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Johan Palmstruch

From Wikipedia, the free encyclopedia

Johan Palmstruch (June 13, 1611 – March 8, 1671) was a Latvian-born Dutch entrepreneur, financier, and financial innovator. He is often credited with the introduction of paper money to Europe. [1]

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As all other things created by men, money wasn’t always around. In fact, remote regions in Africa used cowrie shells as money till as late as the 20th century when eventually modern money was introduced to those regions. In early days, exchange of products and commodities, commonly referred to as the barter system was a popular method of procuring goods that a person does not own, but this method wasn’t always seen as a beneficial one. Since all products are not equal, people found it difficult to create a standard through which the barter system can flourish. Where the barter system failed, money became the answer. It could be standardized so that people can sell and buy a product without having to provide a product or commodity in exchange. Instead of looking for a buyer who had something that they wanted in exchange, sellers could simply sell their produce or commodities in exchange for money. It was a lot more promising than the barter system. In modern age there is a constant demand for businesses to be able to trade easily and for consumers to enjoy the ability to buy a product or service easily. This is why money has taken more forms than coins. It is available as paper notes, credit cards, debit cards, e-transfers, contactless cards, and e-wallets. A WORLD WITHOUT MONEY Adam Smith, the father of modern economic, explains the origin of money at the time when individuals began to specialize in different crafts, it meant that they had to rely on others for products and commodities which they did not own. The primary hindrance of barter system was that it required a situation where both parties wanted each other’s products. Speculating that this required craftsmen to stock a particular commodity that will be wanted by others most popularly, like salt or metal, Smith explains the beginning of money. Many other anthropologists disagree to this concept of the origin of money. According to them, barter system was meant to take place between two strangers and not between people living in the same community who knew each other. In barter system, any person who has a surplus of anything of value like grain, cattle, or livestock can exchange that product for something of a similar value that the person wants like a clay pot or tool. Bartering was first recorded in Egypt. While barter system is known to be one of the most probable things that may have given rise to money, anthropologist David Graeber considers that it was gift economies that led to the creation of money. Such economies were common in the early years when the first agrarian societies were established. During this period, goods and services were provided to others in the community with no agreement or exchange and it did not imply any future expectation of rewards either. In an economy like this, the regular giving of services and products ensures that all members of the community enjoy goods and services. These are two different ways in which communities survived before money was created. The wants were either fulfilled by exchange of products in barter system or by gifting other products and services as in a gift economy. Both these ways subsequently gave rise to money because they did not provide a standard measure for providing products and services to an individual. Barter system was also limited by the fact that the individual had to find someone who wanted what he had to offer. Similarly gift economies were limited by the fact that a person had to rely on the benevolence of others for certain products or services. In a gift economy, it is considered that there was the underlying sense of “I owe you” when a person gifted another with a product or service. So money may have first emerged as a form of credit in gift economies, and later on it would have assumed the role of a medium of exchange. EMERGENCE OF MONEY Barter system and gift economy gave rise to the need for a more standardized way of trading. Cattle were an early form of money and both cattle as well as manure produced from cattle were seen as valuable. Fines were paid in the Roman law in the form of cows and sheep. Since cattle couldn’t easily be divided, metal became a more favorable form of money. Metals could easily be transported from one place to another, it lasted longer and it could be divided easily. Using a commodity in the form of money was known as commodity money. Commodity money usually existed in situations where all other forms of money were not available or could not be trusted. Barley was used a medium of trade in Mesopotamia where a shekel represented the weight of a certain amount of barley and worked as a currency. Another reason why commodity money evolved was the fact that the co-incidence of wants did not exist all the time. For example, some vegetables do not grow throughout the year. And once the farmer harvests the vegetables, he will have to quickly find someone with whom he could barter it. If the barter is not completed in time then the vegetables may begin to rot and will not be useful any longer. This is where the farmer will exchange the vegetables for a commodity that is more durable. And later he will use that commodity to buy things that he wants for himself. In doing so, the market becomes more liquid for other commodities. The commodities that were used in commodity money were either recognized for their durability, usefulness, design or beauty. Parts of ancient China, Africa and India are known to have used cowry shells for trade. Some parts of Africa used cowry shells as late as the 1900s as money. The American Indians used wampum which is also a small white cylindrical shell for money. The Japanese feudal system traded primarily in koku which was a unit of rice. In the early British Colony of New South Wales rum was considered to be a durable commodity and became a form of commodity money. Some prisons in United States still use cigarettes to trade things that they want. While metals were used as commodity money, precious metals were used very rarely as a currency. The earliest use of currency in commercial transactions took place in Egypt and Mesopotamia in the third millennium where gold bars were weighed and their