120 Daler KM Transport Banknote

The Transport note was a peculiarly Swedish solution to a peculiarly Swedish problem. Riksens Ständers Bank — founded 1668, the world's oldest surviving central bank — had been issuing paper kreditivsedlar since the 1660s, but by the early eighteenth century the notes had grown unwieldy in denomination and clumsy to transfer between parties. The Transport format addressed this by allowing sequential endorsements on the reverse, effectively turning a single banknote into a chain of documented ownership transfers without requiring reissuance.

The 120 Daler denomination placed this firmly in wholesale commercial use. Retail transactions in 1720s Stockholm rarely required anything close to that sum.