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25 Aug 2004 - 30 Dec 2006
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The Riksbank Monetary policy Financial stability Market operations Statistics Published Research Notes & coins
18th century
1701 The Riksbank begins to issue “transfer bills”. They were given this name as after each business transaction they were to be transported, i.e. assigned from the old owner to the new owner. The text on the bill had spaces where the amount of money and signatures should be added. However, use of these bills was not very widespread. Merchants did not like to advertise their names and the dates of their large transactions. During long transports, the notes were often cut in two to save on the postage. The bank took out advertisements in the newspapers to protest against such behaviour and threatened an “unpleasant reception” for any customers who came in with mutilated notes.
1715 The manufacture of emergency coins begins. During the reign of Karl XII, 1697-1718, there were a lot of wars. These wars cost a lot of money and drained the royal treasury. That is why the notorious emergency coins were issued. More than 40 million of these coins were minted. They had varied legends, “The crown”, “Quick and ready”, “Saturn”,  etc. The final emergency coin was minted soon after Karl II’s death and bore the ironic legend "Hope". Emergency coins were not intrinsic value coins, but credit coins. People were not used to credit coins and did not accept this new means of payment. The authorities banned “showing disrespect” to the coins, but this did not help. Inflation was 50 per cent.

During the period 1714-1716 trophy cannons were used to manufacture certain plate coins, because there was a shortage of copper.

1755 Tumba Bruk was founded because the Riksbank wanted to put an end to the counterfeit situation. The idea was to manufacture a type of paper that would be difficult to imitate. The first Tumba paper contained numerous watermarks and embossed stamps to make counterfeiting more difficult, although the banknotes were printed in Stockholm. The banknotes bore the bank’s motto “Hinc robur et securitas” (From here, strength and security) and also a warning in small print that began “Anyone who counterfeits this note shall be hanged…” At the beginning of the 19th century, the manufacture of banknotes of lower denominations began, but these were of a smaller format to prevent them being changed to resemble notes of a higher denomination. This format principle is still used today. Swedish banknotes are still printed at Tumba Bruk. The need to protect the validity of the banknotes has not declined since the 18th century.
1776 Gustav III’s Finance Minister, Johan Liljencrantz, implemented an eagerly awaited coin reform to reduce the variety of coins and to abolish the paper standard. Prior to the reform, Swedish coins consisted of ducats, riksdaler specie, riksdaler hamburger banco, daler silver coins, daler copper coins, daler carolin and daler courant. The Riksdaler, divided into 48 shillings, became the only coin in the realm, although it took a long time before the new coinage system was accepted by the general public.

1789 The Estates founded the National Debt Office to manage Sweden's national debt, which had increased drastically as a result of the war with Russia. The National Debt Office was given the task of printing its own notes, “National Debt Office notes”. Thus, the satisfaction over the uniform coin system introduced in 1776 did not last long. Sweden now had three types of riksdaler: riksdaler specie (silver), riksdaler banco (the Riksbank’s notes) and riksdaler riksgälds (the National Debt Office’s notes).

LAST UPDATED 3/15/2004 
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