50 øre coin soon to retire
The Bank has previously voided the one-øre, two øre, five øre and twenty-five øre coins. The move to make the 50 øre coin invalid comes after a review that claims that the coin no longer circulates as tender in the economy. Nearly always, when businesses give it back as change, the customer rarely uses it again to purchase a product. Should the bank retire the coin, prices would have to be rounded up to the closest kroner amount. However, the Bank does not expect an increase in prices; it is the total sales amount that would be rounded up, not each individual product. Electronic payments by card would not be affected by the change. It would mean that the only Norwegian coins left would be 1 krone, 5 kroner, 10 kroner and 20 kroner. Sweden has already decided to retire its 50 øre coin, which will start to be phased out after 30 September. For now, Denmark has decided to keep it in circulation, but recently retired the 25 cents coin. Contributed by Thor Steinhovden
Sunday, 05 September 2010 05:51
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The Norwegian Central Bank has announced that it is contemplating to retire the 50 øre (cent) coin ("femtiøringen"). This move would be the fifth time the bank retires small tender.
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