Friday, June 26, 2009

Journalen (hio.no) - 1 Story

1) Monstermynt på besøk (By Janne Håland and Kristin Edvardsen)
http://journalen.hio.no/kultur/article89261.ece
In this story about the world's largest coin from the Canadian Monnaie Royale Canadienne / Royal Canadian Mint on tour in Norway, the writers state: "Den består av 99,999 prosent gull og er verdt 21 millioner kroner." That is not correct. The face value of the coin is: 1 million Canadian currency (1 CAD$ = 5.55NOK today's rate) or 5.5 millioner NOK. The selling price from the Monnaie Royale Canadienne is between $2.5 million to $3.0 million Canadian currency, which converts to in NOK:
* 2.5 millioner CDN currency x 5.55NOK = 13.87 millioner NOK, not 21 millioner kroner as the writers state.
* 3.0 millioner CDN currency x 5.55NOK = 16.65 millioner NOK, not 21 millioner kroner as the writers state.
How did the writers come up with 21 millioner NOK, a difference of between 4.35 - 7.13 millioner NOK? This story is another excellent example of how so many Norwegian writers take a Canadian story from Canada, that is listed in Canadian currency, and for some reason think Canada uses the USA's currency, and converts the Canadian currency with the USA's currency exchange rate. Canada does not use American money, it uses its own Canadian currency. To put this into perspective, this is like a Canadian journalist write about the value of a Norwegian coin, and asuming (or guessing) Norway uses Swedish or Danish or the EURO currency, and converting it with the Swedish or Danish or EURO exchange rate. Why do so many Norwegians think we use the USA's money in Canada?

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