bavarikon4UPaper money in Norway
The Kingdom of Norway was in personal union with Denmark from 1380 to 1814. After the Napoleonic Wars, Denmark had to cede Norway to Sweden in the Peace of Kiel. Norway and Sweden had a personal union that lasted until 1905. After the dissolution, Norway became an independent kingdom.
Norway’s political development is reflected in its paper money history. The first paper money in Norway was issued in 1695 by Jørgen Thor Møhlen from Bergen. The merchant and shipowner invested large sums in overseas trade. To compensate for his losses in these businesses, he received permission from King Christian V (ruled 1670-1699) to issue paper money in 1695. But Jørgen Thor Møhlen was not successful. The population had no confidence in the notes and quickly redeemed them. Since Jørgen Thor Møhlen could not raise the sums for this, he lost his entire fortune and died in poverty in 1708.
In the 18th century, it was mainly paper money issued by Danish banks, such as the Copenhagen Assignation, Exchange and Lending Bank, that were in circulation. However, it gave ever larger loans to the state and could no longer fulfil its redemption obligation. At the same time, the circulation of banknotes increased more and more, which led to a loss of value. The foundation of another bank in 1791, Den Danske og Norske Speciebank, did not lead to the desired improvement. The state therefore issued paper money in Norway between 1807 and 1810. However, inflation and national bankruptcy could no longer be stopped.
In 1816, two years after the dissolution from Denmark and the merger with Sweden, Norges Bank was established by law. The bank was initially based in Trondheim, but in 1897 it moved to Christiana (Oslo). The first banknotes were issued just one year after it was founded. Norway joined the Scandinavian Monetary Union in 1875, which had been concluded between Denmark and Sweden in 1873. In the course of this, a new currency, the krone, was introduced. Finally, Norges Bank was granted a banknote monopoly in Norway in 1892. It is still the central bank of Norway today.
In 1940, Norway was occupied by German troops. The King and the government fled to London into exile. Parts of Norges Bank were also moved to London. A new banknote series was printed there. After the liberation of Norway in 1945, a new series was issued.
>> 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).