50 Kroner - Haakon VII Government in exile, exchangenotes

When Germany occupied Norway in April 1940, the Norges Bank directorate in Oslo came under German administrative control almost immediately. A rival legitimate government-in-exile operation was established in London, and by 1942 Waterlow & Sons were printing these notes under that authority — physically identical in concept to domestic issues but never intended to enter circulation through normal banking channels.

The "exchangenotes" designation is the key detail here. These were produced specifically for conversion use following liberation, allowing holders of potentially compromised occupation-era currency to exchange into notes with a clean provenance. The 1945 currency settlement made that distinction legally consequential.