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The Swedish Empire had the greatest and most numerous copper mines in Europe as it entered into its pre-eminence in the early 17th century as an emerging Great Power. Through poor fiscal policies and in part the First Treaty of Älvsborg, Sweden lost control of its reserves of precious metals, primarily silver, of which most had fled to the burgeoning trade economy of Amsterdam. In 1607 the Swedish King Charles IX attempted to persuade the populace to exchange their silver-based currency for a copper-based coin of equal face value, though this offer was not generally taken up. Sweden's large army of the time were paid entirely in copper currency, further issued in large numbers by Gustavus II to finance his war against Ferdinand II of Germany. The face value of the copper coins in circulation now greatly exceeded the reserves of the state and production of the national economy, and quickly the value of the currency fell to its commodity value, which in a country where copper was so abundant, was small indeed. The savings of the people of Sweden were wiped out.
When Gustavus' daughter and heir Christina reached maturity at 18, after a brief fling with paper-based money backed by copper—which was well received initially but soon lost credibility—she began issuing copper in lumps as large as fifteen kilograms to serve as currency. Unwieldy as they were, the copper-based monetary system worked to a fashion until the world copper price slumped. Sweden's great copper no longer commanded the premium it once had on world markets, and foreign income dried up. Relative to the rest of Europe, Sweden's people once more had become poor.
In an effort to shore up the economy, government minister Baron von Görtz stepped up to the challenge and became the country's central banker. He issued more copper-based currency without limit, with a face value of one daler (much greater than their intrinsic value) and which were technically inferior and easy to counterfeit. Soon these coins were so abundant that they too depreciated rapidly towards their raw metal value as belief spread that the copper coins would soon be unacceptable as a form of payment of taxes. Görtz was blamed for the failure, and was duly beheaded in March 1719, a punishment which greatly pleased the Swedish people. At the end of July 1768 plate money was abolished but reintroduced on 4 August.[1]
^De Maandelykse Nederlandische Mercurius, Bände 24-27 p. 72
External linksedit
Monetary Episodes From History
A Nordic heavy weight
Money in Sweden – from Gustav Vasa until Today
The multiple currencies of Sweden-Finland 1534–1803 by Rodney Edvinsson. Chapter 4.3. The period 1624–1719
STOCKHOLMS BANCO
SHIELLS, ROBERT. "SWEDISH COPPER PLATE-MONEY." American Journal of Numismatics (1897–1924) 32, no. 2 (1897): 49–51. www.jstor.org/stable/43582838.
February 15, 2024
history, copper, currency, sweden, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, news, newspapers, books, scholar,. This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources History of copper currency in Sweden news newspapers books scholar JSTOR December 2021 Learn how and when to remove this template message You can help expand this article with text translated from the corresponding article in Finnish February 2020 Click show for important translation instructions Machine translation like DeepL or Google Translate is a useful starting point for translations but translators must revise errors as necessary and confirm that the translation is accurate rather than simply copy pasting machine translated text into the English Wikipedia Do not translate text that appears unreliable or low quality If possible verify the text with references provided in the foreign language article You must provide copyright attribution in the edit summary accompanying your translation by providing an interlanguage link to the source of your translation A model attribution edit summary is Content in this edit is translated from the existing Finnish Wikipedia article at fi Plootu see its history for attribution You should also add the template Translated fi Plootu to the talk page For more guidance see Wikipedia Translation The Swedish Empire had the greatest and most numerous copper mines in Europe as it entered into its pre eminence in the early 17th century as an emerging Great Power Through poor fiscal policies and in part the First Treaty of Alvsborg Sweden lost control of its reserves of precious metals primarily silver of which most had fled to the burgeoning trade economy of Amsterdam In 1607 the Swedish King Charles IX attempted to persuade the populace to exchange their silver based currency for a copper based coin of equal face value though this offer was not generally taken up Sweden s large army of the time were paid entirely in copper currency further issued in large numbers by Gustavus II to finance his war against Ferdinand II of Germany The face value of the copper coins in circulation now greatly exceeded the reserves of the state and production of the national economy and quickly the value of the currency fell to its commodity value which in a country where copper was so abundant was small indeed The savings of the people of Sweden were wiped out An 8 daler piece of plate money platmynt in the British Museum When Gustavus daughter and heir Christina reached maturity at 18 after a brief fling with paper based money backed by copper which was well received initially but soon lost credibility she began issuing copper in lumps as large as fifteen kilograms to serve as currency Unwieldy as they were the copper based monetary system worked to a fashion until the world copper price slumped Sweden s great copper no longer commanded the premium it once had on world markets and foreign income dried up Relative to the rest of Europe Sweden s people once more had become poor In an effort to shore up the economy government minister Baron von Gortz stepped up to the challenge and became the country s central banker He issued more copper based currency without limit with a face value of one daler much greater than their intrinsic value and which were technically inferior and easy to counterfeit Soon these coins were so abundant that they too depreciated rapidly towards their raw metal value as belief spread that the copper coins would soon be unacceptable as a form of payment of taxes Gortz was blamed for the failure and was duly beheaded in March 1719 a punishment which greatly pleased the Swedish people At the end of July 1768 plate money was abolished but reintroduced on 4 August 1 See also edit nbsp Money portalEconomy of Sweden History of SwedenReferences edit De Maandelykse Nederlandische Mercurius Bande 24 27 p 72External links editMonetary Episodes From History A Nordic heavy weight Money in Sweden from Gustav Vasa until Today The multiple currencies of Sweden Finland 1534 1803 by Rodney Edvinsson Chapter 4 3 The period 1624 1719 STOCKHOLMS BANCO SHIELLS ROBERT SWEDISH COPPER PLATE MONEY American Journal of Numismatics 1897 1924 32 no 2 1897 49 51 www jstor org stable 43582838 Retrieved from https en wikipedia org w index php title History of copper currency in Sweden amp oldid 1159667243, wikipedia, wiki, book, books, library,