value was established every time they were used for trade. These gold bars were not as easy to carry around. They had to be changed into something more portable. The use of gold ornaments for trading, thus, became popular. It was easy for traders to carry ornaments and to trade them for the things they wanted. Since wealth brings the problem of thefts and robberies. The next step for people was to find a place where wealth can be kept safely. Ancient civilizations believed temples to be the safest place. Temples were sturdy and it had strong walls. In addition to its solidarity, temples always had at least one person attending to the place. The sanctity of the place, and the priest attending to the temple usually deterred thieves from trying to steal from a temple. The huge amount of wealth amassed by temples lay idle even though there were traders in the community who were in need of money. Such a situation gave rise to money lending by the priests. With temples giving loans, the concept of banking began to take form in these ancient civilizations. In about 1100 BC, people from the Zhou dynasty in China began using small bronze replicas of commodities like cowrie shells and later knives and spades. Since the knives and spades could cut someone when a person travelled with them in the pocket, money began to take a form that was more practical – a circular form with no sharp edges. The first coins emerged in India, China and archaic Greece. This happened around the 7th and 6th century BC. The ease with which coins could be used for trading made it very popular among the people and the use of coins began to spread quickly to surrounding areas in Greece and Persia. The earliest coins are associated with the kingdom of Lydia especially with King Alyattes who is often considered to be the originator of coinage. These Lydian coins did not have any date specified on them, all they had were the image of a symbolic animal. These coins are dated according to archaeological evidence and some of the most commonly cited evidence was sourced from the excavations that took place at the Temple of Artemis in Ephesus. These Lydian coins were made of an alloy known as electrum which is naturally formed from silver and gold. Coinage was soon adopted by the nearby cities of Ionia, Mytilene and Phokaia. It was quickly adopted by the cities of mainland Greece and spread further into the Persian Empire. The Aethenian Empire owed its power and expansion to the use of silver coinage. Soldiers were paid in silver which was mined in Southern Attica at Laurium and Thorikos. The mining work was done by slaves. Where the craftsmen of Ephesus were striking coins the ones in China were pouring molten bronze into molds to cast coins. Since the Chinese used a more elaborate method, they had the ability to give desired shapes to the coins. Spades, knives and cowrie shells were picked as casts for early coins in China but they were soon replaced for rounder coins introduced by Shi Huangdi, the first emperor of China. These coins were circular in shape and they had a square hole in the center. Trading in coins became even easier when the touchstone was discovered. The touchstone could help people check the purity of any soft metal and it could help the person find out the total content of a metal in a lump. Since gold is a soft metal and it was considered a precious metal because of its rarity, it quickly became a popular means of trading. With the help of the touchstone, one could find out the amount of gold available in an alloy and then check the weight of gold based on the weight of the lump. The process required a standardization to make trade simpler, and this is where standard coinage was introduced. Coins began to be minted by governments in a protected place. The process involved the stamping of the coins with an emblem which guaranteed the weight and value of the metal used in the coin. The emblem gained importance because if the coin had such an emblem, it meant that it was of value. This is probably the reason why governments began to emphasize that the value of the coin lay in the emblem and so the content of valuable metal was lowered. Gold and silver were used very commonly for minting coins but they were not the only metals used for coinage. Ancient Sparta is known to have used iron for minting its coins to discourage the Spartans from foreign trade. This was the beginning of standardized money. In all its various forms, coins began to be used in most of the parts of the world for trading. It was accepted by others easily and it encouraged foreign trading as well till the time the coins were made of a metal that was desired by others. It was no longer a unit of weight instead; coins were now recognized as a unit of value. FROM COINS TO PAPER MONEY Coins became popular among civilizations and empires around the globe. Every civilization had their own means of creating coins, standardization of the coins in one way or another existed everywhere. In Greece, financial transactions through private individuals and temples became a common activity. This form of banking was very complex and it varied more than any other previous civilizations. They took deposits, tested the weight and value of coins, gave loans, and even conducted currency exchange. Banking was conducted at a level where moneylenders would take money from one city in Greece and arrange for the person to be paid in another city so that he can travel without having to worry about theft of the coins. With its exemplary administrative system, Rome adopted and regularized the Greek banking practices. By the 2nd century, people had the ability to discharge a debt by paying the amount in the bank. Public notaries were appointed to register these transactions. When the Roman Empire came to an end, these bankers were no longer required. Moneylending was seen as an immoral act when Christianity began to spread. However, moneylending never came to a complete end because of the need of people for an institution or a medium through which financial transactions can be conducted. Many of the units of currency used in the modern world have been derived from the Roman Empire. For example, the solidus was one of the stable currencies of the Byzantine Empire which is often associated with its modern form, the European shilling. Another solid currency which made its appearance towards the end of the 7th century AD is the dinar which was minted by caliph Abd-al-Malik in Damascus. The Frankish King Pepin III introduced