From 1716 to 1718, Sweden experienced a shock of liquidity when the absolutist regime of Charles XII issued large amounts of fiat coins (mynttecken) in order to finance the Great Northern War. After the death of the king in November 1718, the new parliamentary regime decided to partially default on the coins. In international literature, this episode is largely unknown, and in Swedish historiography, scholars have often claimed that the country's currency collapsed in hyperinflation. We assess the performance of the new coins by studying how prices of commodities in various geographic locations developed. We also study bookkeeping practices in order to see how accountants treated the new coins. Our results show that there was a complex relationship between prices and liquidity. Prices of products in high demand by the military increased more than other prices. Accountants did not treat mynttecken and other currencies differently in 1718. It was only after the death of the king that accountants started to differentiate between different types of coins. The value of the fiat coins was linked to the actions and the legitimacy of the royal regime, which is in line with the State theory of money.

中文翻译：

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飙升、回落和价格：瑞典法币的表现，c。1715–1720

从 1716 年到 1718 年，当查理十二世的专制政权发行大量法定货币时，瑞典经历了流动性冲击（我的) 以资助大北方战争。1718 年 11 月国王去世后，新的议会政权决定部分拖欠硬币。在国际文献中，这一事件在很大程度上是未知的，而在瑞典的史学中，学者们经常声称该国的货币在恶性通货膨胀中崩溃了。我们通过研究不同地理位置的商品价格如何发展来评估新硬币的表现。我们还研究簿记实践，以了解会计师如何处理新硬币。我们的研究结果表明，价格和流动性之间存在复杂的关系。军方需求量大的产品价格涨幅高于其他价格。会计师不处理我的和其他货币在 1718 年有所不同。直到国王去世后，会计师才开始区分不同类型的硬币。法定货币的价值与王室政权的行为和合法性有关，这符合国家货币理论。