Johan Palmstruch

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Johan Palmstruch (* 1611 in Riga ; † 1671 , formerly Wittmacher) was a Swedish banker and the founder of the first Swedish central bank . He was the first in Europe to introduce uncovered paper money .

Life

Johan Wittmacher was born in Riga in 1611 as the son of the merchant Reinholdt Wittmacher and traveled as a young man to Amsterdam , where he developed an extensive business until he was arrested in 1639. It is said to have been about unpaid debts. He was only released in 1646 and moved to Sweden the following year. There he was raised to the nobility in 1651 with the name Palmstruch.

In 1657, the Swedish government approved Palmstruch to set up a central bank. The Palmstruch Bank was the first bank of its kind in Europe. From 1661 banknotes were issued, which were called credit balances . Because the bank put too many banknotes into circulation without precious metal backing, inflation occurred , so that the bank could not redeem the notes later. That is why Johan Palmstruch was first sentenced to death, but then pardoned and sentenced to prison. Not until 1670, shortly before his death, was he released from prison.

Individual evidence

  1. The cradle of the European banknote is in ... Sweden . Museum of the National Bank of Belgium. Retrieved October 31, 2018
  2. The dream of easy money . Die Zeit, volume 2016, issue 42
  3. Stockholms Banco 1657–1668: Johan Palmstruch (Witmacker) (1611–1671) historiesajten.se
  4. See Palmstruchska banks, Kreditsedel 10 daler silvermynt, April 17, 1666, alvin-record: 47808 for an illustration and description of such a banknote with Palmstruch's handwritten signature

literature

  • Ernst Nathorst-Böös: The advantage of banking. A presentation of 3 Manuscripts by Johan Palmstruch . In: Revue internationale d'histoire de la banque , vol. 1 (1968), pp. 307–322