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37-397: The festival does not aim to be the biggest of its type, but to become Europe's "largest blues experience", which is reflected in their emphasis on quality over quantity. In 1988, thirteen local blues enthusiasts gave their personal guarantee to the bank and were granted a cash credit, and the first Notodden Blues Festival took place. The credit from the bank turned out to be unnecessary, and

74-602: A Scandinavian Monetary system based on the Gold standard was imposed 1873 to 1875. The union was dissolved gradually from the outbreak of World War One until 1924, when the union formally was dissolved. Nevertheless, the 1:1:1 banknote rate continued at least until the economical crisis in the early 1930s. Whether the Scandinavian Monetary Union was a success has been a subject of discussion. Some experts observe it functioned best between 1901 and 1905, at which point it

111-728: A call for a firm monetary system had risen in the 1860s. The idea of using a foreign currency was discussed, but as the old dividing of the British Pound was similar to what Scandinavia wished to get rid of, the French defeat in the Franco-Prussian War made the French Franc less attractive and as the German Mark was out of the question in Denmark after the 1864 Second Schleswig War , the idea of

148-460: A multitude of workshops including: [REDACTED] Media related to Notodden Blues Festival at Wikimedia Commons Norwegian krone The krone ( Norwegian: [ˈkrûːnə] , abbreviation : kr (also NKr for distinction); code : NOK ), plural kroner , is the currency of the Kingdom of Norway (including overseas territories and dependencies ). It was traditionally known as

185-602: A new board, consisting of one leader and six board members. The General Assembly provides the guidelines and financial frames wherein the Board can operate. In 1992, NBF established the Notodden Blues Festival Foundation. The goal of this entity is to secure the financial costs needed to operate the festival. Presently, the "operation capital " controlled by the Foundation is NOK 900,000, which has been accumulated as

222-475: A result of the economic success of previous festivals. Each year, young people between the ages of 14 and 18 are given the opportunity to be a part of the "New Generation of the Blues". Forty youths are chosen to participate in this seminar. Participants, though mostly from Norway, come from as far away as Mississippi, U.S.A. Professional instructors, with backgrounds ranging from studio, touring and television, guide

259-536: A system able to differentiate between the two coins. In the summer of 2005, a Norwegian man was sentenced to 30 day suspended sentence , for having used Syrian coins in arcade machines in the municipality of Bærum . In 1877, Norges Bank introduced notes for 5, 10, 50, 100, 500, and 1000 kroner. In 1917, 1 krone notes were issued, and 2 kroner notes were 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

296-510: Is considered tvungent betalingsmiddel —a legally recognized method of payment, in which the intended recipient can not refuse payment, according to Norwegian law . The characteristics of the ten Syrian pound (LS 10) coin have been found to so closely resemble the Norwegian 20 kroner (NKr 20) coin that it can fool vending machines, coins-to-cash machines, arcade machines, and any other coin-operated, automated service machine in

333-572: Is due to considerably higher taxes and fees on tobacco and alcohol purchased domestically in Norway. The krone was introduced in 1875, replacing the Norwegian speciedaler/spesidaler at a rate of 4 kroner = 1 speciedaler. In doing so, Norway joined the Scandinavian Monetary Union , which had been established in 1873. The Scandinavian currencies were mutually exchangeable at par until 1914 with

370-569: The Norwegian crown in English; however, this has fallen out of common usage. It is nominally subdivided into 100 øre , although the last coins denominated in øre were withdrawn in 2012. The krone was the thirteenth-most-traded currency in the world by value in April 2010, down three positions from 2007. The Norwegian krone is also informally accepted in many shops in Sweden and Finland that are close to

407-608: The gold standard was triggered by Germany's adoption of the German gold mark in 1873 and of the consequent disturbance in the silver market. The monetary union established the gold krone ( krona in Swedish) replacing the legacy currencies at the rate of 1 krone = 1 Swedish riksdaler = 1 ⁄ 2 Danish rigsdaler = 1 ⁄ 4 Norwegian speciedaler = 1 ⁄ 4 Hamburg reichsthaler . The latter's conversion to 4.50 German gold marks (hence, 1 krone = 1.125 marks) established