the silver denarius – a penny – which soon became the standard medieval coin of Western Europe. With coins gaining popularity in most of Europe, paper money was being experimented in China during the rule of the Five Dynasties which is about 910 AD. Paper money was successful and it was used commonly during the reign of the Song Dynasty. Almost three centuries later, renowned traveller Marco Polo finds paper currency to be one of the most astonishing things about the country. He also finds the ability to easily print money to be a thing of concern for governments since the emperor could print as much money as he wants. During the same time, almost halfway across the globe, the famous fiorinod’oro was minted in the year 1252 in Florence. Another coin of lasting resonance is the Venetian ducat. By the early 15th century, China faced inflation because of paper money leading to the eventual ban on paper money in China by the Ming Empire. As for the western region of the world, the large silver Joachimsthaler, often known as the thaler was first minted in the year 1517 in Bohemia. The coin got its name from the silver mines located in Joachimsthal. The dollar is known to have derived its name from this coin. An early version of bills of exchange was seen in the 12th century when the English monarchy used a notched piece of wood known as the tally stick as a bill of exchange. During this time, paper was not as common as it is today, but wood was available more easily. Tallies are said to have been used by people till the early 19th century. Tallies began to be used as a receipt given to the tax payer when the person paid his dues. The notches were used to define the amount of money paid by the tax payer. With a stronger administration and a better revenue department, the tallies were then used to denote the promise to make future tax payments by a tax payer at a specified time in the future. A matching pair of the tally was kept with the Treasury which denoted the amount of taxes that were to be collected at a future date. When the crown discovered that it did not have adequate funds, it began to use the tally receipts which promised future tax payments to pay its creditors who could then use the tally to collect the tax amounts directly from the person who was assessed or to pay their own taxes to the government. As their usability begin to grow, tallies were sold for gold or silver at a discount depending on the amount of time left till the tax was due for payment. Once the tallies were circulated in the market as an accepted form of money, the government realized that it could issue tallies without having to back it with a tax assessment. This created a new form of money in Europe which was backed by the Treasury and the government in England. In the 17th century, paper currency was finally introduced to Europe. But before paper money, trade bills of exchange had already begun circulating in European cities. Since trade was dependent on credit for its easy expansion, trade bills of exchange were introduced as a promise by the buyer to pay the person owning the bill at a certain date in the future. Keeping the reputation of the buyer in mind and the fact that the bill had been endorsed by a reputed guarantor, the person who had the bill could take it to a merchant banker and redeem the money for a specific transaction charge, before it was actually due. The best thing about these bills was that they made it easy for traders to travel without carrying lots of money with them. It reduced the chances of a robbery. The trader can deposit a certain amount of money in one town with a merchant banker and then get a bill of exchange. He would then travel with it to another town where he can exchange the bill for money. The trader can also use the bills for paying his suppliers when he buys additional products. They worked as a medium of exchange and they were also considered a medium for storage of value. Very similar to the Greek and Roman priests that loaned money to the people, the bills of exchange were a form of trade credit which gained a lot of use for traders in Europe. These bills of exchange were used by England till the first quarter of the 19th century when bank notes become more commonly available for the people. But before we move to organized banking, the history of money has bankers emerge in many forms like the Goldsmith bankers in England who became financial intermediaries like the temple priests in ancient Greece and the moneylenders who issued bills of exchange. In the early 17th century, the merchants and traders of England had a lot of wealth. They stored their wealth in the Royal Mint, but in 1640, King Charles I forcefully took away all the private gold from the Royal Mint as a loan which would be paid over a period of time. This broke the trust of the merchants who decided to take their gold to the goldsmiths in London who had private vaults where the gold can be stored. The goldsmiths charged a fee for this service which the traders willingly accepted. They issued a receipt with details about the quantity, quality and value of the precious metal stored in the vault. These receipts were initially non-transferrable. But the goldsmiths begin to realize that the gold could be loaned further to traders who were in need of it. They began to relend money on behalf of the depositor and promissory notes were issued when gold was loaned to the people. These promissory notes denoted the amount of money that was deposited with the goldsmith. These notes gave the goldsmith explicit permission to the use the money for any purpose including advances to his customers. There was no fee or interest paid or received on such deposits. When the promissory notes were more streamlined, the goldsmiths began to use it as a transferable instrument which could change hands with the guarantee of the goldsmith to pay the person who owns it. Goldsmiths were reliable people so there was very less chance of a default which is why the goldsmiths were seen as the early bankers of London. In medieval Italy and Flanders, promissory notes were used by traders to avoid the risks of travelling with huge sums of money. These promissory notes were the forerunners of the modern day bank notes. Europe’s first paper currency appeared in Sweden which is also the place where the first national bank was established. In 1656, Johan Palmstruch established the Stockholm Banco which was a private bank that boasted of some very strong links with the state. Five years later, in 