To Örebro University

oru.seÖrebro University Publications
Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Surge, retraction and prices: The performance of fiat coins in Sweden, c. 1715-1720
Uppsala University, Uppsala, Sweden.
Örebro University, School of Humanities, Education and Social Sciences.ORCID iD: 0000-0001-9050-164x
2020 (English)In: Financial History Review, ISSN 0968-5650, E-ISSN 1474-0052, Vol. 27, no 2, p. 256-282Article in journal (Refereed) Published
Abstract [en]

From 1716 to 1718, Sweden experienced a shock of liquidity when the absolutist regime of Charles XII issued large amounts of fiat coins (mynttecken) in order to finance the Great Northern War. After the death of the king in November 1718, the new parliamentary regime decided to partially default on the coins. In international literature, this episode is largely unknown, and in Swedish historiography, scholars have often claimed that the country's currency collapsed in hyperinflation. We assess the performance of the new coins by studying how prices of commodities in various geographic locations developed. We also study bookkeeping practices in order to see how accountants treated the new coins. Our results show that there was a complex relationship between prices and liquidity. Prices of products in high demand by the military increased more than other prices. Accountants did not treat mynttecken and other currencies differently in 1718. It was only after the death of the king that accountants started to differentiate between different types of coins. The value of the fiat coins was linked to the actions and the legitimacy of the royal regime, which is in line with the State theory of money.

Place, publisher, year, edition, pages
Cambridge University Press, 2020. Vol. 27, no 2, p. 256-282
Keywords [en]
Fat coins, military demand, paper money, prices, Sweden
National Category
Economic History
Identifiers
URN: urn:nbn:se:oru:diva-83078DOI: 10.1017/S0968565020000049ISI: 000571792900006OAI: oai:DiVA.org:oru-83078DiVA, id: diva2:1465716
Funder
Swedish Research Council, 2015-02029Available from: 2020-09-10 Created: 2020-09-10 Last updated: 2020-10-08Bibliographically approved

Open Access in DiVA

No full text in DiVA

Other links

Publisher's full text

Authority records

Winton, Patrik

Search in DiVA

By author/editor
Winton, Patrik
By organisation
School of Humanities, Education and Social Sciences
In the same journal
Financial History Review
Economic History

Search outside of DiVA

GoogleGoogle Scholar

doi
urn-nbn

Altmetric score

doi
urn-nbn
Total: 89 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf