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Guaranteed trust?
Ever since the first Dutch banknotes appeared in 1814, people have had strong opinions about how they looked. Almost every new issue from De Nederlandsche Bank has faced criticism from the public. Colour, design – these elements have always been closely scrutinised. But one detail stands out in particular. Interestingly, it’s not so much about what was on the banknotes, but rather what was missing from them.
The very first Dutch banknotes issued in 1814 included a promise of payment. By 1860, this promise was formalised with the phrase: De Nederlandsche Bank betaalt aan toonder (De Nederlandsche Bank pays to bearer). This wording gave people confidence. It meant that the bank guaranteed anyone holding a note could exchange it for silver or gold guilder coins.
In 1904, banknotes were officially declared legal tender. From that point on, people could exchange one note for another, rather than for precious metals. It was believed that banknotes had become so widely trusted that the explicit payment promise was no longer necessary.
But the public didn’t agree. Newspaper articles – some poetic, others more direct – showed that people were outraged by the removal of the familiar phrase. The backlash was strong enough that later issues brought the “pays to bearer” text back.
It remained a fixture until 1946, when it was finally removed for good. Interestingly, this time there was no public outcry. The lack of response suggested that by then, people no longer needed a written promise to trust in the value of their banknotes.
© De Nationale Numismatische Collectie, De Nederlandsche Bank
© De Nationale Numismatische Collectie, De Nederlandsche Bank
