Currency of the Confederation Loan Fund, Switzerland
This specimen was lot 3421 in Sincona sale 94 (Zürich, October 2024), where it sold for 1,300 CHF (about US$1,802 including buyer's fees). The catalog description[1] noted,
"Darlehenskasse der Schweizerischen Eidgenossenschaft, 25 Franken 1914, 9. September, Sign. Motta/Henze. Variante mit SERIE im unteren Teil des äusseren Rahmens oben sowie nur als Abkürzung S im unteren Teil des mittleren Rahmens. Selten. Erhaltung nach Restauration: II. Reparierte Risse in den Falten und geglättet. (twenty-five francs of September 9, 1914, signed by Motta and Henze, variety with "SERIE" in the lower part of the outer frame at the top and only as an abbreviation S in the lower part of the middle frame. Rare, Condition after restoration: Extremely fine, Repaired tears in the folds and ironed.)"
bavarikon.de notes,
"By federal law of October 6, 1905, the Swiss National Bank was designated as the sole issuing bank in Switzerland. It thus replaced the previous partly private, partly state-owned central banks. It initially put a provisional series of banknotes into circulation in 1907, followed by a second series in 1910, printed in England. The previously usual denominations of 50, 100, 500 and 1,000 francs were supplemented in 1914 by two further denominations: 5 and 20 francs. These were primarily intended to replace missing gold and silver coins. However, as supplies were quickly exhausted, the Federal Treasury put additional government paper money into circulation. Another issue was made by the Swiss Confederation's Loan Fund, which issued 25-franc notes in 1914."
This note, then, is a provisional expedient for a short term currency shortage.
Catalog reference: Richter/Kunzmann DK1b, Pick 23.
- [1]Richter, Jürg, SINCONA Auction 94: World and Swiss Coins and Medals, SINCONA Bullion Auction, Zürich: SINCONA AG, 2024.
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