Eidsvoll Warranty

As Eidsvollsgarantie a decision of the national assembly is called, which was after heated debate with 79 votes to 29, adopted on 19 May 1814 by the national assembly at Eidsvoll and made ​​by King Christian VIII announced on 23 May 1814.

History

As the personal union between Norway and Denmark was completed in Kiel peace on 14 January 1814 were from the period 1807-1809 so-called " Assignationssedler " and Reichsbanknoten the Danish- Norwegian kingdom Bank in the amount of 5.139 million Riksbankdaler in circulation. There were 3,000,000 Riksbankdaler that the Prince Regent had issued in Norway early 1814. This entire paper money and the more paper money that was needed for the budgeted government spending and was estimated at 14 million Riksbankdaler should be guaranteed by a decision of the national assembly at a rate of 375 %. On 1 August 1813, the Danish-Norwegian Reichsbank had found this course. This meant that 375 Riksbankdalernoten had a value of 100 marks banco. But the price was the issue already at 500 Riksbankdaler in paper money for 100 marks banco. For the printed money supply of 14 million Riksbankdaler even as cash continues permissible Danish Riksdaler were added, which were converted replaced during the year 1814 in Riksbankdaler, so that during the year 1815 were about 23 to 25 million Riksbankdalernoten in circulation. This led to inflation. The Eidsvollgarantie should stabilize the value of money. But the price dropped further, so that one Riksbankdaler, which should have a value of 32 Norwegian silver Killing after Eidsvollgarantie, had sunk in January 1816 6 Skilling. Then the Eidsvollgarantie was lifted.