Similar to the Bavarian Banks the tradition of
a federal Germany gave reason for the development of a banking system in Saxony. It was driven
by the necessities of business and the need for monetary supply. Here we will have a look at two
banks from Saxony.
Sächsische Bank zu Dresden
The Sächsische Bank zu Dresden (Saxon Bank of Dresden) was founded in 1865. On 18. July 1865
the King Johann of Saxony permitted the establishment of a central Saxon bank in
Dresden. This
bank had been lobbied for by the local business people.
The bank was created for a period of 25 years. Its capital base was 5 Million Taler, which was
split up in 25,000 stocks. On 1. November 1865 the bank opened its doors in Dresden after enough
shareholder had paid up their share.
The bank was allowed to issue its own banknotes. In 1866 it started to give out bills with denominations
of 10, 20, 50, 100 and 500 Taler. Already within 1866 bills worth 6 Million Taler had been issued.
History of the Sächsische Bank
In 1870 the concession of the bank was extended to 45 years. The bank extended its business
continuously. In each of the years 1874, 1890 and 1911 new 100 and 500 Mark bills were issued.
The banking law introduced after the unification of Germany in 1875 restricted the ability for
banks to issue banknotes. However, the Sächsische Bank became the 3rd biggest of the
private Notenbanks. The law also made the
Mark the standard currency of Germany (and Saxony). From
1875 the Sächsische Bank issued banknotes denominated in Mark. The Taler bills, however, stayed
valid and were in circulation till 1898.
During the Inflation the Sächsische Bank issued - as
all banks - large amounts of banknotes. But
it survived as one of the four remaining private Notenbanks to issue banknotes. This permission
was to be reviewed after 10 years. On 31. December 1924 the Nazis did not extend this permission
to centralise and control the money supply via the
Deutsche Reichsbank in Berlin. All bills issued
by the Sächsische Bank became invalid on 2. April 1936.
The Sächsische Bank now became a commercial business bank and took over the private client
business of the Sächsische Staatsbank on 1. January 1937. It continued its business under the
name of Sachsenbank.
Sächsische Staatsbank Dresden
The Sächsische Bank zu Dresden must not be confused with the Sächsische Staatsbank Dresden.
The latter was not allowed to issue banknotes. Therefore all money issued by the Staatsbank
(during the Inflation) is emergency money (Notgeld).
The Ministry of Finance and the state parliament of Saxony proposed to create a bank that was
funded completely by using state money. The bank was founded in 1864 under the name
Lotteriedarlehnskasse in Leipzig, which became the Sächsische Staatsbank (Saxon State Bank) in 1919.
It moved its headquarters to Dresden in 1920.
From 1951 the Sächsische Staatsbank was trading under the name Sächsische Landesbank
Banknotes of the Sächsische Bank
The following list of banknotes from the Sächsische Bank is a complete list of bills issued in Mark.
100 Mark 1874
This note was issued by Sächsische Bank zu Dresden.
It is dated 1 January 1874.
100 Mark 1890
This note was issued by Sächsische Bank zu Dresden.
It is dated 15 June 1890.
500 Mark 1890
This note was issued by Sächsische Bank zu Dresden.
It is dated 15 June 1890.
100 Mark 1911
This note was issued by Sächsische Bank zu Dresden. It is dated 2 January 1911.
500 Mark 1911
This note was issued by Sächsische Bank zu Dresden. It is dated 2 January 1911.
500 Mark 1922
This note was issued by Sächsische Bank zu Dresden.
It is dated 1 July 1922.
500 Mark 1922
This note was issued by Sächsische Bank zu Dresden.
It is dated 12 September 1922.
1,000 Mark 1922
This note was issued by Sächsische Bank zu Dresden.
It is dated 12 September 1922.
10,000 Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 1 March 1923.
5,000 Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 12 March 1923.
100,000 Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 2 July 1923.
50,000 Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 25 July 1923.
5 Million Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 12 August 1923.
500,000 Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 15 August 1923.
1 Million Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 18 August 1923.
2 Million Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 1 September 1923.
100 Million Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 1 October 1923.
20 Milliarden (billion) Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 20 October 1923.
100 Milliarden (billion) Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 20 October 1923.
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1 Billion (trillion) Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 15 November 1923.
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10 Billionen (trillion) Mark 1923
This note was issued by Sächsische Bank zu Dresden.
It is dated 15 November 1923.
50 Mark 1924
This note was issued by Sächsische Bank zu Dresden. It shows a portrait of Ludwig Richter.
It is dated 11 October 1924.
100 Mark 1924
This note was issued by Sächsische Bank zu Dresden. It shows a portrait of Gottfried Ephrahim Lessing.
It is dated 11 October 1924.
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