The History of Currency, 1252 to 1896Shaw, William Arthur
History
The History of Currency, 1252 to 1896
Shaw, William Arthur
Money -- History
Through the remaining period of the Thirty Years' War very little is on
record with regard to the German Mint system. The closing period of the
strife was marked by such complaints as to excess of depreciated small
specie as had prevailed in 1620, bringing with it a further enhancement
of the price of the larger silver specie. In 1665, accordingly, the
three Higher Circles, Franconia, Bavaria, and Swabia met together. They
found on a trial that the mark of fine silver was selling commercially
at from 14 florins 15 kreutzers to 14 florins 20 kreutzers, and that it
was impossible to mint the larger silver specie unless the Reichs thaler
were set at 96 kreutzers. This would raise the mark of fine silver to 14
florins 24 kreutzers. At the same time it was resolved to declare the
ducat at 3 florins (mark of fine gold = 203 florins 49 kreutzers, 3-31/71
pfennige), the ratio being accordingly changed from 15 to 14-1/8.
In 1667 this scheme was provisionally adopted _in comitiis_. From this
scheme Saxony and Brandenburg held off, maintaining that the advance of
the Reichs thaler was not sufficient. They accordingly, in the same
year, adopted the so-called _Zinnaische_ standard, setting the Reichs
thaler at 1 florin 45 kreutzers (105 kreutzers), equal to 18 good
groschens (mark of fine silver = 10-1/2 thalers, or 15 florins 45
kreutzers).
The enactment of this system gave rise to a new species of heavy silver
coins:--
Guldener = 2/3 thaler.
" = 60 kr.
" = 16 good groschen.
" = 32 schillingen.
Two years later, 1669, the three Higher Circles determined, as a measure
of protection to their gold, to alter the ratio, and for that purpose to
reduce the thaler from 96 to 90 kreutzers again, while leaving the ducat
= 3 florins, and the gold gulden = 2 florins 20 kreutzers.
The mark of fine silver was thus = 3 fl. 30 kr.
" gold " = 204 "
(Ratio = 15-1/9.)
The divisional coins were to be minted on a graduated and enhanced
standard. Thus--
6-kr. and 4-kr. pieces (Batzen), at 13 fl. 55 kr. to the mark fine.
Groschen (3 kr.) at 14 fl. 10 " "
Kreutzer at 14 fl. 40 " "
Pfennige (3760 to the mark fine), at 15 fl. 43 " "
There were thus three contemporary systems in Germany in 1670--
1. Reichs thaler, at 90 kr., mark of fine silver at 13 fl. 30 kr.
2. " at 96 " " at 14 fl. 24 "
3. " at 105 " " at 15 fl. 45 "
The three Upper Circles, however, could not maintain their last enacted
order. In spite of its enactment, the Reichs thaler rose again to 96
kreutzers, and the ducat to 3 florins 12 kreutzers.
Public-domain text, read in full here on John Shaqi.
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