Timeline

• 12.12.1811
• JD:30.11.1811
• Bank law on the foundation of the state-owned "Exchange, Loan and Savings Bank" which obtained the privilege for issuing paper money; effective immediately
• 01.03.1812
• Bank opening (in Turku, after 1819 in Helsinki) and start of paper money issuance
• 30.11.1840
• JD:18.11.1840
• Bank law on the transformation of the Exchange, Loan and Savings Bank into a central bank, named "Bank of Finland"; effective immediately
• 31.12.1841
• Demonetization of the Swedish currency at a rate:
  - 1 Russian Ruble (silver) = 1.4 Swedish Thalers (silver)
  - 35.43 Russian Rubles (silver) = 100 Swedish Thalers (treasury notes)
  - 53.146 Russian Rubles (silver) = 100 Swedish Thalers (state bank notes)

Valuation Regimes

• 1812-1860
• Nominally identical to the Russian Ruble

Timeline

• 04.04.1860
• JD:23.03.1860
• Grand princely manifesto on the creation of a silver currency; effective immediately
• 13.07.1863
• Start of currency exchange:
  - 13.07.1863 (JD:01.07.1863): Start of issuance of the new paper money and coins
  - 20.11.1865: Demonetization of the Finnish and Russian paper money, the Russian silver coins remained legal tender
• 21.08.1877
• Currency law on the trnasition to the gold standard; effective 01.01.1878
• 21.12.1925
• Law on currency stabilization and reintroduction of the gold peg; effective 01.01.1926

Valuation Regimes

• 1860-1877
• Metallic currency based on circulating silver coins. Base weight is the Russian pound / 96 Zolotnik / 96 Doli at 409.512 grams (alternatively, the Swedish pound / 32 Lot at 425.076 grams).
• 1878-1915
• Fixed rate against gold, the gold standard was suspended on ??.04.1915.
• 1915-1925
• Veriable rate, the gold standard was restored on 01.01.1926 by ordinance of 21.12.1925.
• 1926-1933
• Fixed rate against gold, the gold standard was suspended on ??.03.1933
• 1933-1938
• Fixed rate against British Pound
• 1938-1962
• Fixed rate against US Dollar

Timeline

• 30.03.1962
• Law [No. 276] on the currency reform; effective 01.01.1963
• 01.01.1963
• Start of currency exchange:
  - 01.01.1963: Start of issuance of the new banknotes and coins
  - The former banknotes and coins were not demonetized and remained legal tender.

Valuation Regimes

• 1963-1973
• Fixed rate against US Dollar
• 1973-1998
• Variable rate

Timeline

• 03.05.1998
• Decision of the European Council [CELEX 31998D0317] to admit 11 member states to the European Monetary Union; effective 01.01.1999
• 31.12.1998
• Ordinance of the European Council [CELEX 31998R2866], determines the irrevocable conversion rates for the 11 member countries; effective 01.01.1999
• 01.01.1999
• Start of currency exchange:
  - 01.01.1999: Introduction of the European Euro as a unit of account (while retaining the national banknotes and coins) at a rate to the Finnish Mark of 1 : 5.94573
  - 01.01.2002: Start of issuance of banknotes and coins denominated in Euro
  - 28.02.2002: Demonetization of the banknotes and coins in Finnish Mark.