Paper money in Belgium
Belgium gained independence from the Netherlands in 1830. In the first 20 years of the new state, paper money still played a subordinate role. This changed abruptly with the establishment of the National Bank of Belgium in 1850.
The National Bank was granted the sole right to issue banknotes in Belgium. The bank also set up its own printing works for banknote production. The first series was issued just one year after the company was founded. However, the new means of payment was only used hesitantly by the population. By contrast, banknotes played an increasingly important role in business transactions. This changed with the declaration of banknotes as legal tender in 1873, when banknotes were increasingly used by the population and became the main means of payment in Belgium.
During the First World War, a shortage of small change arose in Belgium. The National Bank therefore issued new banknotes in small denominations. With the occupation of large parts of Belgium by German troops, King Albert I (1875-1934) and the government fled into exile. The National Bank also took precautions: the National Bank of Belgium’s banknotes and gold reserves were transferred to London. As punishment, the German occupying power withdrew its issuing privilege and transferred it to Société Générale. As the supply of money in Belgium became increasingly difficult, many municipalities and businesses issued emergency money. Finally, the German mark was admitted as legal tender in Belgium. After the end of the First World War, the National Bank of Belgium regained the right of issue. At the same time, the small nominal values issued by the state continued to circulate.
Belgium was occupied by German troops again in May 1940. The German occupying power ordered the use of German banknotes as means of payment. During the occupation, the government and the National Bank in exile in London prepared a new issue of banknotes. After the liberation in 1944, a major exchange of notes took place and the National Bank resumed its activities. To this day, it is the central bank responsible for the supply of money in Belgium.
Note: For legal reasons, the banknotes issued in 1944 cannot be shown here.
>> This collection is part of the holdings of "Paper money in Europe" of the Giesecke+Devrient Stiftung Geldscheinsammlung (Giesecke+Devrient foundation: collections of bank notes).