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The Norwegian kroner, which is denoted as NOK, was established as the official currency of the country in 1875. This move allowed Norway to join the Scandinavian Monetary Union that had been established two years previously, though the organization has now been disbanded since 1914. In 1931, the kroner was pegged to the British pound, which remained the standard for a small period of time. The Kroner was pegged to the Reichsmark while Norway was occupied by Germany in World War II. Following the end of that war, the Norwegian kroner was pegged to the US dollar which remained in effect for a few decades. In December 1992 the Central Bank of Norway established a floating exchange rate, allowing it to move from the fixed rate of the past. This float remains in place today. The value of the kroner is heavily tied to crude oil prices, since Norway is the third-largest exporter of oil in the world market.

The conversion rate for the Norwegian kroner remained very static between 1950 and 1966, never fluctuating from 20 GBP to NOK during that time period. The conversion rate fell slightly over the next seven years, but beginning in 1973 the rate began a significant decline that lasted for the next 35 years, ultimately stabilizing at around 10.5 GBP to NOK. In the late 1990s the conversion rate rose slightly, reaching 13.3173 GBP to NOK in 2000, which was its highest rate since 1973. The Norwegian krone reached record highs in 2002 against both the US dollar and the euro, as well as the British pound. The conversion rate for the kroner continues to grow strong over time.

The record high reached in 2002 is directly tied to the fact that Norway is third highest on the list of nations that export oil, a product that has been in especially high demand since the events of September 11, 2001. Additionally, interest rates have significantly impacted the value of the Norwegian kroner. The conversion rate with the British pound has remained relatively constant over the course of the last decade, varying very little between 13.3173 and 11.7137 GBP to NOK since 2001. Due to the worldwide economic crisis, conversion rates dipped a bit in 2008, reaching as low as 8.57 GBP to NOK in May of that year. However, over the course of the second half of 2008, the rate rose and stabilized, averaging at approximately 10.5 GBP to NOK during that time period.