Withdrawn notes and coins
Section 15 of the Act relating to Norges Bank and the Monetary System regarding the withdrawal of currency reads as follows:
"The Bank may decide by issuing regulations that notes of a certain series and denomination or certain coin shall be withdrawn from circulation. Notes and coin that are withdrawn from circulation cease to be legal tender one year after the withdrawal has been announced. The Bank is obliged to redeem notes and coin handed in within ten years of the expiry of this time limit."
When Norges Bank withdraws certain notes and coins from circulation it does so by means of a regulation that is published in the Norwegian Legal Gazette (Norsk Lovtidend). At the same time, the Bank inserts announcements in Norway's largest newspapers in order to inform the general public. The notes and coins remain legal tender for one year following the announcement. After that, Norges Bank is obliged by law to redeem the notes and coins for a further 10 years, so that in reality they are legal tender for 11 years after the announcement of withdrawal.
The general public is urged to exchange the withdrawn notes and coins by going to their bank or to Norges Bank before the expiry of the deadline.