Jørgen Thor Møhlen, one of the large merchants in Bergen, was originally from North Germany. He initiated a comprehensive development in the north-west of Norway, and also a considerable import and export business. He had an agreement with the Danish "Vestindiske Kompani" for business from the Danish colony "St. Thomas in the West Indies". King Christian V of Denmark-Norway appointed him Director of Commerce in 1681, and he was the King’s senior adviser in question concerning industry and commerce.

Møhlen invested a lot more than he owned in leasing the Danish colony St. Thomas. This proved disastrous, and he was threatened by bankruptcy. He complained to the King, claimed the the loss was due to disposition made by the State for which he could not be blamed. In April 1695 he propose the introduction of a certain amount of banknotes witch would be substitute real money in the north-west of Norway.

On the 22^nd June 1695 the King sanctioned Møhlen’s request, and thus the first banknotes in Denmark-Norway came into being.

The notes were printed on Dutch handmade paper with Amsterdam Coat of Arms as watermark. All the notes were dated 10^th August 1695 and quickly put into circulation. However, the public had little confidence in the notes and a large part of them was returned for redemption. Møhlen thought that the notes would stay in circulation for a longer period, and he was unable to meet the demand for redemption. With regret the King Christian V had to state publicy that "Our dear Jørgen Thor Møhlen made certain promises, but is found to be negligent and untrustworthy…"

By a degree of 21^st August 1696, the King declared the authorized notes for obsolete from 6 weeks later (2^nd October), only a year after they were put into circulation.

The once imaginative and dynamic businessman died in great poverty on Christmas day 1708.