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The substitution of money

During the occupation note circulation had increased strongly. From a level of approximately kr. 400 million in the pre-war years banknote circulation increased to approximately kr. 1,600 million during the occupation, i.e. four times over. In order to avoid inflation after the deregulation of post-war prices, control and reduction of this substantial note circulation was one of the most pressing challenges of the post-war economy. This problem was to be solved by withdrawing all Danmarks Nationalbank's banknotes in circulation, while at the same time taking stock of all assets. It was thus possible to confiscate collaborator profits and expose black marketeers, and to cancel any banknotes the occupying power might have taken out of the country. To achieve this, in the autumn of 1943 Danmarks Nationalbank secretly began to manufacture a new type of banknote. In February 1945 Danmarks Nationalbank's stocks of all banknote categories were sufficient for the substitution to take place.

Photo of queue outside Kolding Laane- og Diskontokasse due to the substitution of money

Photo of queue outside Kolding Laane- og Diskontokasse due to the substitution of money

The money substitution began on the "asset status day" of 23 July 1945, and included all banknotes. Prior to that, the new banknotes for kr. 1,400 million had been distributed to the banks. The substitution revealed that almost kr. 3,000 million, or 20 per cent of the reported assets, were earnings not reported to the tax authorities.

Last update: 05/13/2011

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