The Bank of Amsterdam, or Wisselbank, was a public bank established on January 31, 1609 under the backing of the city of Amsterdam to stabilize the value of money for merchants, resolve difficulties in domestic payments, and facilitate international trade through reliable coin and book-entry transfers. It is described by some historians, though the characterization remains debated, as the first true central bank, and its introduction of deposit receipts in 1683 created an early form of paper money; it maintained close to full reserve backing for its deposits for most of its history and gave the Dutch guilder something close to reserve-currency status across seventeenth and eighteenth century Europe, before excessive lending to the Dutch East India Company brought it to insolvency in 1790 and final liquidation in 1819.
Facts
Founding Year Founding Date HeadquartersThe Bank of Amsterdam (Wisselbank) was housed in Amsterdam's old town hall. Chronology
Dissolved YearWikidata Q478744, property P576 (dissolved, abolished or demolished date). Classification
Institution Subtype Geography
Country or Jurisdiction ServedWikidata Q478744, property P17 (country). FAQs
Why was the Bank of Amsterdam set up?
According to the Amsterdam Exchange History site: Coins from a wide variety of countries and regions circulated, but a good system to determine exchange rates did not exist. At the bank, people could exchange their coins for fully fledged and widely accepted trade currencies.
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Sources
1. Wikipedia: Bank of Amsterdam
Wikimedia FoundationIntroduction
Established on 31 January 1609, the Bank of Amsterdam played a pivotal role in the 17th and 18th-century financial center of Amsterdam.
Image caption
The old town hall in Amsterdam with the Wisselbank to the right of the tower.
In Group: Public, Colonial and Chartered Banks, Lead
The Bank of Amsterdam or Wisselbank (Dutch: Amsterdamsche Wisselbank, lit. 'Exchange Bank of Amsterdam') was an early bank, vouched for by the city of Amsterdam, and established in 1609.
View the Source 2. Wikidata
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