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500 Kroner 2018, Norway

no number in katalog -
Years of issue: 18.10.2018
Edition:
Signatures: Norges sentralbanksjef: Øystein Olsen, Hovedkasserer: Leif Veggum
Serie: Eighth series
Specimen of: 2014
Material: Cotton fiber
Size (mm): 147 x 70
Printer: F. C. Oberthur, Chantepie

* All pictures marked magnify are increased partially by magnifying glass, the remaining open in full size by clicking on the image.

** The word "Specimen" is present only on some of electronic pictures, in accordance with banknote images publication rules of appropriate banks.

500 Kroner 2018

Description

Watermark:

puffin puffin

The Atlantic puffin and denomination 500. Watermark is made after photo by Tom Schandy.

About Atlantic puffin, please, read obverse description.

Avers:

500 Kroner 2018

The motive for all banknotes of the new series was the theme "The Sea".

A banknote of 500 Kroner displays the theme "The sea that gives us prosperity".

RS 14 Stavanger

Norwegian Colin Archer’s rescue vessel RS 14 Stavanger. The engraving on banknote is made after the photo by Robby Madsen of "The Norwegian Society for Sea Rescue" (Redningsselskapet).

Based on a text by Jo van der Eynden.

The lifeboat RS 14 Stavanger, on the front of the new 500-krone banknote, is a classic rescue lifeboat, built by Norway's perhaps most famous naval architect and shipbuilder, Colin Archer. The lifeboat was built at Archer's shipyard in Larvik and launched in 1901. In addition to its 37 years of active service for the Norwegian Society for Sea Rescue from 1901 to 1939, the lifeboat has had an interesting and varied life as a pleasure craft and heritage vessel.

It is a little unclear why the lifeboat was named Stavanger. Rescue lifeboats were often named after people who had made a significant contribution to the promotion of lifesaving at sea, or after a place, to commemorate a particular incident. Some rescue lifeboats are nonetheless named after towns, possibly because Norwegian shipowners, most of whom lived in towns, gave a regular financial contribution to the Norwegian Society for Sea Rescue according to their ships' tonnage. Or the choice of name may be related to the official application made to the government ministry for naval defence by shipmasters in Stavanger in 1852, requesting the establishment of a lifeboat rescue service for the most dangerous parts of the coast. A third possibility is that the town of Stavanger had distinguished itself during the fundraising campaign that was run to finance this particular vessel.

The RS 14 Stavanger is 14.35 meters long, with a beam of 4.65 meters and a 2.35 meter draught. Total sail area is 110 square meters, comprising mainsail, foresail, jib, mizzen and topsail. It is designed to be "unsinkable", thanks to an extra inner skin attached to the inside of the frame resulting in a layer of air between the inner and outer skin. The outer skin is made of inch-and-a-half-thick oak. The lifeboat sleeps eight. It was built as a sailing vessel and was not motorized while in the service of the Norwegian Society for Sea Rescue.

For most of its time as an active rescue lifeboat, the RS 14 Stavanger was stationed at Titran in Trøndelag, a small coastal community on the west coast of Norway that had experienced a catastrophic storm at sea in 1899 that took the lives of more than 100 people.

The lifeboat's main duties were to be on stand-by, ready to respond during the large-scale seasonal fisheries each winter. But the lifeboat was also used as a means of transport for the doctor and to ferry post and food supplies. The lifeboat was usually laid up in the summer for maintenance and repair.

During its years of active service, the RS 14 Stavanger and its crew saved the lives of 42 sailors on 12 boats and 11 sailors on 2 ships. In total, 2,976 boats and 20 ships received help in the form of towing or other kinds of assistance.

In 1939, the Stavanger was bought by Jul. Nielsen for use as a pleasure craft. Nielsen was an experienced and ardent sailor, and the Nielsen family would give the retired lifeboat a new, long lease of life that would bring it to faraway destinations and give it a reputation as the most famous and most admired veteran boat on the Norwegian coast. The Stavanger has sailed over the Atlantic and the North Sea, and in the Baltic and the Mediterranean, as well as along most of the Norwegian coast. Over the years, the boat has undergone meticulous restoration a number of times to preserve the vessel as part of our cultural heritage and as a museum vessel. There are plans to include the Stavanger in a Colin Archer museum in Larvik. (www.norges-bank.no)

puffin puffin puffin

On the banknote are shown The Atlantic puffin (five times) - in profile (in the upper right corner), with spreaded wings - on left side, two puffins near nest - on right side, and 1 puffin (on right isde) - on reverse.

