“The reason that the 50-øre coin is being withdrawn is that it no longer circulates as an ordinary coin used for payment. While it is used in shops to give change, customers largely put the coins aside rather than use them for subsequent payments,” says Trond Eklund, Director of the Cashier's Department.
The 50-øre coin will continue to be legal tender and be able to be used in the ordinary manner for one year, i.e. until 1 May 2012. Thereafter, Norges Bank will be obliged to redeem 50-øre coins for a further 10 years.
The withdrawal also means than the øre designation will no longer feature on Norwegian coins as from 1 May 2012, and amounts to be paid in cash after that date shall be rounded to the nearest whole krone.
Comments
