The Kingdom of Norway (Kongeriket Norge) is a Nordic country that occupies the western half of the Scandinavian Peninsula. It shares its eastern border with Sweden. It is surrounded by the Skagerrak Strait and Denmark to the south and Finland and Russia to the northeast. Its coastline faces the North Atlantic Ocean and the Barents Sea. Because it has a long coastline, Norway has a strong seafaring tradition. The Viking era is often cited to illustrate its long history of seafaring and rich culture. Modern Norway continues this tradition with maritime transportation of goods and specialized shipbuilding. Norway is also one of the largest petroleum exporters in the world.
Norway merged with Denmark to form the Kingdom of Denmark-Norway from 1537 to 1814. From 1814 to 1905, the two formed the United Kingdoms of Norway and Sweden. After that alliance, the two kingdoms separated and became independent. Norway is not part of the European Union. However, it still maintains close ties to other European countries through the European Economic Area. Norway is also a member of the European Free Trade Association (EFTA) and the European Single Market. It is also a part of the Schengen Area.
Norway uses the krone as its official currency. One krone is equivalent to 100 ore. The word krone is Norwegian for crown. The krone was adopted in 1875 when Norway joined the Scandinavian Monetary Union. The Union used the Norwegian krone as the gold standard, with one kilogram of gold equivalent to 2,480 kroner. The Union dissolved in 1914. However, Norway continued to use the krone as its currency. The use of the Norwegian krone as the gold standard ended in 1931.
The Norges Bank is the central bank of Norway. It was established on June 14, 1816. Prior to the adoption of the krone, Norway used the speciedaler. The krone was adopted in 1875 at a rate of four kroner to one speciedaler.
Circulating notes are issued in denominations of 50 kroner, 100 kroner, 200 kroner, 500 kroner, and 1,000 kroner. These notes feature prominent Norwegians who impacted the country’s history and culture and their contributions.