Ecash, created by David Chaum, and introduced in 1993, was a cryptographic bearer certificate, though the underlying instrument was national currency (e.g. dollars). It required a central party to keep track of spends to avoid double spends, unlike Bitcoin's distributed peer to peer ledger. It existed until the bankruptcy of its issuer, Digicash, in 1998.
Many of the themes that surround discussion about Bitcoin were forwarded by Chaum at the time, e.g.
"The choice between keeping information in the hands of individuals or of organizations is being made each time any government or business decides to automate another set of transactions. In one direction lies unprecedented scrutiny and control of people's lives, in the other, secure parity between individuals and organizations. The shape of society in the next century may depend on which approach predominates." source
Bitcoin is the first cryptocurrency, in that it is itself a currency, not a cryptographic derivative of a non-cryptographic currency.