The article discusses how private banks in Sweden competed with the government-owned Riksbank by issuing their own bank notes between 1831 and 1902. Despite facing legal obstacles, private banks were successful in this market. They developed strategies to distribute their notes effectively and did not overissue them or face public runs. However, the government eventually gave the Riksbank a monopoly on issuing notes due to ongoing opposition to private bank notes. The Swedish experience shows that the legal system played a crucial role in the success of private notes.