Norwegian krone
norsk krone/norsk krona (Norwegian)
1000 kroner note 1000 kroner note
ISO 4217 code	NOK
Central bank	Norges Bank
Website	www.norges-bank.no
User(s)	Norway  Svalbard 3 Norwegian territories Bouvet Island Queen Maud Land Peter I Island
Inflation	2.3%
Source	The World Factbook, 2006 est.
Subunit
1/100	øre
Symbol	kr, ,-
Plural	kroner
øre	øre
Coins	1, 5, 10, 20 kr
Banknotes	50, 100, 200, 500, 1000 kr

The krone [ˈkɾuːnə] (or krona^[1][2]) (sign: kr; code: NOK) is the currency of Norway and its dependent territories. The plural form is kroner (or kronor ^[3]). It is subdivided into 100 øre. The ISO 4217 code is NOK, although the common local abbreviation is kr. The name translates into English as "crown". The Norwegian krone is the thirteenth most traded currency in the World by value.^[4]

History[link]

This unreferenced section requires citations to ensure verifiability.

The krone was introduced in 1875, replacing the Norwegian speciedaler at a rate of 4 kroner = 1 speciedaler. In doing so, Norway joined the Scandinavian Monetary Union, which had been established in 1873. The Union persisted until 1914 but, after its dissolution, Denmark, Norway and Sweden all decided to keep the names of their respective and now separate currencies.

Within the Scandinavian Monetary Union, the krone was on a gold standard of 2480 kroner = 1 kilogram of pure gold (1 krone = 403.226 milligrams gold). This gold standard was restored between 1916 and 1920 and again in 1928 but was suspended permanently in 1931, when a peg to the British pound of 19.9 kroner = 1 pound was established (the previous rate had been 18.16 kroner = 1 pound). In 1939, Norway pegged the krone temporarily to the U.S. dollar at a rate of 4.4 kroner = 1 dollar.

During the German occupation in World War II, the krone was pegged to the Reichsmark at a rate of 1 krone = 0.6 Reichsmark initially, later reduced to 0.57. After the war, a rate of 20 kroner = 1 pound (4.963 kroner = 1 U.S. dollar) was established. The rate to the pound was maintained in 1949 when the pound devalued relative to the U.S. dollar, leading to a rate of 7.142 kroner = 1 U.S. dollar. In December 1992 the Norges Bank (Central Bank of Norway) abandoned the fixed exchange rate in favor of a floating exchange rate (managed float) due to the heavy speculation against the Norwegian currency in the early 1990s which lost the Norwegian central bank around two billion kroner in defensive purchases of the NOK through usage of foreign currency reserves for a relatively short period of time.

Coins[link]

In 1875, coins were introduced (some dated 1874) in denominations of 10 and 50 øre and 1 and 10 kroner. These coins also bore the denomination in the previous currency, as 3, 15, and 30 skillings and 2½ specidaler. Between 1875 and 1878, the new coinage was introduced in full, in denominations of 1, 2, 5, 10, 25, and 50 øre and 1, 2, and 10 kroner. The 1, 2, and 5 øre were struck in bronze; the 10, 25, and 50 øre and 1 and 2 kroner, in silver; and the 10 and 20 kroner, in gold.

The last gold coins were issued in 1910; silver was replaced by cupro-nickel from 1920. Between 1917 and 1921, iron temporarily replaced bronze. 1917 also saw the last issuance of 2 kroner coins. During the German occupation in the Second World War, zinc was used in place of cupro-nickel in 10, 25, and 50 øre coins, and production of the 1 krone piece was suspended.

In 1963, 5 kroner coins were introduced. Production of 1 and 2 øre coins ceased in 1972. The following year, the size of the 5 øre coin was reduced; production of the denomination ceased in 1982, along with minting of the 25 øre. Ten-kroner coins were introduced in 1983. In 1992, the last 10 øre coins were minted. Between 1994 and 1998, a new coinage was introduced, consisting of 50 øre, 1, 5, 10, and 20 kroner (this last, introduced in 1994).

The 10- and 20-kroner coins carry the effigy of the current monarch. Previously the 1- and 5-kroner coins also carried the royal effigy, but now these denominations are decorated only with stylistic royal or national symbols. The royal motto of the monarch (King Harald's motto is Alt for Norge, meaning "Everything for Norway") is also inscribed on the 10-kroner coin.

