Fig. 1

Banknotes in Switzerland (1826–1913). Notes: The data have an annual frequency and cover the 1826–1913 period. Banknote circulation refers to the annual average across months as reported by Jöhr (1915, pp.496–497). The corresponding monthly maxima, which are denoted by \(\bot\) and occurred usually in December, and minima, which are denoted by \(\top\) and occurred usually in February or March, are also taken from Jöhr (1915, p.500). Between 1877 and 1882, the corresponding data do not cover all note-issuing banks (Jöhr, 1915, p.415). Following Jöhr (1915, p.500), the annual “elasticity of the banknote circulation” is reported in terms of the spread (e.g. the difference between the maximal and the minimal circulation as a percentage of the average banknote circulation during a given year)