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444-466: 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 the 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. These are

481-542: 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 in 1920. Between 1917 and 1921, iron temporarily replaced bronze. 1917 also saw the last issuance of 2 kroner coins. During the German occupation of Norway in the Second World War , zinc was used in place of cupro-nickel in 10, 25, and 50 øre coins and production of

518-463: The 19th century. The union ended during World War I. The original Scandinavian currencies were based on the silver Reichsthaler , defined by the Hamburg Bank as 25.28 grams fine silver, which was equal to one Norwegian speciedaler or two Danish rigsdaler . Sweden's riksdaler specie was slightly heavier at 25.5 g and was equal to four Swedish riksdaler riksgalds . The Scandinavian switch to

555-574: The NOK through the usage of foreign currency reserves for a relatively short period of time. Sources: 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 2 + 1 ⁄ 2 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;

592-482: The Norwegian border, and also in some shops in the Danish ferry ports of Hirtshals and Frederikshavn . Norwegians spent 14.1 billion NOK on border shopping in 2015 compared to 10.5 billion NOK spent in 2010. Border shopping is a fairly common practice amongst Norwegians, though it is seldom done on impulse. Money is spent mainly on food articles, alcohol, and tobacco, in that order, usually in bulk or large quantities. This

629-436: The Norwegian krone grew even stronger. However, in late 2007 and early 2008, the dollar suffered a steady depreciation against all other major currencies. The Norwegian krone was gaining value at the same time; as a result, the krone became stronger than ever compared to the dollar, making the dollar worth about 5 kroner in April 2008. By October 2008, the dollar had recovered and was worth approximately 7 kroner. Following 2009,

666-482: The Union. The monetary union was never accompanied by a tariff union as well. This stresses its partial nature - it never formed a vital part of these countries' international economic relations. Other experts take a more positive view, arguing that no other politically independent countries went equally far in their monetary integration. From an international perspective, it was the most successful of all monetary unions during

703-555: The country. Machines are unable to tell the coins apart, owing to their almost identical weight and size. As of mid-February 2017, LS 10 was worth NKr 0.39, making the 20-kroner coin 51.5 times more valuable than the 10-pound coin. While not easy to find in Norway, the Syrian coins are still used in automated machines there with such frequency that Posten Norge , the Norwegian postal service, decided to close many of their coins-to-cash machines on 18 February 2006, with plans to develop

740-470: The differences between the North Germanic languages . The political union between Sweden and Norway was dissolved in 1905, but this did not affect the basis for co-operation in the monetary union. All three countries still use the same currencies as during the monetary union, but they lost their peg, one to one, in 1914. The Icelandic króna is a derivative of the Danish krone, established after Iceland

777-603: The festival soon became one of Norway's most popular music festivals. Today, the Notodden Blues Festival is the largest "pure" blues festival in Scandinavia, expanding from 2,000 sold tickets ( NOK 200,000 gross ticket sales) to 24,500 sold tickets (NOK 12,000,000 gross ticket sales) in 17 years. NBF is an ideal organization, where the General Assembly is the highest authority. Every year, the General Assembly elects

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814-510: The gold parity of the krone: one gram of fine gold worth 2.79 marks was equivalent to 2.48 krone (or 0.4032 g gold per krone). The British pound (the "world currency" of the time) was equal to 18.16 kroner, and the franc of France and the Latin Monetary Union was worth 0.72 krone. Sweden's long-established tradition of using paper currency eased the implementation of a Gold Exchange Standard wherein gold coins rarely circulated but

851-404: The krone hit a high at 100 kroner = $ 13.7 ($ 1 = 7.36 kroner). In addition to the high level of interest, which increased further on 4 July 2002, to 7 percent, 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 percent,

888-542: The krone is still overvalued based on the Big Mac Index . Scandinavian Monetary Union Chronological history The Scandinavian Monetary Union was a monetary union formed by Denmark and Sweden on 5 May 1873, with Norway joining in 1875. It established a common currency unit, the krone/krona , based on the gold standard . It was one of the few tangible results of the Scandinavian political movement of

