THE SINO-SCANDINAVIAN BANK

‘There are Viking ships on Chinese banknotes’ I said to Gareth Williams, curator of the BP exhibition Vikings: life and legend, thinking that I could easily research them before the exhibition. After all, these notes were issued in the 1920s by the Sino-Scandinavian Bank, one of the many foreign and joint-venture banks in China at the time. But it has turned out to be more demanding than I expected, thrown up a number of interesting questions along the way, and what follows is by no means the full story.

The Sino-Scandinavian Bank was given its charter by the Chinese government on 21 July 1921, and began operating on 7 January 1922. It was actually a Chinese-Norwegian joint venture, with the larger part of the funding coming from Chinese sources, and a smaller part from Norwegian investors. The Bank’s first notes are dated 1922, but the majority that have survived (about 30 different types) were probably issued after 1924. The bank appears to have gone bankrupt sometime in 1926 or 1927. Most of the information we know about the Sino-Scandinavian Bank comes from Bjørn R. Rønning’s unpublished master’s thesis ‘Sino-Scandinavian Bank (1921-ca.1927) En norsk bank i Kina?’ (Hovedoppgave i historie ved Universitetet i Oslo, våren 1979).

Like most of the paper money issued by foreign and joint-venture banks in China in the late nineteenth and early twentieth century, this note aims to serve both Chinese and foreign users. At first glance, the Chinese and English sides look bilingual. But a closer look reveals lots of things that don’t quite add up.

As we might expect, given the different cultural traditions, the English side has personal signatures in black, and the Chinese side has red seal impressions of authority. However, while it was standard practice to put seal impressions on notes issued by Chinese banks, it was not consistently the practice to do so on notes issued by joint-venture banks.

The signatories were J.W.N. Munthe and Fartsan T. Sung, who were very well connected with the Chinese military and government.

There are a lot of interesting things about this banknote that don’t quite add up at the moment, not least why we have the signatures of two extremely well-connected men on notes being used in a very local area. It’s curious that the Sino-Scandinavian Bank does not appear in the beautifully illustrated bilingual catalogue Currencies in Old Shanghai (老上海貨幣, Shanghai, 1998).

And even more curious that the great expert on Chinese banking, Eduard Kann (1880-1962) did not include the Sino-Scandinavian Bank in his list of foreign and joint-venture banks in China. Kann started his career in a British bank in China in 1901, moved to the Russo-Asiatic Bank, the French Banque Industrielle de Chine and the Chinese-American Bank of Commerce before becoming an independent bullion-broker in Shanghai in the 1930s (the British Museum acquired his superb collection of almost 200 silver ingots in 1978), so we might expect him to have heard of it.

Perhaps there is more to this Chinese note with a Viking ship than meets the eye?

To read the complete article, see: A Viking ship on a Chinese note (blog.britishmuseum.org/2014/06/09/a-viking-ship-on-a-chinese-note/)

TOKEN, MEDAL AND POLITICAL AUCTION

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