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3rd issue
The third issue saw the light of day in the autumn of 1945. On September 8th 1945, it was proclaimed that the 2nd issue of Norwegian bank notes was being recalled, and had to be exchanged for new notes before September 22nd, after which date the 2nd issue was without value.
This was done in order to reduce the pressure in the economy. The Germans had made Norges Bank issue a lot of notes to finance the war and there was not enough goods to meet the demand. This would lead to inflation if nothing was done.
Each person could only exchange notes once, and larger amounts were partially confiscated in taxes, partially put into special accounts in Norges Bank whence they would be released gradually in the coming years. Some 100 million kroner were not exchanged.
This operation had been planned long in advance. Norges Bank had begun printing the new notes in secrecy, before the end of the war. It had to be kept secret, amongst others from the Germans, but also to ensure that no-one could stash away black market fortunes or such, in ways that would keep such earnings safe from the authorities. The Norwegian authorities in London had olso prepared notes for such an operation, very colourful notes, but the "home-made" notes were used. The London notes were destroyed, only a few notes survived.
The need for secrecy explains the rather simple and primitive look of the notes. There was no 500 kroner issue. The 500 kr was the least "popular" note, and neither that nor the 1000 kr note was really intended for circulation. Until the last issues they mostly were used to store wealth or to facilitate larger transactions, going back to the banks immediately. A new 1000 kroner note was not designed, the printing plates for the 2nd issue was used, but now for a monocoloured brown print instead of a multicoloured note. A black overprint hid the word "guld" (gold) which would have made the note redeemable in gold.
The design of all notes 5–100 kroner is rather uniform:
On the front the Norwegian coat of arms to the left, denomination centre
(and right).
On the back: Norges bank and denomination.
All pictures here are thumbnails - click the thumbnail to see a large-sized
picture.
NB! The large-sized pictures might take some time
to download!
Norway 5 kroner 1945–1954 front |
Norway 5 kroner 1945–1954 back |
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Issued 1945–1954. Commoner year/serial letter combination start at about USD 15–20 in Good, strictly UNC notes fetch from USD 250 to USD 600. Look out for 1949 D, 1952 H and 1954 K (last notes issued). All notes with serial letter Z are replacement notes and very scarce, should be reported to the census. Start at about USD 2000 in Good. |
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 Norway 10 kroner 1945–1953 front |
 Norway 10 kroner 1945–1953 back |
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Issued 1945–1953. Commoner year/serial letter combination start at about USD 10 in good, strictly UNC notes fetch from USD 150 to USD 400. Look out for 1946 E (both signature varieties), 1947 E, 1947 G and 1948 J, they are relatively scarce though not very, but command a premium. All notes with serial letter Z are replacement notes and very scarce, should be reported to the census. Start at about USD 1000 in Good. |
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Issued 1945–1950. Commoner year/serial letter combination start at about USD 80 in good, strictly UNC notes fetch from USD 1000. Difficult to find in UNC as all notes were folded vertically once before leaving Norges bank. Look out for 1947 A and 1948 A, the latter is very scarce and should be reported to the census. All notes with serial letter Z are replacement notes and extremely scarce, should be reported to the census. Start at about USD 1700 in Good. |
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Issued 1945–1949. Commoner year/serial letter combination start at about USD 65 in good, strictly UNC notes fetch from USD 800. Difficult to find in UNC as all notes were folded vertically once before leaving Norges bank. Look out for 1949 C, the last notes issued. All notes with serial letter Z are replacement notes and scarce, should be reported to the census. Start at about USD 600 in Good. |
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A picture of the 1000 kroner note should appear here, but as I have no such note it may take some time. The design is the same as the 1000 krone of the 2d issue, but is in brown, and with an overstamp over the word "guld" ("gold", originally meaning the note was redeemable in gold, this had been permanently suspended). The total issued was 504 000 notes, making it an extremely rare modern issue. Difficult to find in UNC as all notes were folded vertically twice before leaving Norges bank. 1945 is the commoner year, starting at USD 1100 in Good, AU notes fetching about USD 5000. 1947 is rare and should be reported to the census. |
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This page was last updated on 05.02.2005.
© janeriks Jan Erik Frantsvåg 2001 Reg.no. NO 983 140 831
Contact me by e-mail: mn@janeriks.no