1661, Stockholm Banco issued credit notes which could be exchanged for a specific number of silver coins. This step was taken after consulting the government since half the profits from the bank were paid to the royal exchequer. The notes issued by Stockholm Bancowere beautifully designed. The earliest surviving note dates from a 1666 issue which has eight different hand-written signatures. This established a level of trust in the notes and made them credible enough for the people to use it to buy goods. While paper notes became a boon for traders who found it easy to use these notes to pay their creditors, Palmstruch ended up issuing more notes than his bank could redeem with silver coins. The public was enraged by this since they could not get back their promised sum of silver coins, and Palmstruch ended up facing a death penalty for fraud in 1667. Almost half a century later, John Law decided to re-introduce paper notes in Europe by establishing BanqueGenerale in Paris in the year 1716. It started issuing bank notes from January 1719 but like Palmstruch, Law’s foresight into the banking system may not have predicted what the government did next. In May 1720, the government passed a decree which brought down the value of the paper currency to half. This took away the confidence of the people from paper money and Law’s endeavors met with a fatal close. Paper currency remained on an experimental basis for most of the 18th century when precious metals began to reduce and the need of paper currency on a more standardized form became a requirement. People were willing to put their confidence in paper money which was issued by national banks and had the backing of government reserves. Banknotes were issued by banks in various countries. Some banknotes were accepted more widely because of the credibility of the issuing institution, but some were limited to circulation within a local area because of limited credibility of the bank issuing the notes. In England this practice continued till 1694 when the Bank of England was granted sole rights to issue banknotes in England. In USA, banknotes of more than 5,000 different types were issued by various banks until 1913 when the Federal Reserve Bank became the sole issuer of notes in the country. When paper money was first introduced, many banks issued very crude forms of money which could easily be duplicated, but governments and banks learnt quickly that they had to take important measures to ensure that paper money was secure enough so that duplication did not happen and the problem of counterfeit money is avoided. Techniques like special ways to cut the paper, use special designs and applying script on the inside of the banknote were some of the ways. Australia is said to have started the use of polymer instead of paper for their banknotes. Polymer has a longer life and with the inclusion of see-through windows in the currency notes, it became difficult for a person to duplicate the currency without having expensive machinery meant especially for such purpose. A lot of countries followed Australia’s technology and used it to ensure their banknotes could not be easily counterfeited. Money continues to evolve from one form to another even right now. New measures of security are being researched and used by governments to ensure that their currency is more secure. Innovation in the field of technology is introducing smarter and niftier ways to help governments make their currency stronger and more trustworthy by avoiding the chances of duplication. Banknotes of the future may have advanced security which can make it even easier to trace money or identify the banknotes so that counterfeit money can come to a definite end. MONEY AS WE KNOW IT TODAY Today, money is available in the form of coins as well as paper, but in addition to these two forms, there are other ways in which money can be found in today’s economy. In 1860, Western Union began transferring funds via telegram which gave rise to electronic funds. While it may sound like a new way of moving money from one place to another, the idea is an old one. Early Greek moneylenders often gave traders the option to deposit money in one city and then arranged for credit in another city for the trader. This is somewhat the same ideology on which Western Union was functioning, but it made money more accessible and more widely available than the moneylenders of Greece. While Western Union’s introduction of e-money was a successful one, John Biggins’ invention of the Charg-It card in 1946 was a forerunner of credit cards. In early 20th century, oil companies and departmental stores offered regular customers their proprietary cards which were accepted by the business that issued the card and by a limited number of other stores. The purpose of these cards was to improve customer loyalty. John Biggins was a banker in Brooklyn who introduced the first bank card and named it Charg-It. The main requirements for using this card were that the person should have an account with Biggins’ bank and the purchases should be made locally. When a person used the card, the store forwarded the request to the bank which paid the amount to the store and then redeemed the payment from the person’s account. The first bank credit card made its appearance in 1951 in New York’s Franklin National Bank. The credit card was offered to those who had an account with the bank. The next credit card was the Diner’s card. It is said that the Diner’s card was conceived in 1949 when a businessman named Frank McNamara had a business dinner in Major’s Cabin Grill, New York. He had forgotten to bring along his wallet and so he did not have a way to pay the bill. Although McNamara was able to find a way out of the situation at that time, he decided that there should be a way to pay the bill even when the person did not have cash. McNamara and his co-worker Ralph Schneider are known to be the brainchild of the Diner’s card which is also known to be the first credit card that gained widespread use. The two came back to Major’s Cabin Grill in 1950 to use the small cardboard card to pay the bill for their dinner. The Diner’s Club Card was used mainly for travel and entertainment and it had 20,000 cardholders by 1951. The cardboard card was soon replaced by plastic cards to ensure durability. The amount charged on the card had to be paid by the end of the month. American Express was a company that specialized in deliveries and was a competitor to the U.S. Postal service. The company claims to