Swedish penning
The penning was a Swedish
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....

 coin first minted between 995 and 1030 and then from about 1150 until 1548. It remained a unit of account until 1777.

The penning was minted in imitation of the pennies
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...

, pfennig
The Pfennig , plural Pfennige, is an old German coin or note, which existed from the 9th century until the introduction of the euro in 2002....

 and deniers issued elsewhere in Europe. However, although based on these coins, the accounting system was distinct, with different systems operating in different regions. All used the öre
Öre is the discontinued centesimal subdivision of the Swedish krona. The plural and singular are the same in the indefinite forms, whereas the singular definite form is öret and the plural definite is örena. The name derives from the Latin aureus , the name of a coin worth 25 denarii...

(derived from the Latin
Latin is an Italic language originally spoken in Latium and Ancient Rome. It, along with most European languages, is a descendant of the ancient Proto-Indo-European language. Although it is considered a dead language, a number of scholars and members of the Christian clergy speak it fluently, and...

The aureus was a gold coin of ancient Rome valued at 25 silver denarii. The aureus was regularly issued from the 1st century BC to the beginning of the 4th century, when it was replaced by the solidus...

) which was worth 1/8 of a mark
Mark (money)
Mark was a measure of weight mainly for gold and silver, commonly used throughout western Europe and often equivalent to 8 ounces. Considerable variations, however, occurred throughout the Middle Ages Mark (from a merging of three Teutonic/Germanic languages words, Latinized in 9th century...

 or 3 örtug
Örtug was a medieval currency unit in Sweden. The name is also used in the micronation of Ladonia .-References:***Nordisk Familjebok...

ar. However in Svealand
Svealand , Swealand or Sweden proper is the historical core region of Sweden. It is located in south central Sweden and is one of three lands of Sweden, bounded to the north by Norrland and to the south by Götaland. Deep forests, Tiveden, Tylöskog, Kolmården, separated Svealand from Götaland...

, one öre was worth 24 penningar, but in Götaland
Götaland , Gothia, Gothland, Gothenland, Gautland or Geatland is one of three lands of Sweden and comprises provinces...

 it was worth 48 penningar and 36 in roughly the Diocese of Linköping and on Gotland
Gotland is a county, province, municipality and diocese of Sweden; it is Sweden's largest island and the largest island in the Baltic Sea. At 3,140 square kilometers in area, the region makes up less than one percent of Sweden's total land area...

. Around 1300, by royal command, the Svealand standard became the national standard, except on Gotland. The örtug was first minted around 1370 and the öre was issued as a coin from 1522. In 1524, however, the real örtug was replaced in minted form with a new one, also known as halvöre (half öre), which had a little higher value (whereas one mark was divided into 24 örtugar, it was divided into 16 halvöre), but the old örtug remained as a counting unit until 1777.

The conversion between the different units of currency in use at that time can be summarized as:
Denomination Mark Öre Örtug Penning
Daler 4 32 96 768
Mark 8 24 192
Öre 3 24
Örtug 8

In 1604, the daler was renamed the riksdaler
Swedish riksdaler
The riksdaler was the name of a Swedish coin first minted in 1604. Between 1777 and 1873, it was the currency of Sweden. The daler, like the dollar, was named after the German Thaler. The similarly named Reichsthaler, rijksdaalder, and rigsdaler were used in Germany and Austria-Hungary, the...

. There followed a period of very complicated currency, during which both copper and silver versions of the different denominations circulated and the riksdaler rose in value relative to the other units. In 1777, the riksdaler became the basis of a new currency system and the penning ceased to exist.

The name lives on in the Swedish language
Swedish language
Swedish is a North Germanic language, spoken by approximately 10 million people, predominantly in Sweden and parts of Finland, especially along its coast and on the Åland islands. It is largely mutually intelligible with Norwegian and Danish...

in the contracted form of the plural, pengar, which means money.
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