Lecture Notes: The History of Swedish Plate Money

Introduction to the Nicobar Shipwreck

• Date of Event: July 11, 1783
• Location: Off the coast of Coin Point, South Africa
• Significance: The shipwreck was discovered in 1987 and was noted for containing 3,000 examples of Swedish plate money.
• Historical Importance: Largest find of copper plate money in history.

Sweden's Historical Context

• Gustavus Adolphus's Reign: King from 1611 to 1632
• Sweden's Position: Became a European power through conquests.
• Resources:
  • Lacked significant sources of gold and silver.
  • Rich in copper, particularly from the mine in Falun, which produced two-thirds of Europe's copper.

Development of Swedish Copper Coinage

• Initial Coins: Small copper coins produced in 1624;
  • Aimed to decrease copper exports and increase its price.
• Queen Christina's Innovation (1644):
  • Introduced larger copper coinage denominated in dalers.
  • Coins ranged from just over a pound to more than 50 pounds, the largest coins minted at that time.
  • Denominations from half a daler to 10 dalers.

Characteristics of Plate Money

• Production:
  • Copper was hammered into sheets, cut, and stamped by hand.
  • Unique character due to manual production.
• Usage and Popularity:
  • Simplified copper export but were cumbersome for daily transactions.
  • Unpopular due to size and weight, making them impractical for commerce.

Economic Impact and Decline

• Discontinuation:
  • Larger denominations like 10 and 8 dalers stopped due to inconvenience.
  • Eventually, increased mining led to metal depreciation, and most pieces were melted down.

Legacy and Influence on Banking

• Surviving Pieces:
  • Roughly 11,000 pieces exist, mostly from shipwrecks like the Nicobar.
• Banknote Innovation:
  • Plate money led to the creation of the first European banknotes.
  • Stockholm's Banco issued transport notes in exchange for copper.
  • Success led to the establishment of the Royal Bank of Sweden (Riksbank) in 1668.

Modern-Day Context

• Cultural Significance:
  • Riksbank is Sweden's central bank.
  • The modern krona currency is sometimes referred to as riksdaler.
• Exhibitions:
  • Money Museum displays examples of daler coins, showcasing historical production techniques.