This article deals with the importance of collective power and value consensus among elites for medieval polity formation by analyzing electoral monarchies. State formation theory focuses on the monopoly of legitimate armed force and has pushed notions of consensus and collective power into the background. This article questions material and coercive theories of state formation and emphasizes polity formation through theories of power as collaboration and as the ability to act in concert. Royal elections had two major functions: (1) A transfer of authority that created trust and concord among elite groups and (2) constructing ideas of an abstract ‘realm’ that political actors represented and to which they were accountable in an ideational and symbolic sense. The article focuses on the Holy Roman Empire and Sweden.