öre, Stockholm, Johan III, 1592
This copper-coloured coin clearly shows that it is mostly made of copper and not silver. The silver content is only 5.3 per cent.
In 1570, King Johan had launched a war against Russia with the aim of establishing a Baltic Sea empire and thereby controlling the rich trade of Russia. The war lasted with short interruptions throughout Johan's reign.
Narva was conquered in 1581, bringing some economic gain. But Russia redirected its trade from the Baltic Sea to Arkhangelsk, on the White Sea, and Sweden never gained a foothold there. Instead of improving the Swedish economy, the war with Russia contributed to the country's deterioration, more than Johan's expensive castle building.
In the last two years of Johan's reign, Sweden experienced the highest inflation the country had ever seen - 800 per cent.
)Image rights 3—4: Jens Mohr, Ekonomiska museet - Kungliga myntkabinettet/SHM (CC BY 4.0
)Object number: 108374_KMK
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