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SM stands for "Silvermynt" - Silver Coin, not that it is in silver but its value
Good to know is that there were two similar currencies in use at the time, one was the already-mentioned SilverMynt (Silver coin), of which lower denominations were issued in copper, although the coins were fairly big.
The other currency was the copper-based version of the currency - KM
KopparMynt (Copper coin) These coins were smaller in size compared to their denominations.
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Can you help us to understand why Sweden didn't evidently put the name of the country on its coinage during this time?
Tecnically, it is there, but abbreviated. The locations abbreviated in the title of the Monarch is the "country", all of which being parts of Sweden today.
Compare the "hidden" country name to that of UK coins, both modern and older. Most of which have the name of the country included in the ruler's title, either abbreviated or fully written-out.
The crossed arrows is a reoccuring theme in older Swedish copper coins and is something to look for when identifying coins.