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Denmark had been waging the Napoleonic Wars since it started in 1803 and ended in 1815, this led to expansive note-issuing and put Denmark in a tough position and weakened their monetary system. Due to the excessive note-issuing and trying to remain neutral under England's skepticism, all came together to cause the bankruptcy of Denmark on January 5, 1813. During the war, England became skeptical of Denmark's neutrality, which lead England to invade the south of Denmark, capture their naval fleet, and ending the union with Norway in 1814, which prompted them to side with France, and then accept defeat in 1815. These events further pushed Denmark into bankruptcy and their financial struggles lasted through the establishment of the Danish central bank, Danmarks Nationalbank, in 1818 up until 1845, when the silver standard was reintroduced in the Danish banking system.