2 Skilling Courant – Norway

In 1810, Norway found itself in a complex and strained monetary situation, deeply entangled in the geopolitical upheavals of the Napoleonic Wars. Although in a personal union with Denmark, Norway was effectively cut off from its Danish sovereign by the British naval blockade, leading to severe isolation and economic hardship. The Danish-Norwegian state had declared bankruptcy in 1813, but the precursors to this crisis were already felt years earlier, with a depreciating paper currency (the rigsdaler) and widespread shortages of essential goods, including silver for coinage.

The circulating medium was a chaotic mix. The official currency was the rigsdaler, divided into 96 skilling, but its value was unstable. Due to the blockade, physical silver and copper coinage became scarce, leading to a reliance on over-issued and depreciating government paper notes. Alongside this, a wide variety of foreign coins, particularly Spanish dollars (pieces of eight) and German reichsthalers, circulated out of necessity, their values fluctuating based on metal content and demand. This created a confusing and inefficient system for trade and daily transactions.

This monetary instability was more than an economic inconvenience; it was a symptom of Norway's vulnerable position. The scarcity of sound money exacerbated inflation and hindered commerce, contributing to public discontent and a growing sense of Norwegian separateness from Denmark. The crisis would culminate just a few years later, in 1814, with the Treaty of Kiel, Norway's attempted independence, and the subsequent establishment of its own central bank (Norges Bank) and a new currency, the speciedaler, aimed at restoring financial stability and sovereignty.