have conceived the idea of such a card long before the Diner’s club card was introduced, but with the launch of the Diner’s card and its success, the company began to move quickly to introduce its own card in 1958 for travel and entertainment expenses. In 1959, they introduced plastic credit cards which replaced the cardboard cards. Within five years of its launch, American Express had 1 million cards which were being used at almost 85,000 locations. Its success in the credit card industry made the company expand the services of its card to an all-purpose card. Both, Diners card and American Express card were owned by establishments that worked singularly and conducted transactions between the merchants and the consumers. This is probably the reason why they expected the consumers to pay the entire bill by the end of the monthly cycle. MasterCard introduced the idea of a revolving balance in 1959 where the cardholders did not have to pay the entire amount owed on the card by the end of the month. While there was a finance charge for the amount that wasn’t paid, people gained a flexibility which allowed them to pay their bill more easily. In 1966, Bank of America established the Bank of America Service Corporation which franchised the Bank of America brand and was later on known as Visa to banks across the nation. The same year also saw the formation of the Inter Bank Card Association which is now known as MasterCard. Both the associations issue credit cards through their member banks and if any bank wanted to issue credit cards then it had to join one of the two associations. Amendments to the laws later on allowed the banks to join both the associations at the same time. Both associations have now created many rules and procedure to make sure that using the cards and dealing with any disputes arising from them is handled more seamlessly. They also have international processing systems which can handle the exchange of money and information. With EMV compliant chip cards becoming a necessity, banks are going through the process of changing traditional credit cards to the latest ones and ensuring that all outlets that accept cards have machines that can work with these cards. While credit cards are a widely acceptable method of payment today, many newer options like online bank transfers and mobile payments are becoming common as well. PayPal was one of the earliest companies to offer online transfer of money. Established in 1998, the company has played an important role in the history of money helping millions of people transfer money online. E-wallets and NFC (Near Field Communication) payments can help you pay your bills by just one tap on your mobile phone app. Apple Pay was introduced in 2014 while Google had demonstrated the service on May, 2011 and the app was released on September the same year. E-commerce has opened new portals for traders who can now trade their products and services online and capture larger markets. Selling on the internet also saves businesses the investment in brick and mortar stores. The online selling of products and services adds ease to the sellers and buyers. Mobile payments and online payments have helped banks make money more easily available to its customers. With different methods of payments becoming easily available for customers, the latest development in money was the introduction of virtual currency. Also known as cryptocurrency, this recent method of payment aims at operating under a decentralized authority. The bitcoin is known to be the first decentralized virtual currency which has been developed by an anonymous programmer or group of programmers who work under the pseudonym Satoshi Nakamoto. Introduced in October 2008 and released as an open-source software in 2009, bitcoin is a peer-to-peer system where transactions are conducted directly between the users with no intermediaries. Bitcoins are offered as a reward to users who compete and prove their computing power to verify and record bitcoin transactions to the blockchain. People who obtain bitcoins by this method are known as miners. But mining is not the only way in which you can get bitcoins. These can also be exchanged for other currencies, products or services. The blockchain is a public distributed ledger where all the transactions are verified by network nodes and recorded in the blockchain. While bitcoin has gained a lot of attention from the people, it is yet to gain the trust of adequate users, which is why bitcoin is limited. The prolific use of bitcoin in criminal activities, especially the Darnet markets is also one of the reasons why it has not gained a lot of users. While the European Banking Authority explicitly warns bitcoin users that they are not protected by any refund rights, officials in USA recognize it as a system that can provide legitimate financial services. The history of money comes to a full circle when the bartercard was founded on the Gold Coast, Australia in 1991. It is now used in eight countries and serves amost 54,000 users who barter-trade over $600 million each year. The bartercard was created to help businesses exchange goods and services without using cash or cash equivalents. This means that it returns us to the state in which we began trading right in the beginning. Barter system was the earliest form of trading and centuries later we are back to creating a similar system of trading. Money, over years, has taken many forms and no matter how it changed, it continued to play a very important role for businesses throughout history. From paying for food, to financing wars, money has a mention in almost every part of history in one way or another. Starting from the barter system and moving to commodity money, and from crude coinage systems to the very sophisticated cryptocurrency, it has helped us conduct business smoothly and given us the ability to own products that we did not create. It has evolved with time to a form which is more acceptable for us, and even today governments and private individuals like those who develop cryptocurrencies are trying to find new and advanced ways of making trade easier and ensuring that money is more easily accessible to people for conducting business. In a world that has turned into global village and businesses have begun to overlook the geographical boundaries to find new customers, money is a medium of trade which is not limited to a specific location. With foreign exchange and online payments, buying and selling products across the globe is easier and simpler.

