Liechtenstein emergency money

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Liechtenstein emergency money

As Liechtenstein Token vouchers is called on 10, 20 and 50 Heller, 1919 by the Principality of Liechtenstein have been introduced as a national payment. The emergency money was replaced on May 26, 1924 by the Swiss franc as public tender. Before the introduction of emergency money, the Austrian crown had been the official means of payment in Liechtenstein since 1892 . The Liechtensteiner Heller was anything but popular with the population and quickly lost its value. The Liechtenstein population preferred the Swiss franc after having had a bad experience with the depreciation of the Austrian crowns after the end of the First World War .

description

The issued vouchers for 50 Heller were printed on white paper and measured 55 by 79 millimeters. On the front was an ornate orange frame on a blue background. The back was printed with a picture of Vaduz Castle . The voucher had a watermark with the coat of arms of Liechtenstein. The emergency money was designed by Luigi Kasimir . The vouchers were signed by Friedrich Walser , President of the State Parliament.

history

Since the conclusion of the tax and customs treaty between the Austrian Empire and Liechtenstein in 1852 , the respective currency of the large neighbor has been the official means of payment in the Principality. The Principality committed itself in Article 12 of the Customs Treaty to adopt the Austrian coin system. On January 1, 1859 , the Austrian currency was declared the national currency. Although Liechtenstein received its complete sovereignty over the monetary system after the dissolution of the German Confederation in 1876, the treaty remained valid and Liechtenstein did not issue its own money. Originally the guilder was used, but in 1896 it was replaced by the crown of 100 hellers. After the outbreak of war, everyday payments were primarily made in Swiss francs from 1917, especially in the Oberland, which traditionally tended towards Switzerland. The authorities also used the franc more and more frequently. After the lost war, inflation set in in German Austria , which also consumed the fortunes of the Liechtenstein people. From April 1919, only banknotes with the imprint “German Austria” were valid. The war had also significantly changed Liechtenstein's economic situation. In addition to inflation, the 350% increase in customs duties, the increase in consumption tax and the lack of payments by German Austria made the economic situation more and more difficult. Due to the high tariffs, smuggling flourished across the country . Therefore, on August 2, 1919 , the Liechtenstein State Parliament unanimously unilaterally terminated the tax and customs treaty with German Austria and started negotiations with Switzerland on the left bank of the Rhine.

From the beginning of 1919, the state government investigated the possibility of having its own currency. The most difficult question was the exchange rate between kroner and franc. Since it could not be foreseen whether and when a customs agreement with Switzerland would come about, the state parliament decided in December 1919 to issue vouchers as a currency substitute. With the ordinance of December 24, 1919 on the issue of emergency money in the Principality of Liechtenstein , 200,000 vouchers each for 10, 20 and 50 Heller were issued in January 1920. The issue was clearly intended as a temporary solution. The vouchers could not be exchanged for francs or kroner. The vouchers read "This voucher loses its validity if it is not redeemed at the regional cash desk in Vaduz within 3 months of the published request." Liechtenstein gradually began to orient itself towards the Swiss franc. On August 27, 1920, the law to convert the amount of crowns into Swiss francs was passed unanimously. With that the decision was made. The value of the vouchers was linked to the Swiss franc. From 1922, the Liechtenstein officials were paid in francs. After the customs treaty with Switzerland came into force on January 1, 1924 , emergency money was replaced on May 26, 1924 by the Swiss franc as a public means of payment. In the first few years, Liechtenstein still issued its own coins, the Liechtenstein francs , but these were also replaced by Swiss coins after there had been tensions with the Swiss canton of St. Gallen .

Web links

Individual evidence

  1. ^ Benedikt Zäch: Emergency money. In: Historical Lexicon of the Principality of Liechtenstein . December 31, 2011 , accessed March 22, 2019 .
  2. ↑ Liechtenstein 50 heller banknote. In: Currency Wiki. March 10, 2016, accessed on March 22, 2019 .
  3. ↑ Patricia M., Schiess Rütimann: Commentary on the Liechtenstein constitution . Bendern 2016 ( constitution.li ).
  4. ↑ Adolf Marxer and Johann Oehry: The money of our ancestors . In: Liechtensteinische Trachtenvereinigung (Ed.): EinTracht . Vaduz 2008, p. 13–28 ( eliechtensteinensia.li [PDF]).
  5. ↑ Liechtenstein terminates the customs treaty with Austria. Letter from Prince Eduard von Liechtenstein, envoy in Vienna, to Theodor von Ippen, head of the German-Austrian State Office for Foreign Affairs. August 12, 1919. Retrieved March 22, 2019 .
  6. ↑ Emergency money . In: Liechtensteiner Volksblatt . No. 6 , January 21, 1920, p. 1 ( e-archiv.li ).
  7. ^ Manfred Bauer: 90 years of the Swiss franc in Liechtenstein. In: Vorarlberg Online. April 20, 2014, accessed March 22, 2019 .
  8. ↑ Quaderer-Vogt, Moving Times in Liechtenstein, volume. 2 (1914-1926), pp. 456-458. ISBN 978-3-0340-1214-0