GMK:2156
In the 1600s some coins were big and heavy and could weigh up to 20 kilos. As a result, the institution that later became Sweden’s central bank began to issue what were called transportsedlar (transport notes). The first one was issued in 1701.
Instead of having to transport the large coins from one place to another, people could now deposit money at one place, receive a note, travel to the other place and cash the note in there.All State authorities that handled money functioned as banks. Later in the 1700s, people began using these transport notes as money among themselves.In 1745 the central bank issued its first “real” banknotes.
They were no longer proof of a deposited amount. Instead, the bank itself guaranteed that the note could be exchanged for real money. Unfortunately, people did not trust them and so the banknotes constantly fell in value compared with coins.
