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Triton XXV 11-12 Jan 2022
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GERMANY, Franconian Circle. AR Guldiner – 2/3 Taler (36mm, 14.90 g). Nürnberg mint. Authorized 12 December 1693. 60 N (mark of value) over FC monogram (= Fränkischer Creis), all in oval countarmark on a 1674 Guldener of Julius Franz of Sachsen-Lauenberg. For c/m: H. Erlanger, "The Counterstamp of the Franconian Circle of 1693" in ANSMNM 3 (1948), pl. XIV, 1-3; KM 38.1. For host: KM 122; Davenport 604. Toned. Countermark EF, host VF.
From the Richard L. Horst Collection.
The brutal wars of the mid-17th century had drained the German states of vast amounts of both lives and specie. As a result, many principalities began debasing their coinage to maintain their monetary supply. In the early 1620s, the value of silver Reichstaler was set at 90 Kreuzers, with a Guldiner, or 2/3 Taler, at 60 Kreuzers, but this was already overvalued in the market. Few were struck, with the last full value Guldiner being issued in Nürnberg in 1660.
The economic situation continued to deteriorate, and in 1667 the electors of Brandenburg and Saxony officially debased their coinage, resulting in a Guldiner of 51 3/7 Kreuzer, by the old standard. This was followed by a further debasement by Saxony, Brunswick, and Brandenberg in 1690, leaving the Guldiner at only 45 Kreuzer. These were known as the Zinna and Leipzig standard, respectively.
Interestingly, the Holy Roman Emperor did not approve of these alterations, and so the Taler denomination was never struck at the reduced standards, resulting in a massive surge in the minting of Guldiners.
The cities of the Franconian Circle – chiefly, Nürnberg, Schwabach, and Würzburg – also did not want debased coinage circulating in their territory. They were able to resist for several years, but by 1693 economic reality had caught up with them, and a 2/3 Guildiner was finally issued at an even lower standard than Leipzig. With many foreign Guldiners of various purity also widely circulating, the cities of the Franconian Circle ultimately ordered a countermark be applied to all that met the Leipzig standard.
From the Richard L. Horst Collection.
The brutal wars of the mid-17th century had drained the German states of vast amounts of both lives and specie. As a result, many principalities began debasing their coinage to maintain their monetary supply. In the early 1620s, the value of silver Reichstaler was set at 90 Kreuzers, with a Guldiner, or 2/3 Taler, at 60 Kreuzers, but this was already overvalued in the market. Few were struck, with the last full value Guldiner being issued in Nürnberg in 1660.
The economic situation continued to deteriorate, and in 1667 the electors of Brandenburg and Saxony officially debased their coinage, resulting in a Guldiner of 51 3/7 Kreuzer, by the old standard. This was followed by a further debasement by Saxony, Brunswick, and Brandenberg in 1690, leaving the Guldiner at only 45 Kreuzer. These were known as the Zinna and Leipzig standard, respectively.
Interestingly, the Holy Roman Emperor did not approve of these alterations, and so the Taler denomination was never struck at the reduced standards, resulting in a massive surge in the minting of Guldiners.
The cities of the Franconian Circle – chiefly, Nürnberg, Schwabach, and Würzburg – also did not want debased coinage circulating in their territory. They were able to resist for several years, but by 1693 economic reality had caught up with them, and a 2/3 Guildiner was finally issued at an even lower standard than Leipzig. With many foreign Guldiners of various purity also widely circulating, the cities of the Franconian Circle ultimately ordered a countermark be applied to all that met the Leipzig standard.