The note was issued by Kings Bay. Kings Bay AS was established in 1916 under the name Kings Bay Kull Compani A/S (KBKC) by a group of businessmen from Ålesund seeking to exploit the coalfields near Ny-Ålesund in Svalbard. The Norwegian government assumed control of the company in 1933. Mining operations ceased in 1963. Nominal value: 1 krone, a rare denomination The note has been signed by Johan Sagland * and Einar Slåtto. Johan Sagland was company secretary 1948-49. Einar Slåtto was chairman of Kings Bay 1947-55.