The gold coins from the time of Oscar II are among the most iconic gold coins in Scandinavia, minted both in Sweden and in Norway. They are the first coins to be struck with their face value in kronor. The first ones were issued in 1873 and the last in 1902. This themed auction features an almost complete collection of them.
For a long time, silver was the main currency used in international trade. During the 19th century, trade within Europe increased, and with it, the amount of silver that had to be handled and transported grew significantly — as did the associated costs. So, shortly after the middle of the 19th century, a shift occurred. Gold became the solution, offering a substantially higher value for the same weight.
To further facilitate trade between European countries, the Latin Monetary Union was established in 1865. France, Belgium, Italy, and Switzerland were founding members. More countries joined over time, though none of the Scandinavian ones. The Latin Monetary Union was an agreement that the member states would mint coins with the same metal value — meaning that their coins would be interchangeable. Sweden also began minting coins that adhered to these standards, all in the interest of easing international trade. Between 1868 and 1872, Sweden minted such coins — a gold coin with dual denominations, 1 Carolin and 10 Francs. Three of these coins are included in this auction. Read more
With the transition to the gold standard, silver lost its value, and the Scandinavian countries also began considering a switch to a gold-based currency system. At that time, the Scandinavian countries had different currencies, which complicated trade. In 1873, Sweden and Denmark established the Scandinavian Monetary Union, and in 1875–76, Norway joined as well. The union also marked the beginning of the shared currency unit — the krona, divided into 100 öre in all three countries.
With the onset of the First World War, both monetary unions effectively ceased to function. Despite this, Sweden made one final attempt in 1920 to reissue a 5-krona coin — this time bearing the portrait of Gustav V, and with the same gold content as the first gold coins almost 50 years earlier. During the 1920s, both monetary unions were officially dissolved.
It is within this historical context that the gold coins featured in this auction — both those bearing Oscar II and others — were minted. Enjoy!
