In the second half of the 1800s, the major merchant nations strove to establish an international monetary system. New, large gold deposits were discovered around 1850 and many experts were of the opinion that gold should be made the basis of monetary systems rather than silver. Beginning in 1867, Norway took part in the international negotiations on this issue.
The unrest in Europe resulted in the Scandinavian countries collaborating to establish their own joint monetary system. They agreed on a gold standard and the krone taler as the principal currency unit. When Denmark and Sweden signed the agreement in 1872, the name of the currency unit was changed to krone. Norway, however, declined to immediately. There was an interlude during which the gold species taler was introduced in Norway. A gold species taler was divided in four kroner or 120 skillings. The coins were inscribed with their value in species-taler/skilling as well as in krone/øre. The first step to introducing the krone and øre had been taken.
Norway joined the Scandinavian Monetary Union on 16 October 1875. The first paragraph in the new monetary law states: "The basis for the kingdom's monetary system is gold and the monetary unit shall be krone, which is divided in 100 øre."