100 Kronor

Pick 29 was the first Swedish 100-kronor note to feature the portrait of Gustaf Vasa, a deliberate choice by the Riksbank to anchor the currency in national historical identity during a period of considerable political tension — the dissolution of the union with Norway had occurred just two years before the first notes of this type were issued. The Riksbank was acutely conscious of projecting Swedish institutional permanence.

The series spans a decade largely coinciding with the First World War, during which Sweden maintained neutrality but experienced sharp inflation and significant strain on metallic reserves. Notes of this denomination circulated hard during those years.