Biography

Johan (Hans) Wittmacher was born in Riga where his father was a merchant. Sometime in the 1630s, he moved to Amsterdam where he married Margareta von der Busch (1617-1677) before 1644.[2]

He became a commissioner in the National Board of Trade after his arrival in Sweden in 1647 and began submitting proposals for banking institutions to King Charles X Gustav in the 1650s. The first two such proposals were rejected but the third, which promised half the bank's profits to the crown, was accepted. He was made a Swedish nobleman under the surname Palmstruch and become a commissioner at the National College of Commerce.

The first paper money in Europe (1666).
The first paper money in Europe (1666).

Stockholms Banco was thus founded in Stockholm during 1657 with Palmstruch appointed as bank director and general manager. The bank itself was nothing new as it was simply an imitation of the successful public deposit banks of Amsterdam and Hamburg, however Palmstruch himself added two important innovations. The first of these was to use money deposited into accounts at the bank to finance loans, however this soon became a problem as the deposits were usually short-term and the loans long-term, meaning that deposited money was unavailable to be withdrawn by account holders. [3]

Palmstruch's second innovation, and his solution to this problem, was the introduction in 1661 of credit paper (Kreditivsedlar), the first European banknotes, which would be exchangeable at any time for the gold and silver coins they were replacing.[4] These were very successful, but the bank began lending more than it could afford and printed too many banknotes without the necessary collateral, leading to the bank's collapse in 1668. This led to the founding of the Sveriges Riksbank. [5] [6]

Palmstruch was charged with irresponsible book-keeping and with not having the cash to repay these credit notes due to miscalculation and omissions in his book-keeping. He was unable to make up this shortage and in 1668 was sentenced to loss of his title, loss of his banking privilege, and eternal exile or death. The government reprieved the death penalty and Palmstruch was instead imprisoned. He remained in prison until 1670 and died the following year at the age of 60. [7]

References

  1. ^ Sven Fritz. "Johan (Hans) Palmstruch". Svenskt biografiskt lexikon. Retrieved April 1, 2019.
  2. ^ "Palmstruch (Palmstruck), släkt". Svenskt biografiskt lexikon. Retrieved April 1, 2019.
  3. ^ "Stockholms Banco 1657-1668". hem.passagen.se. Retrieved April 1, 2019.
  4. ^ See Palmstruchska banken, Kreditsedel 10 daler silvermynt, 17 april 1666, alvin-record:47808 for a description and an image of such a banknote with Palmstruch's own signature
  5. ^ Ingrid Van Damme. "The cradle of the European banknote stood in Sweden". Museum of the National Bank of Belgium. Retrieved April 1, 2019.
  6. ^ "Historisk monetär statistik i Sverige 1668-2008". riksbank.se. Retrieved April 1, 2019.
  7. ^ Rob Wile (April 8, 2013). "Here's Why The World's First Central Banker Got The Death Penalty". Business Insider. Retrieved April 1, 2019.

External links

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