. Interestingly, this was not the end of the rollercoaster in which Norway’s currency was dependent on another – 1933 was the year when it was again pegged to GBP, and another 6 years later the Norwegian krone exchange rate was pegged to USD. World War II was another turbulent period for Norway, the subsequent pegging of NOK to the German mark and the evacuation of the central bank outside the country made the currency in Norway constantly undergo dynamic changes.

In the 1990s, Norway rejected a proposal to join the European Union, but through membership in EFTA and the EEA, the country actively cooperates with the community. Thus, the Norwegian krone has not been, and will not be, replaced by the common currency euro.

Currently, the Norwegian krone has both banknotes and coins in circulation. However, the hundredths, or øre (1 Norwegian krone) were withdrawn in 2012. Norges Bank decided to do so, because minting coins of the lowest denominations is simply not profitable and generates too high costs. When in Norway, you will encounter coins of 1, 5, 10 and 20 Norwegian kroner. The lowest functioning denominations have a hole in the middle and a decorative Nordic ornament, and NOK 20 has a Viking drakkar. The Norwegian krone banknotes have been given a new design in recent years. In the new NOK series, images of well-known characters have been replaced by images associated with the sea. The 50 NOK banknote depicts a lighthouse, the 100 NOK banknote the ship Gokstad on the obverse and a container ship with the constellation Orion. Looking at the 200 Norwegian kroner, you will see a cod and a fishing boat, while the 500 NOK banknote illustrates a salvage ship and an oil platform on the reverse. The top banknote of 1000 Norwegian kroner shows a rough sea and a horizon. The old NOK banknotes were finally withdrawn from circulation in November 2020.