Norway banknote - 10 ti kroner - year 1970 - Christian Michelsen - free shipping

Description

The krone (sign: kr; code: NOK), plural kroner, is the currency of Norway and its dependent territories. It is subdivided into 100 øre, which exist only electronically since 2012. The name translates into English as crown.
The krone was the thirteenth most traded currency in the world by value in April 2010, down three positions from 2007.
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 Union persisted until 1914. After its dissolution, Denmark, Norway, and Sweden all decided to keep the names of their respective and since then separate currencies.
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 gold). This gold standard was restored between 1916 and 1920 and again in 1928. It was suspended permanently in 1931, when a peg to the British pound of 19.9 kroner = 1 pound was established. (The previous rate had been 18.16 kroner = 1 pound). In 1939, Norway pegged the krone temporarily to the U.S. dollar at a rate of 4.4 kroner = 1 dollar. Nonetheless, Norway would continue to hold the Kingdom's gold reserves.
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 rate of 20 kroner = 1 pound (4.963 kroner = 1 U.S. dollar) was established. The rate to the pound was maintained in 1949, when the pound devalued relative to the U.S. dollar, leading to a rate of 7.142 kroner = 1 U.S. dollar. In December 1992, the Central Bank of Norway abandoned the fixed exchange rate in favor of a floating exchange rate (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 the NOK through usage of foreign currency reserves for a relatively short period of time.
The Norwegian krone is used in Norway including Svalbard. It is also informally accepted in many shops in Sweden and Finland that are close to 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 is due to considerably higher taxes and fees on tobacco and alcohol purchased domestically in Norway.
Peter Christian Hersleb Kjerschow Michelsen (15 March 1857 – 29 June 1925) was a Norwegian shipping magnate and statesman. He was the first Prime Minister of independent Norway from 1905 to 1907. Michelsen is most known for his central role in the dissolution of the union between Norway and Sweden in 1905, and was one of Norway's most influential politicians of his time.
Born in Bergen, he was named after his grandfather, bishop Peder Christian Hersleb Kjerschow. He was the eldest of five siblings born into a merchant family. Michelsen attended the Bergen Cathedral School. He studied law at the University of Christiana and went on to become a lawyer. He later established the shipping company, Chr. Michelsen & Co., which became one of the largest in Norway.
He became a member of the Norwegian Parliament (Storting) in 1891, representing the Liberal Party of Norway. He considered himself mostly above petty party strifes, and one of his major aims was to create a coalition of parties reaching from the Conservative Party to the Liberal Party, which he called the Coalition Party. He served as Finance Minister in the second cabinet Hagerup, and was one of the strongest proponents of a more firm policy towards the union between Sweden and Norway. In March 1905, Michelsen replaced Francis Hagerup as Prime Minister, and immediately became the leader of the movement towards dissolution of the union (Unionsoppløsningen i 1905).
The formal basis for the dissolution was King Oscar II's refusal to accept the Norwegian consular laws (Konsulatsaken). The Swedish government had for several years insisted that laws governing foreign affairs had to be a part of the union agreement, and as such, consular laws could not be passed by the Norwegian Storting without consent of the Swedish Parliament (Riksdag). The Swedes were willing to accept the Norwegian urge for separate consular affairs, but they demanded that Norway accept the precedent under which the union had operated for 90 years, namely that the Foreign Minister be Swedish. This, the Norwegians felt, acknowledged Sweden as having the upper hand in the Union. While this supremacy existed in reality, Norwegians were unwilling to accept the unequal relationship on a formal, legal basis.
On 27 May 1905 King Oscar refused to sign the bill, and in response the Norwegian cabinet ministers resigned collectively. The king took no further action, probably aware that a dissolution of the Union was imminent, and the Swedish politicians did nothing, probably believing that this was another Norwegian political retreat. On 7 June, the Norwegian Storting declared that because the King had been unable to form a new government in Norway after Michelsen's resignation, he had lost the capacity to rule and hence ceased to be king of Norway. This strategic move gave the dissolution a somewhat legal basis, and was primarily the work of Christian Michelsen. He knew that the Norwegian people, after months of well-directed information in a unanimous press, was united in a way that is extremely rare in a democracy. In the referendum that proved the Norwegian will to dissolve the union, retention of the union garnered a mere 184 votes nationwide, which represented only one vote out of every 2000 cast.
Michelsen, though a believer in a democratic republic in Norway, accepted that a democratic monarchy would have the greatest chances to be accepted abroad and among a majority of Norwegians. Prince Carl of Denmark became King Haakon VII of Norway after a new referendum had given the monarchy proponents approximately 79% of the votes cast.
In 1906 Michelsen won the election on an "above-the-parties" ticket, which quickly alienated the leading Liberals from him. In 1907 he resigned, having tired of petty squabbles among the political leaders, and accepting that his political views had been defeated. Jørgen Løvland carried on Michelsen's work, but lacked the will to force the coalition to stand united, and in 1908 the coalition broke down. In social policy, Michelsen's time as prime minister saw the passage of the 1906 Law on Central and Local Government Contributions to Unemployment Funds, which introduced voluntary insurance.
In 1925, he, along with the polar explorer Fridtjof Nansen and the industrialist Joakim Lehmkuhl, founded the Fatherland League.
He was married in 1881 to Johanne Benedicte Wallendahl (1861–1910). In 1905, he was awarded the Grand Cross of The Royal Norwegian Order of St. Olav and in 1907 he received the Collar as well.
Michelsen bequeathed most of his estate to a fund which made possible the establishment and operation of Chr. Michelsen Institute for Science and Intellectual freedom. In recent times, the Chr. Michelsen Institute (CMI) was established as an independent centre for research on international development and policy. Founded in Bergen in 1930, CMI conducts both applied and theoretical research, and has a multidisciplinary profile anchored in four thematic research groups, namely human rights, democracy and development, peace, conflict and the state, poverty reduction and public sector reform.