10 Kroner K-Grudes konfeksjonsfabrikk A/S

K-Grudes Konfeksjonsfabrikk was a Norwegian clothing manufacturer, and this 10 Kroner note is a piece of nødpenger — emergency scrip issued by a private employer for use within a controlled local economy, most likely a company store arrangement. Norwegian private scrip of this type proliferated during periods when coin and state currency were scarce or hoarded, particularly around the First and Second World Wars, though the exact issuance window for this piece is not firmly established in the literature.

The watermark is a notable detail for scrip of this origin — most employer-issued notes cut costs wherever possible, making a security feature like this relatively uncommon at the factory level.