Coin Norwegian is a term used to refer to the currency of Norway. The two most common coins in circulation are the Olav and the Olaf, both of which have four letters in their names. The Olav is a 1 krone coin, while the Olaf is a 5 krone coin. Both coins feature the same design, with the portrait of King Olav V on the obverse side and a stylized version of the Norwegian coat of arms on the reverse side.