The coins and banknotes are distributed by the Central Bank of Norway.

The 50-øre coin is no longer legal tender (since May 1, 2012, according to Norges Bank); it was withdrawn because it was no longer circulating as an ordinary coin used for payment. ^[5]

Banknotes[link]

In 1877, Norges Bank introduced notes for 5, 10, 50, 100, 500 and 1000 kroner. In 1917, 1 krone notes were issued, with 2 kroner notes issued between 1918 and 1922. Because of metal shortages, 1 and 2 kroner notes were again issued between 1940 and 1950. In 1963, 5 kroner notes were replaced by coins, with the same happening to the 10 kroner notes in 1984. 200 kroner notes were introduced in 1994.

Summary of denominations issued[link]

Sources: ^[6], ^[7], Bergen Mynt og Seddel, Numisma Mynthandel, Lovdata

Exchange rates[link]

The value of Norwegian kroner compared to other currencies varies considerably from one year to another, mainly based on changes in oil prices and interest rates. In 2002 the Norwegian krone grew to record high levels against the United States dollar and the Euro. On 2 January 2002, 100 NOK were worth 11.14 USD (1 USD=8.98 NOK). In July 2002, the krone hit a high at 100 NOK = 13.7 USD (1 USD=7.36 NOK). In addition to the high level of interest, which increased further on 4 July 2002, to 7 per cent, the price of oil was high. At the time Norway was the world's third largest oil exporter.

In 2005, oil prices reached record levels of more than 60 dollars per barrel. Although interest rates had decreased to around 2 per cent, the Norwegian krone grew even stronger.

However, in late 2007 and early 2008, the USD suffered a steady depreciation against all other major currencies. The Norwegian krone was gaining value at the same time; as a result, the Norwegian krone became stronger than ever compared to the USD, making the USD worth about 5 NOK in April 2008. By October 2008, the USD had recovered and was worth approximately 7 NOK. Following 2009, the NOK has once again seen strong growth, making the USD worth about 5.8 NOK as of the beginning of 2010.

As of 2009 the Norwegian krone is the tenth most traded currency on the foreign exchange market.

Current NOK exchange rates

Usage[link]

The Norwegian krone is used in Norway including Svalbard. It is also informally accepted in many shops in Sweden and Finland that are close to the Norwegian border, and also in some shops in the Danish ferry ports of Hirtshals and Frederikshavn. Norwegians spend a lot of money, around 10 billion NOK, on border shopping, as the price levels are higher in Norway than in the neighbour countries.

See also[link]

• Table of historical exchange rates
• Scandinavian Monetary Union
• Swedish krona
• Danish krone
• Icelandic króna
• Economy of Norway

References[link]

External links[link]

• Factors that influence the krone exchange rate, information from Norges Bank in 2000.

Julian H. Robertson Jr., KNZM (Hon) (born June 25, 1932)^[1] is an American former hedge fund manager. Now retired, Robertson invests directly in other hedge funds, most run by former employees of Robertson's defunct hedge fund company.

He was born in Salisbury, North Carolina in the United States. Robertson founded the investment firm Tiger Management Corp., one of the earliest hedge funds. Robertson is credited with turning $8 million in start-up capital in 1980 into over $22 billion in the late 1990s, though that was followed by a fast downward spiral of investor withdrawals that ended with the fund closing in 2000.

In 1993, his compensation and share of Tiger's gain exceeded $300 million. His 2003 estimated net worth was over $400 million, and in March 2011 it was estimated by Forbes at $2.3 billion, a slight increase from the $2.2 billion estimated the previous year.^[2] Robertson said in 2008 that he shorted subprime securities and made money through credit default swaps.^[3] The following year, according to Forbes, Robertson's return on his $200-million personal trading account was 150 percent.^[2]

Early life[link]

Robertson is a native of North Carolina, the son of Julian Hart Robertson Sr., a textile company executive, and the former Blanche Spencer.^[4] He graduated from Episcopal High School in 1951 and the University of North Carolina at Chapel Hill in 1955. While at Chapel Hill, he was admitted to Zeta Psi fraternity. He then served as an officer in the U.S. Navy until 1957.^[5]

After leaving the Navy, Robertson moved to New York City and worked for a time as a stockbroker for Kidder, Peabody & Co.. At Kidder, he eventually headed up the firm's asset management division (Webster Securities) before departing to move with his family to New Zealand for a year to write a novel. On his return, in 1980 Robertson launched Tiger Management with initial investments from friends and family.^[5]

