Bank of Amsterdam
About Bank of Amsterdam
The Bank of Amsterdam, founded in 1609, was the first true public bank. It accepted deposits of coins and issued credit on its books, allowing merchants to settle payments without physical coin transfers. The bank maintained a 9.5 percent agio between its bank money and current money. Deposits were not lent out, making the bank extremely safe. The bank declined after 1781 due to loans to the Dutch East India Company and the City of Amsterdam. It was dissolved in 1819. The Bank of Amsterdam influenced the Bank of England and modern banking. Adam Smith praised it in The Wealth of Nations.
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