ABSTRACT
From the launching of the German offensive in the West on Friday, May 10 1940, until the end of 1958, only one money in Europe remained freely tradeable: the Swiss franc. It was in Switzerland that a small amount of free market activity persisted in Europe's highly restricted currencies. Quotations in the Zurich and Geneva banknote markets were often the only source of information on the underlying value of currencies for which official quotations had long since lost meaning.
