A Medieval Cauldron of Coins

Imagine digging for earthworms and discovering a copper cauldron full of coins and jewelry. It sounds like the stuff of dreams, but this was real life for a lucky Stockholm homeowner. The massive hoard, estimated to weigh about 13 pounds, may contain up to 20,000 silver coins, along with silver rings, pendants, beads, and other artifacts. This find is so substantial that it could reshape historians’ understanding of early medieval Scandinavian wealth.

The Coins

Archaeologists and conservators are currently working under the supervision of the Stockholm County Administrative Board to document each piece. Preliminary analysis has dated most of the coins to the 12th century, and many bear the inscription KANVTVS (the Latin form of “Knut”), pointing to King Knut Eriksson (ruled c. 1173-95). Under Knut’s reign, Sweden saw a revival of minting. After a long hiatus in domestic coin production, the king supported the reestablishment of a coinage system around 1180, issuing coins marked KANVTVS or KANVTVS REX, likely influenced by coin typologies from the German realm.

The hoard also includes several rare “bishop coins”—ecclesiastical coinage minted under episcopal authority, featuring a bishop holding a crozier (a pastoral staff). These may have circulated across borders, especially within the ecclesiastical networks of northern Germany or the Baltic region. Their presence in a Swedish hoard suggests complex financial networks across the Baltic Sea in the later 12th century.

Significance & Next Steps

This treasure ranks among the largest medieval silver hoards ever unearthed in Sweden, not only in weight but also in volume and numismatic rarity. The pieces predate the founding of Stockholm (traditionally dated to 1252), showing that significant activity, wealth, and settlement must have existed in the region long before the city became formalized. Archaeologists will now search for traces of any nearby settlement, farmstead, or contemporaneous structures that may explain who buried the hoard and under what circumstances.

Under Sweden’s Cultural Environment Act, any discovery of precious-metal hoards must be reported to the state. The National Heritage Board will decide whether the state should offer to purchase the find from its discoverer. If the state redeems the hoard, it may end up in a national museum, where scholars and the public alike can get a glimpse into medieval Scandinavian society.

A version of this article appears in the December 2025 issue of The Numismatist (money.org).