SWEDEN. Swedish Plate Money (under King Frederick I). 1742. Copper, 2 Daler Swedish Plate Money. 1592g (approximately 7 inches x 6 1/2 inches square). 5 stamps on a large copper plate. The center shows a 2 Daler stamp with the stamp of the monarch around in each corner along with the date of 1742
Price: $1,500
wc1096
Plate money is the term used to describe the extremely large copper coins used in Sweden in the 17th and 18th centuries. Use of copper coins began during the reign of Gustav II Adolf (1611-1632). The copper mine in Falun (Dalarna county) produced about 2/3 of the world's copper at the time. The use of copper coinage was an attempt to control the price of copper to the advantage of Sweden. The ratio of the value of silver to copper was originally set at 2:1 but in 1643 was adjusted to 2.5:1 due to the economic effect of saturating the market with copper currency. In 1665, the ratio was fixed at 3:1 which remained the official ratio until use of copper as commodity money was discontinued (Act of Nov. 27, 1776). This ratio created two parallel monetary standards, one for copper money and one for silver money. Thus, the origin of the two denominations of copper coinage where 3 Öre Koppar Mynt (KM) = 1 Öre Silfer Mynt (SM).
In 1643, the first plate money was issued in the denomination of 10 Daler SM (1 Daler SM = 96 Öre at the time). These plates were approximately 13 by 27 inches in size and weighed 43 pounds. Today, these first plates are rare and may only be found in museums. The Coinage Act of 1649 stipulated plates in denominations of 1, 2, 4 and 8 silver Dalers. There were other coinage acts and after 1684 the denominations were 1/2, 1, 2 and 4 silver Dalers. Metal content also decreased over time such that 1 Daler SM weighed 3.5 pounds in 1660 and settled at 1.7 pounds in 1715. The year last plates were produced in quantity was 1759 with some 2 Daler plates in 1760. There are also rare plates from 1768.
Plates will have four corner stamps bearing the name or initials of the current monarch and the year of issue. The center stamp will bear the denomination. The reverse will be blank. Some plates will bear an additional stamp due to redenomination. Many plates show signs of the manufacturing process with hammer marks. The copper would be formed into sheets of necessary thickness, cut to size with shears, then stamped. This was hand work using large tools and provides each plate with a unique character.
It is hard for most people to imagine using such coins in commerce. Illustrations of the era depict citizens with sacks of copper plates over their back or pulling a load of plates to the bank on a sled. This inconvenience was the catalyst for the creation of the world’s first bank notes. In the 1660’s, a bank was formed where plates could be deposited in return for a paper certificate of value. This paper money was an instrument which could be exchanged in commerce and the value repaid to the bearer in copper at the bank. This led to the creation of the world’s first central bank, Sveriges Riksbank (The National Bank of Sweden).
(Please note that this excerpt is taken directly from www.swedishcoppers.com)