The currency used in Norway is the Norwegian krone (NOK). The krone has been the official currency of Norway since 1875 and is abbreviated as NOK, with its symbol often represented by "kr." One krone is subdivided into 100 øre, although coins of øre are now rarely used in transactions. The value of the krone fluctuates against other currencies and is influenced by various economic factors, including oil prices, as Norway is a significant oil producer. The krone plays an essential role in the Norwegian economy and daily transactions.