Farewell to Norway’s 50-øre coin / News / The Foreigner

Farewell to Norway’s 50-øre coin. Norges Bank’s Executive Board has decided that the 50-øre coin will be no longer legal tender. Officials say they have taken this decision because people do not use change they receive to make subsequent purchases, putting them aside instead. The bank has had to produce between 15 and 22 million coins annually in recent years. People will be able to pay with the coin until 1st May, after which they will have to round sums to the nearest krone. Norges Bank will then be obliged to redeem the 50-øre for the next 10 years.

norway50oerecoin, norgesbankmoneycirculation



The Foreigner Logo

The Foreigner is an online publication for English speakers living or who have an interest in Norway. Whether it’s a glimpse of news or entertainment you’re after, there’s no need to leave your linguistic armchair. You don’t need to cry over the demise of the English pages of Aftenposten.no, The Foreigner is here!

Norske nyheter på engelsk fra Norge. The Foreigner er en engelskspråklig internett avis for de som bor eller som er interessert i Norge.

Google+ Google+ Twitter Facebook RSS RSS



News Article

LATEST:

}

Farewell to Norway’s 50-øre coin

Published on Saturday, 21st January, 2012 at 12:26 under the news category, by Nicoleta Dumitrache Sincan.

Norges Bank’s Executive Board has decided that the 50-øre coin will be no longer legal tender.

50-øre coin
50-øre coin
Photo: Norges Bank


Officials say they have taken this decision because people do not use change they receive to make subsequent purchases, putting them aside instead. The bank has had to produce between 15 and 22 million coins annually in recent years.

People will be able to pay with the coin until 1st May, after which they will have to round sums to the nearest krone. Norges Bank will then be obliged to redeem the 50-øre for the next 10 years.

“Rounding prices in cash transactions will not in itself cause prices to rise. It is only the final total in a cash transaction that will be rounded up or down, not the price of individual goods. Electronic payments are not affected by a withdrawal of coins from circulation,” the bank says.

There were approximately 359 million 50-øre coins in circulation as of 31st December 2010, with a monetary value of around NOK 179.5m.




Published on Saturday, 21st January, 2012 at 12:26 under the news category, by Nicoleta Dumitrache Sincan.

This post has the following tags: norway50oerecoin, norgesbankmoneycirculation.





  
Do NOT follow this link or you will be banned from the site!