The Atlantic puffin (Fratercula arctica), also known as the common puffin, is a species of seabird in the auk family. It is the only puffin native to the Atlantic Ocean; two related species, the tufted puffin and the horned puffin, are found in the northeastern Pacific. The Atlantic puffin breeds in Iceland, Norway, Greenland, Newfoundland and many North Atlantic islands, and as far south as Maine in the west and the British Isles in the east. Although it has a large population and a wide range, the species has declined rapidly, at least in parts of its range, resulting in it being rated as vulnerable by the IUCN. On land, it has the typical upright stance of an auk. At sea, it swims on the surface and feeds mainly on small fish, which it catches by diving underwater, using its wings for propulsion.

This puffin has a black crown and back, pale grey cheek patches and white underparts. Its broad, boldly marked red and black beak and orange legs contrast with its plumage. It moults while at sea in the winter and some of the bright-coloured facial characteristics are lost. The external appearance of the adult male and female are identical except that the male is usually slightly larger. The juvenile has similar plumage but its cheek patches are dark grey. The juvenile does not have brightly coloured head ornamentation, its bill is less broad and is dark-grey with a yellowish-brown tip, and its legs and feet are also dark. Puffins from northern populations are typically larger than their counterparts in southern parts of the range. It is generally considered that these populations are different subspecies.

Spending the autumn and winter in the open ocean of the cold northern seas, the Atlantic puffin returns to coastal areas at the start of the breeding season in late spring. It nests in clifftop colonies, digging a burrow in which a single white egg is laid. The chick mostly feeds on whole fish and grows rapidly. After about six weeks it is fully fledged and makes its way at night to the sea. It swims away from the shore and does not return to land for several years.

Colonies are mostly on islands where there are no terrestrial predators but adult birds and newly fledged chicks are at risk of attacks from the air by gulls and skuas. Sometimes a bird such as an Arctic skua will harass a puffin arriving with a beakful of fish, causing it to drop its catch. The striking appearance, large colourful bill, waddling gait and behaviour of this bird have given rise to nicknames such as "clown of the sea" and "sea parrot". It is the official bird symbol for the Canadian province of Newfoundland and Labrador.

flag

Also - right of center, on side strip is stylized signal flag: Letter G (Golf). It means: "I require a pilot". By fishing vessels near fishing grounds: "I am hauling nets."

Denominations in numerals are in top left corner and lower right. In words on top.

Revers:

500 Kroner 2018

gas scheme oil platform

The designs are by The Metric System and Snøhetta and use an abstract geometric design influenced by the Beaufort scale.

Pixel motif on the horizon: Oil platform. Right of platform is the scheme of the transportation of Norwegian natural gas in the North Sea, by Gassco company (engraving on banknote is made after the photo on Gassco website in August 2016).

Shipping, fisheries and other activities associated with the sea have long been the basis of economic growth and prosperity in Norway. In the last 50 years, oil and gas activity has become one of the pillars of the Norwegian economy,

The activities have positive spillover effects both nationally and locally. Technological innovations have followed, providing small local communities with additional legs to stand on.

The ability to build new expertise and new industries from what we have learned through harvesting Norway's natural resources can be decisive for future economic developments.

The Norwegian oil and gas history is a history of wise political decisions, industrial development on a global scale, and the creation of value potential. Below are the major milestones of the forty-year history of Norway’s oil activities.

1859 - The Basis.

The world's first oil well, 21 meters deep, was drilled by Edwin Drake in Titusville, Pennsylvania. The foundation of the modern oil industry was laid.

1958 - Low faith in the possibilities of the Norwegian continental shelf.

The Norwegian Geological Survey (Norges Geologiske Undersøkelse) wrote in a letter to the Ministry of Foreign Affairs (Utenriksdepartementet) in February 1958: "You can not count on the possibility of the existence of coal, oil or sulfur on the continental shelf off the coast of Norway." Those who wrote this the letter will later say that they took into account the coastal conditions, but, nevertheless, it remains proven that geologists did not believe in the presence of oil and gas on the Norwegian shelf at that time.

1962 - Acquaintance.

The American oil company Phillips (Phillips) attempted to obtain permits to conduct geological exploration in the waters of Norway. Other oil companies soon followed suit. The Norwegian authorities have come to a wise decision not to enter into negotiations with individual companies regarding the rights to the Norwegian continental shelf. (This is what the Danish government did when, at the very beginning, it transferred to the Danish company AP Møller exclusive rights to the Danish shelf).

1963 - Norway takes action

On May 31, “the sovereignty of Norway on the Norwegian continental shelf for exploration and exploitation of natural resources” was proclaimed.

1965 - Shelf division.

