2 Riksdaler 'Krellmynt' - Frederick I 2nd portrait

The "Krellmynt" designation refers to coins struck at the Stockholm mint under the direction of Johann Krell, a German-born mintmaster whose tenure became controversial when investigations into the mint's accounts revealed significant irregularities in silver content and output records. The 1723 issue with Frederick I's second portrait represents the stabilization effort following Sweden's catastrophic financial collapse after the South Sea-adjacent crash of the Stockholm Banco and the failed monetary experiments of the early 1720s.

Frederick I himself held largely ceremonial power by this point — the Riksdag and the Council had effectively neutered royal authority following Charles XII's death in 1718.