Ejemplo de detalle de cálculo para un cliente

In 1681 the silver standard was officially reintroduced, lasting until 1709. Silver coins de

facto became the main means of payment. On the 19th of March 1681, the official value of

one riksdaler was increased from 19.5 to 24 mark kopparmynt, of one ducat to two riksdaler,

and of one carolin from 6 to 7 mark kopparmynt. On the 15th of May 1686 one carolin was

further increased to 7.5 mark kopparmynt, in accordance with the prevailing market exchange rates. However, the market exchange rates of the riksdaler and the carolin against copper

coins implied that the copper plates became undervalued when compared to the international

copper price.98 When the official relations between silver coins and copper plates were

adjusted to the market exchange rates, the undervaluation of copper plates (in terms of the international bullion price) became legally fixed. Copper plates became dear money, and in the coming period were exported and disappeared from circulation. There are also reports that

there was a premium on copper plates in the late 18th century (8 percent in 1697).99

One öre silvermynt continued to be equal to three öre kopparmynt, implying that the official value of one carolin was increased from 16 to 18⅔ öre silvermynt in 1681 and to 20 öre silvermynt in 1686. It was further increased to 25 öre silvermynt in 1716. One daler carolin (equal to two carolins or 4 marks in carolins) was no longer officially equal to one daler silvermynt or one daler courant. Up to 1681, the fine silver content per unit of value of the öre courant was 15 percent below the fine silver content per unit of value of the carolins. This was recognized in the market exchange rate between courant öre-coins and carolins. The increase in the official value of the carolin in 1681 was, therefore, only recognized the market situation, ensuring a stable relation between the two silver currency units. When the official value of one carolin was increased to 20 öre silvermynt in 1686, the fine silver content of the öre silver coin was at the same time reduced, in order to retain the relation 1 daler silvermynt = 1 daler courant = 3 daler kopparmynt.

In 1686 there was still a premium on öre silver coins. The premium was somewhat higher for

the 4-öre silver coin than for the 2-öre silver coin.100 This premium disappeared during the

course of the next two decades as the fine silver content of the newly minted öre coins was

decreased101 and the silver coins replaced the copper plates as the main currency.

98 _{Wolontis (1936), p. 161.} 99 _{See footnote 105.} 100 _{Wolontis (1936), p. 167.}

101 _{The 5-öre silver coin that was minted from 1690 had the same fine silver content as the previous 4-öre silver}

The widening difference between the two silver currencies, daler carolin and daler courant, from the 1680s onwards was, in itself, a consequence of the bimetallic copper and silver standard, and the attempt to make öre courant to follow the copper currency, while not debasing carolins.

After 1681, the riksdaler courant and the riksdaler carolin definitely became two different units of account. After the legal appreciation of the carolin to 7.5 marks in 1686 the difference

between the two units became quite large.102 In 1686-1716, one riksdaler carolin was legally

fixed to 22.5 (3 times 7.5) marks kopparmynt or 60 (3 times 20) öre silvermynt. This was 25 percent above the level of one riksdaler courant equal to 48 öre courant. Lars Herlitz writes

that during the 18th century, at least in various official documents, the riksdaler courant

became a pure unit of account, equal to 1.5 daler silvermynt (i.e. 48 öre silvermynt), and, henceforth, was not anymore linked to the courant coins. The term was only sporadically used

after the mid-18th century.103

According to Wolontis the market exchange rate of one riksdaler carolins was 22.5 mark

kopparmynt or 60 öre silvermynt, its par value, throughout the period 1695-1709.104 In this

study the assumption is made that no premium existed on carolins and öre courant throughout

the period 1687-1715.105

102 _{Wolontis (1936, p. 156) argues that the two units “riksdaler carolin” and “riksdaler courant” were the same,}

both equal to 3 carolins, but this assumption can be questioned. For example, in Sandbergska samlingen two examples are given, one from 1690 (Sandbergska samlingen, O:1, folio 774) and one from 1697 (Sandbergska samlingen, O:1 , folio 779), when 1 riksdaler courant is set equal to ¾ riksdaler specie and to 1.5 daler silvermynt. This is possible only if assumed that 1 riksdaler courant is equal to 48 öre courant (which also confirms that the market rate was at par with the legal rate in the 1690s). Wolontis (1936, p. 156) quotes the same source, stating that “effter som här i landet gemeligen plägar förstås RD courant till 6 m Smt”, but here “6 m Smt” most likely refers to 1.5 daler silvermynt and not 3 carolins.

