The Reichsthaler: A Historical Overview of the Thaler

The Reichsthaler was a significant currency in European history, and its story begins in the 16th century.

It was introduced in 1551 by the Holy Roman Empire as a silver coin, initially pegged to the value of the Prague groschen.

The Reichsthaler was initially used as a trade coin, but its widespread adoption as a standard currency came later.

The coin's value was fixed at 60 Kreuzer, which was a common unit of currency in the region at the time.

The Reichsthaler has a rich history dating back to the 16th century. It was the most successful standard silver coin resulting from the 1524-1559 Reichsmünzordnungen, or imperial minting ordinances.

The Reichsthaler was literally the "dollar of the realm" and was valued at 68 kreuzer. It was born out of an ordinance in 1559 that discontinued the 72-kreuzer guldengroschen and proposed a smaller 60-kreuzer gulden coin.

The new coin was popularly accepted and was valued at 72 kreuzer or 1.2 Gulden. Here's a breakdown of the Reichsthaler and its predecessor, the Guldengroschen, in grams of silver:

Before the Gulden Groschen, Germany had a collection of currency systems loosely related to the Frankish Carolingian monetary system.

The Holy Roman Empire was a loose federation of hundreds of feudal and princely rulers, each with their own right to issue currency in their domains.

A pound was equal to 20 shillings, and a shilling was equal to 12 pennies, or Pfennig, in this system.

Many feudal rulers debased their currency in moments of stringency, which led to a lack of stability in the monetary system.

Developments in the French livre currency system influenced the evolution of German currencies, with the French denier leading to the pfennig in the 9th century.

The French 1-shilling Gros tournois became the groschen in the 13th century, and the ounce-sized French livre & Dutch guilder of the 15th century helped define Germany's ounce-sized Guldengroschen and its subdivisions.

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The Reichsthaler was the most successful standard silver coin in the Holy Roman Empire, and its history is a fascinating story of currency standardization.

In 1559, the Reichsmünzordnungs ordinance discontinued the 72-kreuzer guldengroschen and proposed a smaller 60-kreuzer gulden coin, which ultimately led to the introduction of the Reichsthaler.

The Reichsthaler was fixed at 68 kreuzer and was valued at 1 ounce of silver with 8/9 fineness, equivalent to 25.984 g fine.

The new coin was extremely popular, and its value rose to 72 kreuzer or 1.2 Gulden, which doomed the gulden coin and made the Reichsthaler the prevailing circulating coin.

Here's a breakdown of the coin's value in relation to other currency units:

The Reichsthaler's popularity continued to rise, and by 1615, its value had increased to 1.5 Gulden or 90 kreuzer, cementing its status as the most successful coin in the Holy Roman Empire.

In some regions, a smaller denomination of the Stüber was used as a substitute for the Blaumüser. This was the case in Kleve and Emden, where 1 Schilling was divided into 6 Stüber.

The Clevische Währung, which used the Stüber, gained popularity in Lingen and parts of the münsterländischen Emslands due to its stability. This is evident from the records of the local cities and estates.

The Zinnaische standard of 1667 marked a significant shift in the North German thaler currency, defining it as a unit worth less than the Reichsthaler specie. This standard was agreed upon by Saxony and Brandenburg at Zinna and was issued at 10+1⁄2 to a Cologne Mark of silver.

The Zinnaische standard was not widely adopted at first, but it would eventually become the basis for the Leipzig standard of 1690, which would go on to become the prevailing thaler and gulden currencies throughout the Holy Roman Empire.

The Zinnaische standard was initially implemented by more financially able North German states, such as Hamburg, Lubeck, and Denmark. They issued the thaler at the rate of 10+1⁄2 to a Cologne Mark of silver, which was lower than the standard for the Reichsthaler specie at 9 to a Mark.

Here's a brief comparison of the Zinnaische standard and the Leipzig standard:

This comparison highlights the key differences between the two standards and shows how the Leipzig standard would eventually become the prevailing currency in the Holy Roman Empire.

The Reichsmünzordnung had a significant impact on the Reichsthaler. It was issued in 1559 by Emperor Ferdinand I.

The ordinance standardized the coinage system in the Holy Roman Empire. This led to the creation of the Reichsthaler, which was a major silver coin.

The Reichsmünzordnung also introduced the concept of a standardized silver content, which was 11.5 grams. This was a significant improvement over the previous system, where the silver content varied greatly.

The standardized coinage system brought stability to the economy, making it easier for people to trade and conduct business.

The Reichsmünzordnung, a series of minting ordinances, was introduced in 1524 to unify the numerous currencies of the Holy Roman Empire. This system defined two coins of equal value to the Reichsgulden currency.

The silver guldengroschen was one of these coins, made from an eight-ounce Cologne Mark of silver. It weighed 233.856 grams and had a fineness of 15/16, containing 27.405 grams of fine silver.

The gold gulden or florin was the other coin, which had a tale of 72 to a Cologne Mark and was 181⁄2 karats fine. This means it contained 2.5036 grams of fine gold.

Both coins were equal to the Reichsgulden, which was divided into 60 kreuzer, 21 groschen, or 252 pfennig.

