5 Kroner

Waterlow & Sons printed this note in London during the German occupation of Norway — a fact that tells you almost everything about its purpose. With the Norges Bank operating under Nazi administration in Oslo, the exile government in London maintained parallel currency production to assert financial continuity and fund resistance operations. Notes from this series circulated in restricted quantities and were not freely available within occupied Norway itself.

The P#19 series is sometimes confused with earlier Waterlow-printed issues from the 1930s, as the London house had produced Norwegian currency before the war. Watermark authentication was critical precisely because German-controlled territory presented forged or counterfeit examples as part of broader economic pressure tactics.