On the island of Gotland, native coinage seems to have begun around 1140. King Gustav II Adolf was expanding the Swedish Empire and was in need of cash for the war effort. In Sweden, however, coinage at the mint of Sigtuna came to a stop around 1030, and it was not taken up again until around 1180. In 1620, Sweden had adopted a dual monetary standard, one based on silver and one based on copper. King Gustav II Adolf was expanding the Swedish Empire and was in need of cash for the war effort.
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With the end of periodic re-coinage, Swedish kings accelerated the debasement of long-lived coins, which continued until the beginning of the sixteenth century. S wedish copper coinage was first produced in earnest in 1624. S wedish copper coinage was first produced in earnest in 1624. However, monetisation increased in the late thirteenth century, making periodic re-coinage more difficult, and long-lived coins were introduced in 1290. Periodic re-coinage was applied with varying frequency from 1180 to 1290. It is shown that Sweden adopted coin types similar to those minted in Continental Europe during the Middle Ages and the corresponding coinage and monetary taxation policies. The Swedish experience is extraordinarily consistent with this theory. The theory suggests that economic backwardness, limited monetisation of society and separate currency areas facilitated re-coinage.
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A theoretical framework of how periodic re-coinage works in practice is tested on Swedish coinage. Old coins were frequently declared invalid and exchanged for new ones based on publicly announced dates and exchange fees. A specific monetary tax − called periodic re-coinage − was applied for almost 200 years in large parts of medieval Europe.