Tiger funds[link]

On April 1, 1996 BusinessWeek carried a cover story written by reporter Gary Weiss, called "Fall of the Wizard", that was critical of Robertson's performance and behavior as founder and manager of Tiger Management. Robertson subsequently sued Weiss and BusinessWeek for $1 billion for defamation. The suit was settled with no money changing hands and BusinessWeek standing by the substance of its reporting.^[6]

The Tiger funds reached a peak of $22 billion in assets in 1998. But a combination of poor stock picking and failure to exploit the technology stock craze caused Robertson's funds to suffer steep losses at the end of the decade, prompting investors to withdraw cash.^[7] When the Standard and Poor's 500-stock index climbed 21 percent in 1999, the Tiger funds declined 19 percent.

Robertson has been quoted as saying "our mandate is to find the 200 best companies in the world and invest in them, and find the 200 worst companies in the world and go short on them. If the 200 best don't do better than the 200 worst, you should probably be in another business."^[8]

Tiger's largest equity holding at that time was U.S. Airways, whose troubles dragged down the value of his holdings. Such missteps ultimately led him to close his investment company in March 2000 and return all outside capital to investors. Tiger earlier made $2bn in gains but then gave most of them back during a huge one-day move in the yen in 1998. In September 2001, Robertson distributed 24.8 million greatly devalued U.S. Airways shares to former Tiger investors. Robertson declared his intent to hold onto his own stock in the airline.^[9]

After Tiger[link]

Kauri Cliffs Lodge near Kerikeri

After closing his fund in 2000, Robertson kept his hand in the hedge fund business by supporting and financing upcoming hedge fund managers (38 in total as of September 2009), in return for a stake in their fund management companies. Apart from those, many of the analysts and managers Robertson employed and mentored at Tiger Management went out on their own and are now running some of the best-known hedge fund firms, called "Tiger Cubs".^[10]

Today, Robertson is an active philanthropist and serves on a number of organization and university boards. He is the founder and benefactor of the Robertson Scholars Program which awards a merit scholarship that provides four-year full-tuition, room and board, and travel funding for 36 Duke University and University of North Carolina at Chapel Hill students each year. In August 2010 it was announced that Robertson had joined an initiative by software mogul Bill Gates and investor Warren Buffett in which the wealthy would pledge a portion of their assets to charity.^[11]

He also is active as an investor and developer in New Zealand, where he spends some of his time. His family owns three lodges: Kauri Cliffs Lodge near Kerikeri in Northland; Matakauri Lodge Queenstown; and The Farm at Cape Kidnappers, Hawkes Bay, as well as several wineries. Robertson was made an Honorary Knight Companion of the New Zealand Order of Merit for services to business and philanthropy in the New Year Honours announced on 31 December 2009.^[12]

In May 2010 the New York Stem Cell Foundation, a private research institution, announced that it had received a $27 million gift from Robertson and his wife Josie to fund its research.^[13] Josephine Tucker Robertson, wife of Julian Robertson, died 8 June 2010 after a long fight against breast cancer.^[14]

In January of 2012 Robertson gave significant funding to Restore Our Future, a Super PAC supporting Mitt Romney presidential campaign. ^[15]

Notes[link]

References[link]

• Rowe, Frederick (September 16, 1991). "'The best instincts in the jungle.' (money manager Julian Robertson)". Forbes (Forbes, Inc.): p. 78. 

Further reading[link]

• The Greatest Investors - Julian Robertson
• Tiger Management Closes
• Sumitomo's Copper Trader's Arrangements -- CFTC (Investigation)
• Strachman, Daniel A. Julian Robertson: A Tiger in the land of Bulls and Bears. New York: Wiley, 2004

External links[link]

Media related to Kauri Cliffs Lodge at Wikimedia Commons Media related to The Farm at Cape Kidnappers at Wikimedia Commons

• Tiger's Julian Robertson Roars Again — Fortune/CNN Money, 1/28/08
• The Ultimate Guide to Tiger Cubs and Tiger Seeds — Fundville, 3/30/10
• Video: Julian Robertson on Tiger Cubs and Tiger Seeds (hedge funds financed by him) and his estates in New Zealand — Opalesque FIVE Minutes, 11/19/09