This shows the relationship between the US Dollar and the Norwegian Krone. In 1875, the Krone replaced the Norwegian speciedaler at a rate of 4 kroner per 1 speciedaler. It is often accepted in other parts of Scandinavia, including Svalbard and close to the Norwegian border in Sweden. This is because price levels are higher in Norway than other neighbouring countries, and Norwegians spend around 10 billion NOK on border shopping a year. It is therefore a profitable venture for border businesses to accept this currency. When the Krone was introduced, Norway joined the Scandinavian Monetary Union, which had been established in 1973 and existed until 1914. After the dissolution of this, Denmark, Norway and Sweden decided to keep their respective currencies, which remain to this day.

After WWII, a rate of 20 kroner per 1 pound (4.963 kroner = 1USD) was established. This was maintained until 1949 when the pound devalued relative to the USD, which lead to an exchange rate of 7.142 kroner = 1 USD. In December 1992, the Norges bank went from a fixed exchange rate to a floating exchange rate, due to the 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.