The disappearing re-coinage fees were compensated for by debasing the silver content. With an end to re-coinage, the Swedish kings then accelerated the debasement of the long-lived coins. However, monetization increased in the late 13th century, making re-coinage more difficult, and bracteates were replaced by long-lived two-faced coins in 1290. This is evidenced by many different coin types per reign, coin hoards which are dominated by a few types and dating of types to specific periods of the kings' reigns. Re-coinage with varying frequency was applied in 1180–1290 when only bracteates were minted. Economic backwardness, limited monetization of society and separate currency areas facilitated re-coinage. Swedish experience is extraordinarily well in line with what one would expect from the theory of short-lived coins. It is shown that Sweden adopted similar coin types as those minted in Continental Europe in the Middle Ages, and also adopted the corresponding continental coinage and monetary taxation policies linked to these coin types. A theory of how short-lived coinage systems work is applied to Swedish coinage. Here, the question of whether and when such re-coinage was applied in medieval Sweden is analyzed against the historical record. In medieval Europe, old coins were frequently declared invalid and exchanged for new ones at fixed rates and dates.
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