It has been stolen by Mimer, who has gone out into the cold wilderness on the rim of the world.

Swipdag achieves the sword, and defeats and slays Halfdan.

He now buys a wife, Menglad, of her kinsmen the gods by the gift of the sword, which thus passes into Frey's hands.
How he established a claim upon Frey, and who Menglad was, is explained in Saxo's story of Eric, where the characters may be identified thus:-- Swipdag--Eric Freya--Gunwara Frey--Frode III Niord--Fridlaf Wuldor--Roller Thor--Brac Giants--The Greps Giants--Coller.
Frey and Freya had been carried off by the giants, and Swipdag and his faithful friend resolve to get them back for the Anses, who bewail their absence.

They journey to Monster-land, win back the lady, who ultimately is to become the hero's wife, and return her to her kindred; but her brother can only be rescued by his father Niord.

It is by wit rather than by force that Swipdag is successful here.
The third journey of Swipdag is undertaken on Frey's behalf; he goes under the name of Scirner to woo giant Gymer's daughter Gerth for his brother-in-law, buying her with the sword that he himself had paid to Frey as his sister's bride-price.