The new high-denomination note is the latest in the series of Norwegian banknotes to get an update and follows the nautical theme of designs issued since 2017.
Thursday’s release means that the new banknote series is now complete, central bank Norges Bank said in a press statement.
All Norwegian banknotes are now characterized by the nautical motif, and by displaying pictures rather than portraits.
“The new 1000-krone banknote will be circulated on November 14th, 2019. The old version can still be used for one year from this date. Norges Bank is then obliged to exchange the old banknote for at least the next ten years,” Norges Bank director of cash payments Leif Veggum said in the press statement.
Usage of the high-value 1000-krone note has dwindled in recent years, partly because of its limited use in ATMs, according to Norges Bank.
But it remains an important part of Norway’s currency system.
“It should be possible to make payments without having to use unnecessary banknotes, or to receive too bills as change. Our assessment is that five denominations, with 50 as the lowest and 1,000 as the highest is the most appropriate,” Veggum said.
The maritime designs were chosen after a competition held in 2014, are inspired by the concepts “the sea brings us out” and “the sea gives us food.
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Technological advances making it easier to counterfeit notes are behind the central bank’s decision to release the new designs.
“As a central bank it is our responsibility to ensure that Norwegian banknotes always have sufficient security levels. That’s why we have developed a new series of notes that are safer than ever before,” Norges Bank governor Øystein Olsen told E24 in 2017.
The new security elements on the notes take the form of both visible filaments in the notes and invisible marks.
The development and launch of the new notes cost the central bank a total of 70 million kroner plus production costs, E24 previously reported.