--> Hier ist der Trick beschrieben (S25/26):

D e n o m i n a t i o n A f i r s t s t e p w a s t a k e n o n J a n 5, 1 7 1 9, w h e n n e w t y p e s o f n o t e s w e r e i s s u e d, w h i c h w e r e n o t d e n o m i n a t e d i n s p e c i f i c c o i n s, b u t r a t h e r i n u n i t s o f a c c o u n t, i n s i z e s o f 1 0 L, 1 0 0 L a n d 1, 0 0 0 L. 2 8 T h e s m a l l e s t n o t e s o f t h e G e n e r a l B a n k h a d b e e n 6 0 L ; t h e n e w 1 0 L n o t e s w e r e i n d i r e c t c o m p e t i t i o n w i t h s i l v e r c o i n a g e. T h e n o t e s t a t e d: T h e B a n k p r o m i s e s t o p a y o n d e m a n d t o t h e b e a r e r 1 0 0 l i v r e s t o u r n o i s i n s i l v e r c o i n s w i t h o u t s a y i n g h o w m a n y c o i n s. ( S e e F i g u r e 7 ). T h e n, i n A p r i l 1 7 1 9, a d e c r e e e x p l a i n e d t h a t t h e n e w i s s u e o f e c u d e n o m i n a t e d n o t e s h a d n o t b e e n m e t b y a n y d e m a n d, a n d t h a t o l d e r e c u - d e n o m i n a t e d n o t e s w e r e i n c r e a s i n g l y t u r n e d i n t o b e c o n v e r t e d i n t o t h e n e w l i v r e - d e n o m i n a t e d n o t e s. I t w a s t h e r e f o r e d e c i d e d t o a b a n d o n e c u - b a s e d n o t e s a l t o g e t h e r a n d o r d e r t h e c o n v e r s i o n o f t h e r e m a i n i n g o n e s i n t o l i v r e s - b a s e d n o t e s. T h e B a n k s l i a b i l i t i e s w e r e t h e r e f o r e o n l y d e n o m i n a t e d i n u n i t s o f a c c o u n t, a l t h o u g h s t i l l p a y a b l e o n d e m a n d i n s i l v e r. A s w e h a v e s e e n, m o n e t a r y r e f o r m s i n w h i c h t h e f a c e v a l u e o f c o i n s w a s i n c r e a s e d b e n e f i t e d d e b t o r s w h o h a d c o i n s. T h e h o l d e r o f a n o t e d e n o m i n a t e d i n c o i n s ( a s w e r e t h e n o t e s b e f o r e 1 7 1 9 ) b e n e f i t e d t o t h e s a m e e x t e n t. W i t h n o t e s d e n o m i n a t e d i n u n i t s o f a c c o u n t, t h e
benefit disappeared. But in the case of a monetary reform decreasing the value of coins, the holder of a note was protected against the loss in legal tender value. This was made clear by a decree of April 22, 1719 which stated that livres-denominated coins were not subject to changes in value in the case of a lowering of the value of coins. As if by coincidence, two weeks later a decrease in the value of gold coins was announced, from 36L to 35L; it was followed by further decreases from July to December, down to 32L. The silver coin was also decreased from 6L to 5.8L, then 5.6L, over the same period. At the same time, the king’s tax collectors were advised that, in case of currency alteration, they would be held responsible for the capital loss on their specie holdings to the Treasury (a departure from usual practice).