💰 Norwegian Bank Note (1913) – Immigration Loan for Passage to the U.S.

📌 Discover a 1913 Norwegian bank note used to fund an immigrant’s journey to the U.S. Learn how loans and family support helped finance transatlantic migration. Ideal for genealogists, historians, and immigration researchers.

💰 Norwegian Bank Note - A Financial Bridge to Immigration (1913)

📜 A Rare Look into Immigrant Financial Struggles

The Norwegian Bank Note of 1913 provides a remarkable insight into the financial challenges and solutions that enabled Norwegian immigrants to pursue the American Dream. Issued by Spareskillingsbanken, Trondhjem, this loan document was used to finance the journey of Ludvig Kristian Gjønvik from Norway to the United States.

This primary source document is invaluable for genealogists, historians, educators, and students, as it showcases how working-class emigrants funded their transatlantic journeys. Unlike wealthier travelers, many Norwegian emigrants relied on family sponsorships or personal loans to pay for passage on steamships bound for North America.

Copy of front (above) and backside (below) of note payable Spareskillingsbanken, Trondhjem, Norway. The Troseths advanced Ludvig's funds (signed for the bank loan) to immigrate to the United States. GGA Image ID # 1fa8f0e5bf (Front) and GGA Image ID # 1fa8f8feb6 (Back)

Example of a Norwegian Bank Note from Spareskillingsbanken Trondhjem dated 24 May 1913 that was used to fund the expense of traveling from Norway to the United States by a Norwegian Immigrant.

The under-class citizens of Norway often had help from relatives in Norway or the United States to help pay for Passage to the U.S. Saving up the equivalent of about three months' wages for a common laborer would have seemed daunting.

Note Payable dated 29.05.1913 for Kr.300 (approximately US$ 50) that Ludvig Kristian Gjønvik received from Ludvik Troseth and Anna Haarstad, relatives in Trondhjem, who helped him.  Ludvig purchased the steamship ticket from Trondhjem to Boston with the proceeds. The note was payable in 4 months (29.09.1913) with no stated interest. According to Arvid Gjønvik, the loan was repaid as agreed.

In 2022, the relative values of $50.00 from 1913 ranges from $1,100.00 to $32,200.00.

A simple Purchasing Power Calculator would say the relative value is $1,520.00. This answer is obtained by multiplying $50 by the percentage increase in the CPI from 1913 to 2022.

This may not be the best answer.

The best measure of the relative value over time depends on whether you want to compare the cost or value of a Commodity, Income, Wealth, or  Project.

If you want to compare the value of a $50.00 Commodity in 1913, there are four choices. In 2022, the relative:

• The real price of that commodity is $1,520.00
• The real value in consumption of that commodity is $3,270.00
• Labor value of that commodity is $7,190.00 (using the unskilled wage) or $8,820.00 (using production worker compensation)
• The income value of that commodity is $9,390.00
• The economic share of that commodity is $32,200.00

If you want to compare the value of a $50.00 Income or Wealth in 1913, there are five choices. In 2022, the relative:

• The real wage or real wealth value of that income or wealth is $1,520.00
• Household purchasing power value of that income or wealth is $3,270.00
• Relative labor earnings of that commodity are $7,190.00 (using the unskilled wage) or $8,820.00 (using production worker compensation)
• The relative income or wealth value of that income or wealth is $9,390.00
• The relative output value of that income or wealth is $32,200.00

If you want to compare the value of a $50.00 Project in 1913, there are four choices. In 2022, the relative:

• The real cost of that project is $1,100.00
• The household cost of that project is $3,270.00
• Labor cost of that project is $7,190.00 (using the unskilled wage) or $8,820.00 (using production worker compensation)
• The relative cost of that project is $9,390.00
• The economic cost of that project is $32,200.00

Samuel H. Williamson, "Seven Ways to Compute the Relative Value of a U.S. Dollar Amount, 1790 to present," MeasuringWorth, 2023. URL: www.measuringworth.com/uscompare/

🌍 The Economic Challenge of Immigration

📉 The Financial Burden of Passage

✔ Loan Amount: Kr.300 (Approx. US$50 in 1913)

✔ Purpose: Purchasing a steamship ticket from Trondhjem to Boston

✔ Relatives Who Provided the Loan: Ludvik Troseth & Anna Haarstad

✔ Loan Terms: Four-month repayment period (Due: 29 September 1913)

✔ Interest Rate: None specified

For the working-class Norwegians, Kr.300 (US$50) represented three months’ wages—a substantial sum that was nearly impossible to save without assistance. Many immigrants depended on family, sponsorships, or labor contracts to finance their journeys.

💵 Adjusted Value of $50 in 1913

In modern economic terms, the relative value of this loan in 2022 dollars ranges from $1,100 to $32,200, depending on how it is measured:

✔ $1,520.00 – Simple purchasing power (inflation-adjusted)

✔ $3,270.00 – Household purchasing power

✔ $7,190.00 - $8,820.00 – Wage equivalent (unskilled labor vs. production work)

✔ $9,390.00 – Income equivalent

✔ $32,200.00 – Economic share equivalent

This demonstrates the incredible financial sacrifice and commitment that families made to fund immigration journeys.

📖 Why This Bank Note Is Historically Significant

🌍 For Historians & Immigration Scholars

✔ A Rare Example of Financial Assistance for Immigration – Most immigration records focus on passenger manifests, ship tickets, or inspection cards, but this document reveals how emigrants funded their passage.

✔ Highlights Norwegian Immigration to the U.S. – Norway experienced a large wave of emigration to North America in the early 20th century, and this banknote represents the financial struggles behind those journeys.

✔ Reflects Broader Economic Conditions – The document is an excellent case study for understanding how personal loans facilitated migration, offering a microeconomic perspective on global migration patterns.

🛂 For Genealogists & Family Historians

✔ Confirms Norwegian Ancestry Migration Patterns – If you have Norwegian ancestors who immigrated during this period, this type of financial arrangement may have been a common experience for them.

✔ Demonstrates Family Support Networks – Many emigrants relied on family loans or sponsorships, making this document an example of how families helped one another move abroad.

✔ Adds Context to Passenger Records – This document can complement passenger lists, inspection cards, and ship manifests, providing a fuller picture of the immigrant journey.

📚 For Teachers & Students

✔ A Valuable Primary Source for Immigration Studies – Offers a first-hand look at how economic barriers shaped migration trends.

✔ Connects Economics to Immigration History – Helps students understand the financial realities of early 20th-century immigration beyond ship voyages and Ellis Island stories.

✔ Perfect for Class Discussions – Teachers can use this document to explore topics like inflation, labor wages, and global migration.

📸 Noteworthy Images from This Page

📜 Norwegian Bank Note (Front)

📷 A well-preserved financial document from 1913, showing the actual loan amount and the issuing bank in Trondhjem.

📜 Norwegian Bank Note (Back)

📷 The reverse side of the note, offering a glimpse into Norwegian financial instruments used for immigration-related loans.

📌 Final Thoughts: A Financial Link to the American Dream

This Norwegian Bank Note from 1913 is a rare and invaluable artifact that provides deep insight into how working-class immigrants financed their journeys to America. It transforms immigration history from a story of movement to a story of financial struggle, family support, and economic sacrifice.

For genealogists, historians, educators, and students, this document adds a critical financial dimension to the larger narrative of migration, making it a must-see primary source for those exploring the realities of early 20th-century immigration.