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Nationalbanken i Kjøbenhavn

On August 1, 1818 Nationalbanken i Kjøbenhavn (the Nationalbank in Copenhagen) was established as a private limited liability company. A royal charter, from Frederik VI gave it the sole right to issue banknotes for 90 years. Since experience had shown that it was too dangerous to allow the state to be responsible for the note issue the Nationalbank was to be independent of the state. The establishment of Danmarks Nationalbank was thus a departure from the principle under the absolute monarchy of vesting all power in the king and government.

Danmarks Nationalbank's task was to restore order to the Danish monetary system and its revenue was the bank mortgages. During the first years all resources were devoted to withdrawing enough notes to ensure that notes carried their full value in relation to coins. This was achieved in the 1830s. Hereafter Danmarks Nationalbank as Denmark's only bank could conduct ordinary banking activities.

Last update: 05/09/2011

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