In March, an agreement was signed between Norway and the United Kingdom on the division of the continental shelf on the principle of the median line. In December of the same year, a similar agreement was signed with Denmark. Thus, the demarcation lines were determined before the start of exploration, and now it was possible to determine without difficulty which country owned the resources found at the field located on the border between the two countries. In other places in the world, this kind of demarcation agreements were not negotiated in advance, immediately prior to the start of search activities and the determination of available resources. Such a situation, for example, has developed in the Caspian Sea, where Azerbaijan, Iran and Russia are fighting over borders and the rights to already explored fields.

1966 - The first drilling rig in Norway.

The Ocean Voyager semi-submersible drilling ship was towed from New Orleans to Norway. The vessel began drilling for Esso on July 19, 1966. The drilling was carried out in block 8/3, approximately 180 km south-west of Stavanger. Within 84 days, a well was drilled to a depth of 3015 meters. No traces of oil and natural gas were found, but the samples taken during drilling showed that in the thickness there are those geological sedimentary deposits that were the object of an exploratory search.

1969 - Found it! Found!

On August 21, Phillips Petroleum drilled the most recent well in the North Sea with the help of the drilling ship Ocean Viking. A few days later, the pocket was drilled in bedrock containing high-pressure gas. This led to further drilling, the pocket was declared closed, and the drill moved 1000 m where a new well was drilled. On Christmas Eve 1969, Phillips announced to the Norwegian authorities the discovery of the Ekofisk field, one of the largest oil fields ever discovered in the sea. In fact, Phillips had no desire to continue drilling in the Norwegian shelf, but in any case, it had to pay an expensive lease for using the Ocean Viking rig. Thus, the company decided to drill the last well in block 2/4. Drilling began on 21 August 1969. After a few days of drilling, a gas pocket was discovered. Oil and gas were mixed with muddy mud. Due to the possible risk of uncontrolled release, the well was closed and fully cemented. The Ocean Viking was towed a mile away, the crew proceeded to a new drilling. October 25, drilling penetrated the oil reservoir. Autumn storms hampered industrial testing. During the storm, the drill was forced to leave the drilling site. Part of the crew was evacuated. Only on September 7, the drilling ship was able to continue test drilling. When the well was abandoned the day before Christmas in 1969, it was clear that a giant oil field was discovered.

1971 - First oil.

Oil production started from the Ekofisk field. Norway has declared itself as a serious oil nation. The Ekofisk field also had significant gas reserves. Gas began to be transported through pipes to Germany since 1977, and the field acquired the status of "open doors" for large volumes of gas from Norway, which subsequently entered the European markets.

Gas without borders.

The Frigg deposit has been discovered. It was a gas field, which was located on the border between Norway and the UK. The Norwegian part of the field turned out to be the largest, so it was decided that the field would be developed by Norway with the assistance of the company Elf Aquitaine, acting as an operator.

1972 - The government makes a decision.

Simultaneously with the establishment of the Statoil company (Statoil) on June 14, 1972, the parliament approved the decision of the establishment of the State Oil Fund (Statens oljedirektorat). The Parliament also adopted the concept of the Ten Oil Commandments, which became the cornerstone of future oil policy.

The New Norwegian Petroleum Directorate (Oljedirektoratet (OD)) has gained great prestige in matters related to oil exploration and oil and gas production on the Norwegian continental shelf. Since its inception, the Directorate has taken on a very important task of proposing to the government the issue of licenses that will be issued to work on the Norwegian shelf. The Oil Directorate assumed responsibility for carrying out the long-term technological and geological analyzes necessary for the government to manage the industry and to understand the pace of exploration and production at individual fields. The Directorate also became responsible for exercising control over licensed companies regarding their compliance with safety standards during the drilling and production of oil and gas.

"Ten oil commandments"

The Norwegian government saw the importance of national oil policy, and in 1972 unanimously approved the parliamentary foundations of the future oil policy:

1. All activities on the Norwegian shelf should be carried out under the control and administration of the state.

2. Oil resources should be used in such a way that Norway can extract and process crude oil independently.

3. New oil-related economic activities should be developed.

4. The new petroleum industry must take into account existing environmental standards.

5. Gas flaring on the Norwegian shelf can only be approved for short periods.

6. Oil from the Norwegian shelf must first be delivered to Norway, except for a few cases when public political considerations may serve as the basis for another decision.

7. The state is a participant in all activities related to oil. The state will also pursue a policy of coordinating Norwegian interests in the oil industry and promote integration with the international community in this area.

8. A state oil community will be created to defend state commercial interests. The community will interact with both local and international companies.

9. Oil production at 62 latitude should be carried out in such a way as to satisfy the socio-political conditions in that region.

10. The discovery of Norwegian oil will pose new perspectives to Norway’s foreign policy.

Public administration and control, the creation of the Norwegian oil community and state participation were important in the Norwegian oil policy in the 1970s. The wise decisions made initially are the reason why Norway today is one of the best countries to live in and a world leader in a number of areas of the oil industry.