925-438: The krone once again saw strong growth, making the dollar worth about 5.8 kroner as of the beginning of 2010. Since the mid-2010s, the Norwegian krone has been slowly but steadily weakening against most currencies. This presents a mystery, as Norway's economy has been strong and growing, and the decline cannot be fully explained by either oil price changes or interest rate differences between countries. However, as of 2024 ,

962-420: The only coins that are currently legal tender, with the exception of the 50 øre coin which was withdrawn on 1 May 2012. It was withdrawn because it was no longer circulating as an ordinary coin used for payment. However, banks in Norway still exchanged 50 øre coins for higher values until 2022. The 10 and 20 kroner coins carry the effigy of the current monarch . Previously the 1 and 5 kroner coins also carried

999-417: The participants. The seminar closes on Saturday with a concert performed by the seminar members. This concert is a part of the festival program and is attended by an audience of thousands. 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 The festival has presented

1036-402: The perceived security led to a situation where the formally separate currencies were accepted on a basis of "as good as" the legal tender virtually throughout the entire area. Upon acceding to the union, Sweden had the name of its currency changed from Riksdaler Riksmynt to Swedish krona . The word "krone/krona" literally means " crown ", and the differences in spelling of the name represent

1073-462: The respective central banks (the Sveriges Riksbank , Danmarks Nationalbank and Norges Bank ) centralized their respective gold reserves and guaranteed the conversion of krone banknotes to gold for export purposes. The union provided fixed exchange rates and stability in monetary terms, but the member countries continued to issue their own separate currencies. Although not initially foreseen,

1110-455: 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. Coins and banknotes of the Norwegian krone are distributed by the Central Bank of Norway . Up to 25 coins of any single denomination

1147-535: The same happening to the 10 kroner notes in 1984. Two hundred kroner notes were introduced in 1994. The value of the Norwegian krone 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 kroner were worth US$ 11.14 ($ 1 = 8.98 kroner). In July 2002,

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1184-472: The seminar's students through "one on one", as well as group classes. The seminar includes the disciplines of harmony, playing by ear, instrument/equipment maintenance and the "music business". The seminar is held over six days, starting on the Monday before the festival opening. During the course, each student is given the opportunity to work in the studio and a "studio quality" CD is produced afterwards for each of

1221-415: The suspension of the gold standard due to World War I. After this date, the currencies of Denmark, Norway, and Sweden ceased to be mutually equivalent to each other. Within the Scandinavian Monetary Union, the krone was on a gold standard of 2,480 kroner = 1 kilogram of pure gold (1 krone = 403.226 milligrams of gold). The gold standard was suspended from 1914 to 1916 and from 1920 to 1928, and in 1931 it

1258-413: Was a complete system of coin, banknotes and common drawing rights available to the central banks. Although it was effective in its own limited monetary terms, the Union, however, was only of minor importance in the total foreign relations of the member countries. Moreover, the trade between the member countries composed only a small part of their total trade, a share that was in decline during the lifetime of

1295-443: Was elevated to a separate kingdom in union with Denmark in 1918. Iceland cut its ties to Denmark in 1944 and became a republic. The Icelandic króna soon became volatile, causing a high inflation and in 1980 a currency reform was introduced, in which 1 new Icelandic króna was set to 100 original ones. The Scandinavian Monetary Union was inspired by the Latin Monetary Union , established in 1865. As Scandinavia became industrialized,

1332-439: Was established in 1946, equivalent to US$ 1 = 4.963 kroner before the 1949 devaluation of sterling revised it to US$ 1 = 7.142 kroner. In December 1992, the Central Bank of Norway abandoned the fixed exchange rate system in favor of floating exchange rates (managed float) due to the heavy speculation against the Norwegian currency in the early 1990s, which lost the central bank around two billion kroner in defensive purchases of

1369-470: Was permanently suspended. In 1933 the krone was pegged to the pound sterling at 1 pound = 19.9 kroner, and in 1939 the krone was pegged to the U.S. dollar at $ 1 = 4.4 kroner. During the German occupation (1940–1945) in the Second World War , the krone was initially pegged to the Reichsmark at a rate of 1 krone = 0.6 Reichsmark, later reduced to 0.57. After the war, a peg of 1 pound = 20 kroner

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