This is apparently a Scandanavian surname, but one of Germanic origins. It is an ornamental compound with the twin elements of Falts, also recorded as Pfalz, Faltz, Faltzer, and possibly others, from the German word 'pfaltz'. This has the direct meaning of 'palatinate', or self governing region, and is locational from the former German principality of that name. To this has been added the suffix of 'kog', apparently from the Germanic word koenig meaning king. This type of surname was very popular in both Scandanavia and Northern Germany from about the early18th century.It was a time when great movements of population were taking place to fit in with the disruptions caused by various religious wars. In Scandanavia for instance prior to that date almost all surnames were patronymics such as Andersson, to the point where it was estimated that only twelve surnames covered over ninety percent of the population. The governments decided to encourage the population to invent for themselves surnames which were abstract but considered to represent the finer aspects of life. In Sweden for instance there came a vogue for names associated with soldiering, the Swedes being famed for their military prowess as mercenaries at that time. In areas which followed Germanic fashions, the principle was more concerned with nature, so that names such as Blutreich meaning 'blossom rich' or Halstuch translating as 'neckchief' came into fashion.
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