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25 Aug 2004 - 15 Jun 2007
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The Riksbank Monetary policy Financial stability Market operations Statistics Published Research Notes & coins
19th century
1817 Major bank crash. The discount company in Malmö was forced into liquidation in the crisis following the Napoleonic wars and took with it in its fall the two other discount companies in Gothenburg. The discount companies, our oldest privately-owned commercial banks (they issued a form of banknote) worked under certain privileges (charters) and regulations drawn up by the Government. The failed discount companies in Gothenburg and Malmö had conducted expansive credit operations. Their solvency was low and their liquidity very poor.

1831 The first private banks were founded. Skånska privatbanken was founded in Ystad, Skåne and was allowed to issue banknotes on certain terms. Thirty other banks soon followed this bank’s example. The private banks’ notes were often counterfeited, but the banks nevertheless redeemed the counterfeits to ensure the general public would maintain confidence in the system. The notes meant in practice that the banks received interest-free loans. Bank employees therefore often travelled around the countryside to distribute the notes as widely as possible.

1835 Sweden obtains its first banknotes of modern appearance: made of three layers of (laminated) semitransparent, handmade, coloured paper, cliché printed and decorated with figures and designs. Each banknote had the three different riksdaler amounts printed on them, which distinguishes them from today’s banknotes.

1846 During the reign of Oskar I, a preliminary major step was taken towards free trade. The guild requirement was abolished and the ban on purchasing land was softened. It was almost freely possible to practise trade and open a shop in the countryside, although the shop must be at least 30 km from the nearest town.

1855 The coinage was renamed and the decimal system was introduced. Riksdaler riksgälds worth 32 öre were replaced by riksdaler riksmynt, which were divided into 100 öre.

1866 When the Estates of the Realm were replaced by a bicameral parliament, “Sveriges Rikes Ständers Bank” received the new name “Sveriges Riksbank”.

1873 Sweden introduced the gold standard and the new coin received the name krona, a word that came from France via Denmark. 1 krona = 100 öre. 1 krona = 0.403225 g gold. From the late 19th century the gold standard was the dominant monetary system and Sweden also participated in this from 1873. The gold standard meant that a certain amount of gold had a set price in the country’s currency. In this way, the krona had a fixed exchange rate against other currencies taking part in the system.

1890 The first “banknote king”, Gustav Vasa, appeared on the very long-lived banknote series issued this year.

LAST UPDATED 3/15/2004 
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