1 Ducat - Carl XI 4th portrait, shield with curved top

Reval — modern Tallinn — occupied an uneasy position in the Swedish empire during Carl XI's minority and the regency government that preceded his personal rule. These ducats were struck under municipal authority, a privilege the city jealously maintained, and the brief two-year window of production reflects the tightening fiscal and administrative controls Stockholm was beginning to assert over its Baltic possessions. The 4th portrait type marks a transitional moment in Swedish numismatic iconography, coinciding with Carl XI's approach to his majority in 1672.

Surviving examples are scarce. Reval's municipal gold issues were never struck in large numbers, and Baltic trade circulation was hard on small gold.