Early modern copper money: multiple currencies and trimetallism in Sweden 1624-1776
2012 (English)In: European Review of Economic History, ISSN 1361-4916, E-ISSN 1474-0044, Vol. 16, no 4, 408-429 p.Article in journal (Refereed) Published
In 16241776, Sweden implemented a complicated trimetallic monetary system. Five different copper, silver, and gold currencies circulated. The heaviest copper coins weighed 20 kg. Greshams law worked differently for various coins. Swedish trimetallism was asymmetric. Copper money could not replace silver and gold coins. When the latter became undervalued they circulated at a premium. Due to high transaction costs in using copper coins at a premium, they were sometimes driven out when becoming dear money. However, complaints about money shortage and Swedens monopoly position at the European copper markets implied that the copper standard was not abandoned until 1777.
Place, publisher, year, edition, pages
2012. Vol. 16, no 4, 408-429 p.
IdentifiersURN: urn:nbn:se:su:diva-65448DOI: 10.1093/ereh/hes007ISI: 000310166400004OAI: oai:DiVA.org:su-65448DiVA: diva2:463789