“The reason that the 50-øre coin is being withdrawn is that it no longer circulates as an ordinary coin used for payment. While it is used in shops to give change, customers largely put the coins aside rather than use them for subsequent payments,” says Trond Eklund, Director of the Cashier's Department.
“This means that Norges Bank needs to produce a large number of 50-øre coins, even though there are a sufficient number of coins already in circulation. In recent years the annual net issue from Norges Bank has ranged between 15 and 22 million coins. At end-2010 there were approximately 359 million 50-øre coins in circulation.”
The 50-øre coin will continue to be legal tender and be able to be used in the ordinary manner for one year, i.e. until 1 May 2012. Thereafter, Norges Bank will be obliged to redeem 50-øre coins for a further 10 years.
The withdrawal also means than the øre designation will no longer feature on Norwegian coins as from 1 May 2012, and amounts to be paid in cash after that date shall be rounded to the nearest whole krone.
For further information, please contact:
Siv Meisingseth, Director of Communications
tel.: + 47 22 31 63 50 / + 47 91 63 89 12
Trond Eklund, Director of the Cashier’s Department
tel.: +47 22 31 63 01 / +47 97 74 97 87