The 1800s 

In the second half of the 1800s, the major merchant nations sought to establish an international monetary system. New, large gold deposits were discovered around 1850, and many held the opinion that gold should be made the basis of monetary systems rather than silver. Norway took part in the international negotiations on this issue from 1867.

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 join immediately. There was an interlude during which the gold species taler was introduced in Norway. A gold species taler was divided in 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 from 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."

"W hen one item costs 13 øre, then two items cost 26 øre – ten items cost one krone and 30 øre, 1000 items 130 kroner."

Tables for purchases and sales in kroner and øre, including calculations from øre to skilling and skilling to øre, and tables for volume and weight measurements. Calculated by M. Tobiesen, Risør 1876. 

This information may seem self-evident to us, but it was necessary during the transition from the calculation of coinage based on the duodecimal system to a calculation based on the decimal system. Ever since 1816, as well as back during the union with Denmark, the following had been the rule: when one item cost one skilling, then two items would cost one 24-skilling piece (an ort) and two skillings. Ten items would cost one species taler, four 24-skilling pieces and four skillings, and 1000 items would cost 108 species taler, one 24-skilling piece and 16 skillings.

Figure: Oscar II (1872-1905) Coin types in the transition from species taler / skilling to krone / øre.