Liquor as security for loans
Norwegian Christiania Kreditkasse’s regulations specify that collateral used to secure loans must fit into the category “not easily perishable goods”. Soon after the bank opens its doors in 1848, people apply for loans hoping that everything from liquor, footwear, herring and cast-iron goods will qualify as security. The first loan application comes from merchant Evensen, who puts up 3,862 litres of vodka, 70 casks of herring and 6,215 pounds of vitriol as security. His loan is granted, but only the liquor is accepted as security. Shoemaker Isaachsen is less fortunate: his loan, with footwear as security, is rejected.