1 Riksdaler - Frederick I 2nd portrait

Frederick I ascended the Swedish throne in 1720 as a constitutional cipher — the Riksdag had gutted royal authority following Charles XII's disastrous wars, and the king functioned largely as a figurehead while the council governed. The riksdaler issues of this period reflect that political settlement: royal coinage produced under the direction of an institution, not a monarch.

The "2nd portrait" distinction in KM#395.1 separates this from the earlier bust used at the opening of Frederick's reign. Die changes of this kind were common at Stockholm when engravers turned over or when the Riksdag-controlled mint commission approved updated punches.