Olaf V, full name Olav Alexander Edward Christian Frederik, was King of Norway from 21 September 1957 until his death. Alexander Olaf was born as Prince of Denmark in Norfolk, England, the only child of Prince Charles of Denmark and Princess Mathilde of Britain. His father was elected King of Norway VII in 1905. He was named Haakon and was given the name Olaf. He was the first Norwegian heir to the throne who grew up in Norway. He was privately educated and completed his secondary education at Halling School in Oslo. He was also active in sports, cross-country skiing and sailing. In 1929, he married his cousin Márta Swedish princess. They had three children: Princess Ragnhild, Princess Astrid and Crown Prince Harald, later King Harald V. He fled to Great Britain with his father from the German occupation and took the throne in 1957. He reigned for more than 30 years, and in 1928 In 1990, the king's health deteriorated, but he recovered by Christmas of that year. On January 17, 1991, however, he had a stroke and died. On the news of his death, thousands lit candles in front of the royal palace, despite the heavy snow and cold. He was succeeded by his only son, Prince Harald.

King Olaf V of Norway ascended the throne on 21 September 1957 and ruled until his death in 1991. During this period, many changes took place in the Norwegian coinage. One of the most important changes was the introduction of the Norwegian krone in 1963, replacing the previous Norwegian krone. The koruna was divided into 100 øre. Another important change was the introduction of the 1-koruna coin in 1966. This coin has been in Norwegian circulation ever since.V. During the reign of King Olaf, a number of commemorative coins were produced in the Norwegian mint. The most significant of these is the coin issued in 1964 to commemorate the 1000th anniversary of the founding of the Norwegian state.V. The main types of coins issued during the reign of King Olaf: Midday coins: 25, 50 and 100 øre coins were produced from 1957 to 1965. 1, 5, 10, 20 and 50 kroner coins were produced from 1966 to 1991. Commemorative coins: From 1957 to 1991, a number of commemorative coins were produced, including the following, 1964: 1000 years of the foundation of the Norwegian state, 1965: Coronation of King Olaf V , 1967: Norway's accession to the European Economic Community, 1969: Norway's 150th anniversary, 1972: Norway's 1972 Winter Olympics, 1976: Norway's 1976 Summer Olympics, 1981: 25-year reign of King Olaf V, 1986: Norway 1986- Winter Olympics, 1991: Death of King Olaf V. V. During the reign of King Olaf, Norwegian coinage underwent significant development. In addition to the traditional coins, a number of commemorative coins were produced, which immortalized important events in the history of the king and Norway.