Regulation relating to compensation for lost, burnt, or damaged notes and coins
Laid down by Norges Bank on 26 August 1992 pursuant to the second paragraph of Section 14 of Act no. 28 of 24 May 1985 on Norges Bank and the Monetary System.
Section 1. Scope
The regulation concerns compensation for the nominal value of notes and coins which would otherwise be legal tender in Norway or eligible for redemption pursuant to Section 15 of the Norges Bank Act.
Section 2. Redemption of damaged notes
Damaged notes are redeemed by Norges Bank according to the existing rules:
|
At least 55% of note intact |
- full compensation |
|
50 - 55% of note intact |
- half compensation |
|
Less than 50% of note intact |
- no compensation |
Redemption of a damaged note that consists of several parts can only take place if the parts can be shown to originate from the same note.
Section 3. Redemption of damaged coins
Severely damaged coins may be redeemed by Norges Bank with compensation if the coins are whole and can be identified.
Section 4. Ex gratia compensation for burnt or lost notes and coins
Norges Bank may pay compensation for notes and/or coins that have been severely damaged, destroyed or lost as a result of fire, shipwreck or the like such that the redemption rules cannot be applied, if the Bank considers that it has been established that the notes and/or coins existed and have been destroyed or lost permanently.
Compensation is not paid if the notes or coins have been deliberately destroyed or lost by the possessor. Nor should compensation be paid as a rule when disproportionately large sums have been kept privately or in an imprudent manner.
Section 5. Application, decision and right to appeal
An application for compensation pursuant to Section 4 shall be sent to Norges Bank. The Bank issues more detailed rules for the processing of redemption and compensation cases. Norges Bank's decisions pursuant to the regulation may be appealed to the Ministry of Finance and Customs according to the rules in Chapter VI of the Public Administration Act.
Section 6. Entry into force
This regulation shall enter into force immediately.