Exchange rates in Sweden 1534-1834

By Rodney Edvinsson  

In 1534, the first daler coins were strucked in Sweden, later called riksdaler. The fine silver content of the riksdaler coin was stable (with only minor adjustments) throughout the period 1534-1873 when it was in use. The exchange rate of the riksdaler is presented in mark silver coins for the period 1534-1624 and in mark kopparmynt for 1624-1776.

In 1624, a copper standard was introduced, and was abolished first in 1776. However, the silver standard continued to exist in parallel with the copper standard. In 1624-1776 the monetary system could be described, at least for most of the period, as a multi-currency system with a floating exchange rate between the circulating domestic currencies. At least five currency units were used during most of the period, three based on silver, one based on copper and one based on gold. Carolins, öre courant and riksdaler were based on silver. Initially the daler kopparmynt was a unit for copper coins, and daler silvermynt for silver coins. However, later copper coins and copper plates were expressed both in daler kopparmynt and in daler silvermynt, which rather came to be units of account. 1 daler silvermynt was equal to 2 daler silvermynt in 1633-1643, 2.5 daler silvermynt in 1643-1665 and 3 daler silvermynt in 1665-1776. For the period 1624-1776, the exchange rate of daler carolin is presented in daler kopparmynt and the exchange rate of öre courant in öre kopparmynt. For the same period, the exchange rate of the riksdaler is presented in marks kopparmynt and in daler kopparmynt. Finally, the ducat, minted in gold, was also used as a currency unit. The exchange rate of the ducat is presented in mark kopparmynt and riksdaler specie for the period 1652-1776. A fiat standard was in place in 1716-1719, and the unit daler silvermynt linked to the coin tokens. In 1745-1776 the monetary system could be described as a paper standard, and the units of daler kopparmynt and silvermynt followed the bank notes.

In 1776 a sole silver standard was introduced, and the riksdaler became the main currency unit. This monetary uniformity only lasted to 1789. Riksgäldskontoret started to issue the riksgälds notes in 1789, which fell in value relative to the riksdaler banco that continued to be convertible into silver coins (riksdaler specie) by the Riksbank. In 1803 the relation 1 riksdaler riksgälds = 2/3 riksdaler banco was fixed. However, in 1809 the riksdaler banco became inconvertible and fell in value relative to the riksdaler specie. In 1834, it was fixed that 1 riksdaler specie = 2 ⅔ riksdaler banco = 4 riksdaler riksgälds. In 1855-1873 the riksdaler riksmynt became the main currency unit, set equal to 1 riksdaler riksgälds. Finally, in 1873 Sweden went over to the gold standard, and the krona replaced the riksdaler riksmynt as the main currency unit.

Quite detailed and reliable sources exist for the foreign exchange for 1660-1685 and from 1740 onwards. Annual exchange rates on Hamburg (taler banco), Amsterdam (rijksdaalder courant), London (pound) and Paris (Livres Tournois) are presented in mark kopparmynt for 1658-1776, and in skillings banco for 1777-1834. Since direct data is missing for some years, cross rates are used to fill in the gaps.

List of variables and their definitions: