Regulation relating to withdrawal of 50-øre coins as legal tender
Norges Bank has decided that the 50-øre coin shall be withdrawn from circulation and no longer be legal tender from 1 May 2012.
The Regulation relating to withdrawal of 50-øre coins as legal tender was laid down by Norges Bank on 16 March 2011 pursuant to Sections 13 and 15 of Act No. 28 of 24 May 1985 relating to Norges Bank and the Monetary System.
The Regulation is worded as follows:
The 50-øre coin shall be withdrawn from circulation and cease to be legal tender on 1 May 2012.
Norges Bank is obliged to redeem 50-øre coins delivered to the Bank prior to 1 May 2022. Claims for redemption will be honoured only for øre amounts evenly divisible by 100.
From 1 May 2012, in the final settlement of transactions using Norwegian coins, øre amounts not evenly divisible by 100 shall be rounded off as follows:
Øre amounts of between 1 and 49 shall be rounded down to the nearest krone amount
Øre amounts of between 50 and 99 shall be rounded up to the nearest krone amount
This Regulation enters into force on 1 May 2011.
The Regulation will be published in the Norwegian Legal Gazette (Norsk Lovtidend)
Further information regarding the withdrawal of the 50-øre coin has been posted on the Bank's website.