having learned the lesson of the stockholms banco experience, the riksbank was not permitted to issue bank-notes. nevertheless, in 1701, permission was granted to issue so called credit-notes". some time in the middle of the 18th century, counterfeit notes began appearing, which caused serious problems. to prevent forgeries, it was decided that the riksbank should produce its own paper for bank-notes and a paper-mill, tumba bruk, was founded in tumba, on the outskirts of stockholm.