It was decided that the Parliament, the Government, and the Oil Directorate would be responsible for the management and control of the industry. Parliament will decide on the opening of new areas, and the Government will appoint licenses. In 1970, search activity was concentrated in areas south of the Stad Peninsula. Parliament wanted to conduct a search activity at a moderate pace and open the shelf deposit gradually. A limited number of exploration blocks were announced in each licensing round.

Initially, foreign companies dominated the industry. They were engaged in both exploration and production of the first oil fields. Although the political authorities wanted to maintain the presence of foreign companies on the shelf, they also concluded that it was important to have their own oil community.

The Norwegian state-owned oil company Statoil was established on June 14, 1972, and the principle of 50% state participation in each production license was established.

Later, the parliament decided that this percentage, after evaluating each specific case, could be set above or below the indicated level. Statoil was designed to become a fully integrated oil company as quickly as possible. The company had to carry out oil exploration, supply oil and gas, transport, process and market oil products.

In parallel with the fully state-owned Statoil, the parastatal "Norsk Hydro" and the private "Saga Petroleum" were created, which left their mark on the Norwegian offshore oil business.

Beaufort scale

Cubic pattern: 13.9 m/s (flag and waves are on background). Organic pattern: Sea heaps up and white foam from breaking waves begins to be blown in streaks along the direction of the wind; spindrift begins to be seen (Beaufort scale - level 7).

ammonite

In right lower corner and a little top left of it are Ammonite fossil shells.

Ammonites are a group of extinct octupuses that had an extrnal shell of calcite. As the animal grew, its shell divided into body-chambers and a series of gas-filled chambers, which enabled buoyancy in water masses.

Thousands of different species of ammonites have existed for several hundred millions of years. Their size ranged from 1 cm to 2.5 meters in diameter. Many species have been found worldwide, it is assumed that they swam about in open water, perhaps transported by ocean currents. In Norway, ammonites have lived on the continental shelf, Svalbard and Andøya.

Ammonoids are an extinct group of marine mollusc animals in the subclass Ammonoidea of the class Cephalopoda. These molluscs are more closely related to living coleoids (i.e., octopuses, squid, and cuttlefish) than they are to shelled nautiloids such as the living Nautilus species. The earliest ammonites appear during the Devonian, and the last species died out during the Cretaceous–Paleogene extinction event.

Ammonites are excellent index fossils, and it is often possible to link the rock layer in which a particular species or genus is found to specific geologic time periods. Their fossil shells usually take the form of planispirals, although there were some helically spiraled and nonspiraled forms (known as heteromorphs).

The name "ammonite", from which the scientific term is derived, was inspired by the spiral shape of their fossilized shells, which somewhat resemble tightly coiled rams' horns. Pliny the Elder (d. 79 AD near Pompeii) called fossils of these animals ammonis cornua ("horns of Ammon") because the Egyptian god Ammon (Amun) was typically depicted wearing ram's horns. Often the name of an ammonite genus ends in -ceras, which is Greek (κέρας) for "horn".

Denominations in numerals are in lower left and top right corners. In words at the bottom.

Comments:

The motifs on all of the new banknote series denominations show the importance of the sea for the prosperity and welfare of the people of Norway. The primary motif on the front side of the 100-krone banknote is a Viking ship, while on the 200-krone note, a cod is portrayed facing left. On the back sides, abstract representations of a cargo ship (100-krone note) and a fishing boat (200-krone note) can be seen on the horizon.

The banknotes were designed by Norges Bank's banknote designers Arild Yttri and Morten Johansen. The designs on the front sides of the banknotes are based on the proposal from Metric Design and Terje Tønnessen. The proposals for the back of the notes were submitted by Snøhetta Design. The primary motifs were drawn by the artist Sverre Morken. The Atlantic puffin watermark motif is based on a photo taken by photographer Tom Schandy.

The new 100-krone and 200-krone banknotes were printed by Oberthur Fiduciare in France.

The official launch of the new banknotes will take place in Svolvær on 30 May 2017 at 2.00 p.m. From that time, the new 100- and 200-krone banknotes will be made available to banks at Norges Bank's central bank depots in Tromsø, Trondheim, Bergen, Stavanger and Oslo.

"There are very few places that reflect the primary motifs of the 100-krone and 200-krone bank notes better than Lofoten. Abundant cod from the Lofoten fisheries has sustained people in Norway and abroad for centuries, and Lofoten has a history as a seat of power in the Viking Age. We are therefore delighted that the launch of the new banknotes will be marked in Lofoten," Governor Olsen said. (Norges Bank)