London Starts an Exchange

1565

England

The London Royal Exchange was established.

1587

Italy

The Banco della Piazza di Rialto is opened in Venice as a state initiative with the purpose of holding merchants' funds on safe deposit and enabling financial transactions in Venice and elsewhere to be made without the physical transfer of coins.

1588

Spain

he Spanish Armada is destroyed by the British.

1589

England

One of the first pawnbroker operations is started in Berwick.

1642

England

Monetary policy played a role in the English Revolution in 1642, when Oliver Cromwell was financed by bankers to overthrow King Charles.

1656

Sweden

Johan Palmstruch establishes the Stockholm Banco a private bank but with half it's profits payable to the state royal exchequer

1661

Sweden

Palmstruch issues credit notes which can be exchanged for a states number of silver coins through his bank (the Stockholm Banco).

1667

Sweden

Palmstruch issues more notes than his bank can afford to redeem with silver. He faces the death penalty for fraud that was later commuted to imprisonment.

1668

Sweden

The Bank of Sweden if founded and is the world's oldest surviving bank.

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