This article explores the dynamic relationship between war finance and economic and political developments in Scandinavia during the period 1800–1830. By comparing the organization of government debt in Denmark-Norway and Sweden, it is shown that the Danish system relied on revenues from trade and consumption, while the Swedish system was heavily influenced by internal political factors such as a divided fiscal authority. The leadership in Copenhagen was committed to maintaining existing relationships with creditors even when faced with severe fiscal constraints, while the Swedish government chose partial defaults as the politically expedient option when faced with fiscal difficulties.