The multiple currencies of Sweden-Finland 1534-1803
AbstractThis paper deals with the exchange rates between the domestic currencies of Sweden-Finland in 1534-1803. In 1534, the first silver daler coins were minted in Sweden, which existed alongside the main silver coins at a fluctuating exchange rate. In 1624, a copper standard was introduced. However, the silver standard continued to exist alongside the copper standard. A distinctive feature of the multi-currency standard in Sweden-Finland during the 17th and 18th centuries, was that there was not only a fluctuating market exchange rate between the copper and silver currencies, but also between various silver currencies. At least five or six currency units were used, three based on silver, one or two based on copper and one based on gold. In 1776 a mono-currency, silver standard was reintroduced, with the riksdaler as the main unit. However, montery stability was not long-lasting. In 1789-1803 two different currencies existed, one fiat currency based on riksdaler riksgälds notes and one based on the riksdaler banco that continued to be convertible into silver coins by the Riksbank. In 1803 the relation 1 riksdaler banco = 1.5 riksdaler riksgälds was fixed, which basically ended the period of multiple currencies.
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Bibliographic InfoPaper provided by Department of Economic History, Stockholm University in its series Stockholm Papers in Economic History with number 7.
Length: 119 pages
Date of creation: 26 May 2009
Date of revision:
Publication status: Published in Historical Monetary and Financial Statistics for Sweden: Exchange rates, prices and wages 1277–2008 , Edvinsson, Rodney, Jacobson, Tor, Waldenström, Daniel (eds.), 2010, chapter 4, pages 133-237, Sveriges Riksbank, Ekerlids förlag.
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Postal: Department of Economic History, Stockholm University, SE 106 91 STOCKHOLM, Sweden
Web page: http://www.ekohist.su.se/
monetary history; bimetallism; debasement; copper standard; Sweden;
Find related papers by JEL classification:
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
- N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-06-10 (All new papers)
- NEP-CBA-2009-06-10 (Central Banking)
- NEP-HIS-2009-06-10 (Business, Economic & Financial History)
- NEP-IFN-2009-06-10 (International Finance)
- NEP-MAC-2009-06-10 (Macroeconomics)
- NEP-MON-2009-06-10 (Monetary Economics)
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