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KINGS OF DENMARK


King  Frederik 6th

1768 - 1839             King  1808 - 1839
                              Norway  1808 - 1814
   
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                         Danish

Danish Kings, from Gorm the Old to the present Queen Margrethe 2nd

  

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The State Bankrupt in 1813


During the war 1807 - 1814 the government had raised money by issuing banknotes in large numbers.
As the state was not able to cash them in silver, the banknotes lost most of their values in normal trade.

In 1813 the state went bankrupt, as the government tryed to arrange the economy in the following way. A national bank was founded, who was obliged to cash the old banknotes by paying 1/10 of their face value in national bank notes.
To secure the bank a foundation, they made an interfirence in the right of property by requiring payment of 6% of the value of each property, and if the ovner was unable to pay, the amount remained standing as a priority, of which should be paid interest to the bank in silver.
But the national bank notes did not at once gain trust either and dropped in price for below face value. The kingdom was alone to cary the burden of the bank notes, because in Holsten it turned out to be a great reluctance to the national bank notes, and the government had to determine, that here silver should be the only legal way of payment.

The national bank notes were for a long time low priced, and for some time they were priced only 1/20 of their face value. Not until 1818, when the national bank was transformed into a new National Bank, which was controlled completely independent from the government, the situation became better.

In the end of Frederik 6th s lifetime the banknotes reached par value. They were in daily trade acknowledged for their full value.
The debts of the state had increased significantly during the war and continued to increase for many years after the war, until it in 1835 had reached a total of 260 million kroners.
From 1835 they were able to start to pay off the debts.


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