At all costs, Europe’s first banknotes

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Written by: 360.org
Monday, 11 February 2019

1661 - Money flies from owner to owner, cryptocurrencies like Bitcoin have made their pressing entrance and people swap the ‘real’ money in their wallets for money on their bank accounts. Money is everywhere, but that hasn’t always been as normal as it is now. On the 16th of July in 1661, Europe got introduced to something we still use today; Europe’s first banknotes were issued by the Bank of Stockholm.

Flows and flaws
The Swedish Johan Palmstruch came up with the idea of creating a currency system with banknotes in Europe. He wasn’t exactly the first, because in China, money made out of paper has been in use since the seventh century’s Tang Dynasty. The newly-created banknotes were popular, because they replaced the heavy metal coins of that time, but Palmstruch’s Bank of Stockholm created way too many banknotes which unfortunately made for the bank’s collapse.

Current currency
Although this first attempt didn’t really work out, banknotes would make their entrance in Europe no matter what. The convenience of these easily transferable notes was way better than paying everything with coins. Money is, maybe overly, valuable to us and it’s a way of trade that keeps this world upright; we have to defend that, ‘at all costs’.


360 trivial fact
The nifty Canadian Frank Bourassa created a fake $250 million and got off with a mere 6 weeks in prison. Because of his experience, the former criminal now works for the government to fight counterfeiting.




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