Circulating banknotes and coins per inhabitant in 1991
converted to USD
$1,070 United States
$509 United Kingdom
At this time Sweden had a 10,000kr banknote worth almost $2000. The next year they had a severe banking crisis.
The United Kingdom had demonetized all banknotes except the £1 and £5 during WWII because of fear of Naxi counterfeiting operations. In WWII the £5~$20. UK was slow to introduce higher denomination banknotes with the £50 only re-introduced in 1981.http://www.cashrepository.com/wp-co...e-Report.pdf
INTRODUCTION BY CURRENCY RESEARCH
Currency Research (CR), the World's Resource for Currency Knowledge, is proud to present the English translation of Björn Eriksson's informative and revealing 2014 white paper, Korten på bordet (Cards on the Table), originally published in Swedish. Eriksson's paper has drawn much-needed attention to this issue in his home country and CR appreciates this opportunity to bring his compelling arguments to the broader international community. In light of recent events in Sweden, this translation could not have come at a more opportune time.
With a widespread shift to digital payments and rapidly disappearing cash services in banks across the country, Sweden is often held up as a model for the move towards the cash-free society. The international media has picked up on this economic experiment and has uncritically disseminated the details of Sweden's move to cashlessness as a success story in cutting costs and reducing crime. The reality, however, is far less utopian.