Sweden 2 Kr. 1950/1 -- an unusual overdate

Started by Thulium, November 09, 2024, 08:53:56 PM

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Thulium

This overdate is unusual because dies dated 1951 were changed to 1950. This was because Gustaf v passed away in late 1950, and rather than strike coins dated 1951, they were changed back to 1950 to be correct. I have found 2 different 2Kr. 1950/1 dies so far (shown below), but there may be more.



two different 1950/1 date positions:







Thulium

I now realize I had posted this variety before--my apologies.  ::)  Below is an animation which shows the different date positions for the two dies.



Figleaf

This is not just a numismatically interesting coin, because of back-dating - I believe this is the first example I have seen, not counting cases of correcting an obviously erroneous date. Frozen dates come closest. It is also interesting for students of economic history.

When King Gustav V died in October 1950, the Swedish economy was in a starting phase of recovery and growth following the second world war. Sweden came through the second world war better than its neighbours as it was involved only indirectly (volunteers fighting in other countries, closed sea lanes, dangerous air space, loss of export markets). As the government built up its military in war time, it stimulated the industries that would play a major role in post war reconstruction: steel, machinery and automotive equipment. Its industrial base was highly competitive, compared to countries where industry was badly damaged. It was a great point of departure for growth, but it would not last forever.

Prime minister Tage Erlander was a convinced Keynesian. In spite of government debt and budget deficits, he went for high infrastructure and social security spending, which increased employment and consumption. At the same time, taxes were greatly increased (not a problem in a full employment and growth environment) and government cost were cut to the bone* Here is where your coin comes in: a surprisingly late overdate, that can be explained by severe cost-cutting, in turn part of a coherent economic policy, in line with contemporary economic theory.

The high tax rates and generous social security system (welfare state) still exist (the Swedish model) as an accusing finger against pure, cold and cruel capitalism. Your coin illustrates the story of how perhaps the greatest battle of dogmas within the group of democratic countries came about.

Peter

* This was done in order to move towards a balanced government budget, realised in the early 50s and a reduction in government debt, largely reached a decade later, helped by the Wirtschaftswunder in Germany, a very important Swedish export market.
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Thulium

Thanks for the historical background--very interesting! :)

Globetrotter