The penning or penny was the Swedish variant of the

Norwegian penning The penning was the dominant currency of the Norwegian coin system in the period 995-1387. Minted in Norway by the List of Norwegian monarchs, kings of Norway from Olaf Tryggvason (995-1000) and up to Olaf II of Denmark, Olaf Haakonsson (1380-1387 ...

that was minted from about 1150 until 1548, and which remained as a unit of account in Sweden until 1777. Originally penning was first minted in

Norway Norway, officially the Kingdom of Norway, is a Nordic country in Northern Europe, the mainland territory of which comprises the western and northernmost portion of the Scandinavian Peninsula. The remote Arctic island of Jan Mayen and t ...

by the

Norwegian king The Norwegian monarch is the head of state of Norway, which is a constitutional and hereditary monarchy with a parliamentary system. The Norwegian monarchy can trace its line back to the reign of Harald Fairhair and the previous petty kingdom ...

Olaf Tryggvason Olaf Tryggvason (960s – 9 September 1000) was King of Norway from 995 to 1000. He was the son of Tryggvi Olafsson, king of Viken ( Vingulmark, and Rånrike), and, according to later sagas, the great-grandson of Harald Fairhair, first King of N ...

from the year 995, and was later adapted in both

Sweden Sweden, formally the Kingdom of Sweden,The United Nations Group of Experts on Geographical Names states that the country's formal name is the Kingdom of SwedenUNGEGN World Geographical Names, Sweden./ref> is a Nordic country located on ...

and

Denmark ) , song = ( en, "King Christian stood by the lofty mast") , song_type = National and royal anthem , image_map = EU-Denmark.svg , map_caption = , subdivision_type = Sovereign state , subdivision_name = Danish Realm, Kingdom of Denmark ...

as a coin system. The penning was minted in imitation of the

pennies A penny is a coin ( pennies) or a unit of currency (pl. pence) in various countries. Borrowed from the Carolingian denarius (hence its former abbreviation d.), it is usually the smallest denomination within a currency system. Presently, it is t ...

pfennig The 'pfennig' (; . 'pfennigs' or ; symbol pf or ₰) or penny is a former German coin or note, which was the official currency from the 9th century until the introduction of the euro in 2002. While a valuable coin during the Middle Ages, i ...

and deniers issued elsewhere in Europe. However, although based on these coins, the accounting system was distinct, with different systems operating in different regions. All used the ''

öre Öre () is the centesimal subdivision of the Swedish krona. In the Swedish language, the plural of ''öre'' is either ''öre'' or ''ören''. The name ''öre'' derives from the Latin word ''aereus/aurum'', meaning gold. The corresponding subdivisi ...

'' (derived from the

Latin Latin (, or , ) is a classical language belonging to the Italic branch of the Indo-European languages. Latin was originally a dialect spoken in the lower Tiber area (then known as Latium) around present-day Rome, but through the power of the ...

aureus The ''aureus'' ( ''aurei'', 'golden', used as a noun) was a gold coin of ancient Rome originally valued at 25 pure silver ''denarii'' (sin. denarius). The ''aureus'' was regularly issued from the 1st century BC to the beginning of the 4th cen ...

'') which was worth 1/8 of a

mark Mark may refer to: Currency * Bosnia and Herzegovina convertible mark, the currency of Bosnia and Herzegovina * East German mark, the currency of the German Democratic Republic * Estonian mark, the currency of Estonia between 1918 and 1927 * F ...

or 3

örtug Örtug or ortig (Finnish: ''äyrityinen'', ''aurto'' or ''aurtua'') was a medieval currency unit in Sweden. It was originally minted as a silver coin in 1370 during the reign of king Albert of Sweden. The coin weighed about 1.3 grams and consist ...

ar. However in

Svealand Svealand (), or Swealand, is the historical core region of Sweden. It is located in south central Sweden and is one of three historical lands of Sweden, bounded to the north by Norrland and to the south by Götaland. Deep forests, Tiveden, T ...

, one öre was worth 24 penningar, but in

Götaland Götaland (; also '' Geatland'', '' Gothia'', ''Gothland'', ''Gothenland'' or ''Gautland'') is one of three lands of Sweden and comprises ten provinces. Geographically it is located in the south of Sweden, bounded to the north by Svealand, wit ...

it was worth 48 penningar and 36 in roughly the

Diocese of Linköping The Diocese of Linköping ( sv, Linköpings stift) is a diocese within the Church of Sweden administering the Östergötland County, the north eastern part of Jönköping County and the northern part of Kalmar County. It comprises nine deanerie ...

and on

Gotland Gotland (, ; ''Gutland'' in Gutnish), also historically spelled Gottland or Gothland (), is Sweden's largest island. It is also a province, county, municipality, and diocese. The province includes the islands of Fårö and Gotska Sandön to the ...

. Around 1300, by royal command, the Svealand standard became the national standard, except on Gotland. The örtug was first minted around 1370 and the öre was issued as a coin from 1522. In 1524, however, the real örtug was replaced in minted form with a new one, also known as ''halvöre'' (half öre), which had a little higher value (whereas one mark was divided into 24 örtugar, it was divided into 16 halvöre), but the old örtug remained as a counting unit until 1777. The conversion between the different units of currency in use at that time can be summarized as: In 1604, the daler was renamed the

riksdaler The svenska riksdaler () was the name of a Swedish coin first minted in 1604. Between 1777 and 1873, it was the currency of Sweden. The daler, like the dollar,''National Geographic''. June 2002. p. 1. ''Ask Us''. was named after the German Thaler. ...

. There followed a period of very complicated currency, during which both copper and silver versions of the different denominations circulated and the riksdaler rose in value relative to the other units. In 1777, the riksdaler became the basis of a new currency system and the penning ceased to exist. The name lives on in the

Norwegian language Norwegian ( no, norsk, links=no ) is a North Germanic language spoken mainly in Norway, where it is an official language. Along with Swedish and Danish, Norwegian forms a dialect continuum of more or less mutually intelligible local and regio ...

and

Swedish language Swedish ( ) is a North Germanic language spoken predominantly in Sweden and in parts of Finland. It has at least 10 million native speakers, the fourth most spoken Germanic language and the first among any other of its type in the Nordic countr ...

in the contracted form of the plural, ''pengar/penger'', which means money.

References

The History of the Swedish Monetary System
Currencies of Europe Modern obsolete currencies Currencies of Sweden {{Money-unit-stub

See also

References