![]() ![]() Johan Palmstruch received the royal permission to form a bank in 1656 and after five years, his bank started issuing notes. In 1661, banknotes were introduced for the first time in Sweden. Unfortunately, this idea of the king failed to increase the price of the copper as Sweden increase copper production to meet the demand of domestic copper coinage system. Gustavus Adolphus, king of Sweden thought that if he could circulate copper as their currency, then the demand of copper will increase in the world market and so is the price. Sweden had numerous copper mining industries. Rather they wanted to make the demand and the price of copper higher. Sweden did not monetize copper currency because of any advantage of copper currency. It is very common in bimetallic system that one metal drive out the other and in case of Sweden copper currency drove out the silver currency. ![]() But in 1625, Sweden introduced copper currency and switched to a bimetallic standard based on silver and copper. Like most other European countries Sweden used silver currency from the medieval period. Many other European countries like Germany, Austria, Hungary, Denmark and Norway also made their currency name according to this word. The name riksdaler came from a German word “thaler”. Previously riksdaler was used as the national currency of Sweden. Sweden has been using Krona as their national currency since 1873. Future Outlook of the Currency of Kazakhstan (KZT).Current Condition of the Kazakhstan Currency KZT (as of Aug 2015).History of the Tenge (Kazakhstan Currency KZT). ![]()
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