103 _{Herlitz (1974), p. 127.} 104 _{Wolontis (1936), p. 176.}

105 _{In Sandbergska samlingen, O:1, folio 1780, one document reports that, in 1697, 1 riksdaler was sold for 72 to}

73 öre silvermynt, i.e. 27-27⅜ marks kopparmynt, but 25 marks kopparmynt in copper plates. However, copper plates had largely disappeared from domestic circulation in the late 1690s, and the only copper coins that were widely used were the ones of smaller denominations. Furthermore, in 1697 the riksdaler also stood higher than usual.

According to Wolontis, the exchange rate on Swedish riksdaler as well as on Hamburger

reichstaler banco was quite stable at around 25 marks kopparmynt in 1686-1695.106 The

riksdaler coins circulating in the late 17th century and early 18th century were mainly the ones

minted during the reign of Queen Christina (and to a large extent also foreign taler coins).107

The Riksbank’s holdings of riksdaler specie decreased from 134000 in 1696 to a few

thousands in the 1710s.108

In Stockholms stads priscourant weekly exchange rates for various currencies can be found

for the period 31st of May 1705 to 9th of February 1707.109 These show that the Hamburger

reichstaler banco (at 26.75-27.75 marks kopparmynt110) was valued slightly above the

Swedish riksdaler specie (at 26-26.5 marks kopparmynt).111

One explanation for the higher exchange rate of foreign currencies could be the greater

demand on Sweden to finance its war efforts during the Great Nordic War 1700-1721.112 The

exchange rate of the riksdaler specie also fluctuated around a narrower band (0.5 mark kopparmynt difference between the highest and lowest value) than the Hamburger reichstaler banco (1 mark kopparmynt difference between the highest and lowest value).

The par value for the riksdaler stood at 24 marks kopparmynt, which was significantly lower than both the market exchange rate of the riksdaler and the Hamburger reichstaler banco. Since the carolins became the main currency unit, at least from the 1690s onwards, the mark kopparmynt as a unit of account was linked to carolins. One riksdaler in specie was officially

106 _{Wolontis (1936), pp. 175 and 322.}

107 _{Of the coin treasures found for the period 1701-1721, the few riksdaler coins (in total 11 coins) were from the}

times of Gustav II Adolf and Queen Christina. The foreign taler coins were more numerous than the Swedish riksdaler coins in the findings. For the period 1722-1738 no riksdaler coins are reported to have been found. The mint treasures are often good indicators of which coins circulated during the time the treasure was laid down (which can often be determined by the coin with the latest year of minting). See Sarvas (1969).

108 _{Sveriges Riksbank (1931), p. 35.}

109 _{”Växelkurser å Stockholms börs. Primärtabeller (1705-)/1740-1803”. Online at:}

http://www.historia.se/exchangerates1705_1803.pdf.

110 _{This is direct data. The spot rate would be slightly higher.}

111 _{In December 1708 the exchange rate of the Hamburger reichstaler-banco was 27 marks and of Swedish}

riksdaler specie 26.25 marks. See Sandbergska samlingen, O:1 , folio 335 (Riksarkivet).

3.2 carolins, which, in turn, had the fine silver content of 23.11 grams, 8.6 percent below the fine silver content of one riksdaler in specie. Based on these relations of fine silver contents, a currency linked to the carolins motivated an exchange rate for the riksdaler specie of 26.25 marks kopparmynt. The average exchange rate of one riksdaler was also raised from 25 marks

kopparmynt around 1690 to 26.25 marks kopparmynt in the early 18th _{century almost}

perfectly in accordance with the theoretical exchange rate. Given there was free minting of carolins, such circulation by-weight is an expected outcome of an efficient market.