Schweden, Stockholms Banco: Banknote über 10 Daler Silvermynt von 1666

Description

Obverse: Inscription: "The holder of this credit note has to demand from the Stockholm Banco under No 361 10 thaler silver coin, which is confirmed by us, the bank director, the commissioner, accountant and cashier each for himself with handwritten signature and seal. For further security, certified by the large and small bank seal"; ornamental frame, above with banknote guarantee details, below with signatures of Johan Palmstruch and seven other bank employees, certified by the respective seal, in the centre below with the bank seal.

Reverse: Inscription 'Handwritten indication of control number, date and signature'

In 1644 Sweden introduced the copper plate currency, the nominal value of which corresponded to the copper content. The money was very unwieldy for payment transactions due to its size and weight. For example, a 10-daler plate weighed over 20 kilos. In this situation the banker Johan Palmstruch (1611-1671) from Riga suggested to the Swedish government to found a bill of exchange and loan bank based on the model of Amsterdam. In 1656 he received permission to found Stockholm's Banco and to issue paper money. In 1661 the first issue took place, the oldest paper money in Europe, of which no copy has survived. There are notes from a later issue of 1666 that have survived. They show a similar design to documents. The signatures of Palmstruch and seven other bank employees were confirmed by the personal stamp of the signatory. Since the Stockholm Banco, however, granted too generous credits, it got into difficulties and could no longer redeem the banknotes. In 1668 the bank went bankrupt, Palmstruch was brought to court and sentenced to prison. The remains of the bank merged into the Swedish Reichsbank, founded in 1668, which is thus one of the oldest still existing central banks in the world.