Lecture Notes: Swedish Plate Money and the Shipwreck of Nicobar

Introduction

Shipwreck of Nicobar:
- Date: July 11, 1783
- Location: Discovered off the coast of Coin Point, South Africa in 1987
- Casualties: All but 11 people on board perished
- Discovery: Divers found 3,000 examples of Swedish plate money (brickstailer plates)
- Significance: Largest find of copper plate money in history

Sweden's Rise as a European Power:
- Conquests of Gustavus Adolphus (King from 1611 to 1632)
- Need for gold and silver coinage to sustain its army and empire
- Lack of significant domestic gold and silver sources

Sweden's Copper Wealth:
- Rich in copper, a strategic metal for warfare
- The mine at Falun produced 2/3 of Europe's copper
- Copper sold in exchange for silver

Initial Copper Coinage:
- Began in 1624 under King Gustavus to reduce copper export
- Small coins were not suitable for larger transactions
Introduction of Copper Plate Money:
- Issued by Queen Christina in 1644
- Denominated in dalers
- Designed with the bullion value of current Swedish silver daler coins
- Produced plates weighing from just over a pound to more than 50 pounds
Characteristics of Plate Money:
- Denominations ranged from 1/2 daler to 10 dalers
- Each plate had unique stamps: corner stamps with monarch's initials and year, center stamp with denomination, and reverse usually blank
- Plates were cheap to produce but cumbersome for everyday use

Public Reception:
- Difficult to use due to size and weight
- Illustrations depict the burden of carrying plate money
- Bank robberies ignored plate coins due to their impracticality
End of Production:
- Production ceased by 1776
- Larger denominations discontinued earlier due to inconvenience
- Most pieces melted down over time
Legacy and Impact:
- Catalyst for the creation of European banknotes

Banking Innovations:
- Stockholm's Banco licensed in 1656, issuing transport notes against copper bullion
- Successful operation led to establishment of the Royal Bank of Sweden in 1668
- Today's central bank: the Riksbank
Cultural Impact:
- Modern currency based on the krona still sometimes referred to as riksdaler

Money Museum:
- Displays several dealer specimens
- Offers close-up insights into coin production techniques

These notes summarize key points about Swedish plate money, its historical context, and its eventual impact on Sweden's monetary and banking systems.