The course of depreciation proceeded from the unregulated, irresponsible mintings of the small states, and from base financier craft. During the fourteenth century it proceeded apace, in spite of the attempts at a reform made by the Emperor Charles IV. In 1356 he prescribed the minting of the mark of silver into 31 schillingen 4 heller (or 376 hellers), but the ordinance remained ineffectual. The depreciation against which it vainly strove was not confined to the lower species, such as pfennige and heller. The close of the thirteenth century had witnessed the introduction of a new large silver money, which for a time stood by the side of the schilling, and then gradually displaced it. The new coin--the _groschen_, minted in imitation of the gros Tournois of France--made its first appearance in Bohemia in 1296, when its tale was 63-1/2 to the mark, 15 loth fine. The same process of depreciation at once began to affect it, and during the fourteenth century the downward course of the coin was very rapid, especially in Saxony (see Tables infra., and pp. 30, 97). With the commencement of a gold coinage in the middle of the same century, a third element of confusion was introduced, and quickly the same diversity of weight, alloy, and type began to prevail as in the silver coinage (see Table of the depreciation of the gold gulden, infra., and pp. 31, 98). The Reichstag, which met at Nürnberg in 1438, found itself driven to record, in simple terms, the right of everybody who could mint to do so according to what standard of fineness and weight he pleased, "seeing the impossibility of a common standard and weight." The close of the century witnessed the introduction of the last of these numerous confusing elements, but one which was to become of prime importance in the history of German currency, namely, the _thaler_. In its first form it was intended as the silver equivalent of the _gold gulden_, being minted 8 to the mark (i.e. 1 oz. weight per piece), and of fine (or 16 loth) silver. It received the name _gulden groschen_ when first coined by Archduke Sigismund of Austria in 1484; but in the sixteenth century, on account of its great manufacture in Bohemia, it became known as the _Joachims thaler_ (or _Schlicken thaler_, or _Löwen thaler_). The subsequent depreciation of the thaler, which came as a matter of course, was very unequal in the different circles, being most strongly marked in Saxony. By the first of the Imperial Mint Ordinances, which will be spoken of immediately, the weight of this piece was still retained at 1 oz., but the standard was reduced to 15 loth fine. In 1549 the Elector Maurice fixed the standard at 14 loth 8 grs. fine, while still retaining the tale of 8 to the mark. The second Imperial Mint Ordinance of 1551 was constructed as a double basis-- 1. Of the gulden groschen (i.e. thaler) = 1 gold gulden = 72 kr. 2. Of the gulden groschen (i.e. thaler) = 1 gold gulden = 60 kr.