The krone was initiated in 1875, substituted the Norwegian specie daler at a value of 4 kroner = 1 speciedaler. The Scandinavian Monetary Union was found in 1873 comprising Denmark, Norway and Sweden. The union continued until 1914. By then the member countries made a decision to keep their respective currency names. During the German invasion in the Second World War, the krone was exchanged at a value of
1 krone = 0.6 Reichsmark.

In 1875, coins were launched in values of 10 and 50 øre and 1, 10 and 20 krone. The new coinage was produced in values of 1, 2, 5, 10, 25 and 50 øre and 1, 2, 10 and 20 krone, between 1875 and 1878. A new coinage was minted, comprising of 50 øre, 1, 5, 10 and 20 kroner, between 1994 and 1998.

In 1877, Norges Bank launched currency notes for 5, 10, 50, 100, 500 and 1000 kroner. 200 kroner notes were brought in 1994.The currency conversion factor of Kroner against US dollar is 1 US dollar = 6.592 Kroner.