1661day.year
The first banknotes in Europe are issued by the Swedish bank Stockholms Banco.
In 1661, Stockholms Banco in Sweden issued Europe’s first banknotes, pioneering a new era of paper currency.
On July 16, 1661 CE, Stockholms Banco, founded by Johan Palmstruch, issued the first banknotes in Europe, marking a revolutionary shift from metal coins to paper currency.
These early notes addressed chronic shortages of silver and copper coinage by providing a portable and convenient medium of exchange.
Although the experiment led to widespread adoption of paper money, the bank later collapsed due to over-issuance and lack of reserves.
The lessons learned prompted the Swedish government to establish the Riksens Ständers Bank (now Sveriges Riksbank) in 1668, the world’s oldest surviving central bank.
Stockholms Banco’s pioneering banknotes thus laid the groundwork for modern banking and monetary policy.
1661
banknotes
Stockholms Banco