10 Kroner - Haakon VII Government in exile, exchangenotes

When Germany occupied Norway in April 1940, the government and royal family fled to London, where Norges Bank continued operating in exile. These 1942 notes were printed by Waterlow & Sons specifically for the Free Norwegian authorities — not for general circulation in occupied Norway, but as exchange instruments intended for use after liberation. The Allied invasion of Norway never materialized on its own terms; the notes were ultimately deployed following the German capitulation in May 1945.

The exile series is sometimes conflated with the regular pre-war Norges Bank issues. P#20A is distinct: the printing run was tightly controlled, and quantities were modest relative to the wartime domestic note production carried out under German supervision in Oslo.