Here's a breakdown of the coins' values:

The Reichsmünzordnung was revised in 1555, raising the value of both coins to 1.2 Gulden, 24 groschen, or 288 pfennig.

The North German thaler currency unit underwent significant changes after 1667. The Zinnaische currency standard of 1667 defined the North German thaler as a currency unit worth less than the Reichsthaler specie.

The thaler was issued at 10 1/2 to a Cologne Mark of fine silver. This was a lower standard than the Reichsthaler specie, which was worth 9 to a Mark. The Leipzig standard of 1690 would later become the prevailing thaler and gulden currencies throughout the Holy Roman Empire.

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The Leipzig thaler of 1690 was issued at 3/4th a Reichsthaler specie, or 12 to a Mark, or 19.488 fine silver. This standard was widely adopted by the North German states.

Here's a summary of the thaler standards from 1667 to 1857:

The thaler's value continued to fluctuate, with the gold-silver ratio dropping to 14.5 in the 1730s, causing the German states to unofficially adopt a gold standard. By 1741, the Friedrich d'orpistole of approx. 6.0 g fine gold was valued at 5 thalers, making each thaler worth about 1.2 g gold or 17.4 g silver.

The Kipper und Wipper Crisis of 1618 was a major financial disaster that led to widespread currency debasements of up to 10 gulden to a Reichsthaler specie.

This crisis destroyed the financial system created during the Reichsmünzordnung era and the Empire's centralized authority over the states. The aftermath of the crisis saw the different North German states reconstruct their currency systems, with a Thaler worth 24 gutegroschen or 1 1/2 gulden.

By 1630, the North German states had established a de facto thaler currency unit, but its value was uncertain compared to the Reichsthaler specie.

The Kipper und Wipper Crisis of 1618 was a devastating financial disaster that ravaged the Empire's financial system. It lasted from 1618 to 1623 and led to currency debasements of up to 10 gulden to a Reichsthaler specie.

The crisis destroyed the financial system created during the Reichsmünzordnung era. This was a significant blow to the Empire's centralized authority over the states.

In 1630, the North German states began to reconstruct their currency systems, introducing a new Thaler worth 24 gutegroschen or 1 1/2 gulden. This was a crucial step towards stabilizing the economy.

A currency trial in 1665 revealed a lower prevailing rate of 14 1/4 gulden or 9 1/2 Thaler to a Cologne Mark. This uncertainty in the value of the Thaler versus the Reichsthaler specie persisted for many years.

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After the Kipper und Wipper crisis of 1618-23, the North German states reconstructed their currency systems with a Thaler worth 24 gutegroschen or 1+1⁄2gulden.

This change led to a de facto thaler currency system with some uncertainty in the thaler's value versus the Reichsthaler specie. A currency trial done in 1665 indicated a lower prevailing (and unofficial) rate of 14+1⁄4gulden or 9+1⁄2thaler to a Cologne Mark.

The different North German states had varying mint systems until after 1667, but they were all on a de facto thaler currency system. The Zinnaische currency standard of 1667 defined the North German thaler, de jure, as a currency unit worth less than the Reichsthaler specie.

Here's a summary of the evolution of standards of the North German thaler from 1667 to 1873 in grams of silver:

The thaler's value continued to fluctuate until the German gold mark was introduced in 1873.

The Reichsthaler was a widely used currency in Germany, but it wasn't exclusive to Germany. The Dutch rijksdaalder coin, for example, was its counterpart in the Dutch Republic, weighing 25.40 g fine silver.

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In other European countries, the Reichsthaler was used in various forms, often as bank money. The Hamburger Bank, for instance, used the full-weight Reichsthaler Specie coin as its bank money, worth 3 Hamburg mark banco.

The Reichsthaler also had a presence in Northern European states, where it coexisted with other currencies, such as the Rigsdaler in Denmark and Norway, and the Riksdaler in Sweden.

The Reichsthaler was widely issued in Germany for 200 years, but was discontinued in many states after 1754 in favor of the lighter Conventionsthaler.

The Dutch rijksdaalder coin, worth 25.40 g fine silver, was the counterpart of the reichsthaler in the Dutch Republic in 1583. It was also used as bank money of the Bank of Amsterdam.

From 1608 to 1659, the Dutch rijksdaalder represented 25.40 g fine silver and was worth 2.5 gulden banco. In 1659, the bank money was redefined as the Silver Dukat of 24.36 g fine silver.

The Reichsthaler Specie coin, with a full weight of 25.984 g fine silver, was the bank money of the Hamburger Bank in 1618. Its weight was redefined after 1770 to 25.28 g fine silver.

The Rigsdaler served as the currency in Denmark and Norway until 1875, with the higher-valued Rigsdaler Specie also coexisting with lower-valued Rigsdaler currency.

The Münzstätte Kleve was a significant mint in the region, producing coins that were highly sought after.

These coins, known as "Reichsthaler Klevischer Währung", featured a distinctive mark on the reverse side, indicating their value as a hard currency throughout the Holy Roman Empire.

The Münzstätte Kleve was a major player in the region, with its coins being accepted as payment in various territories, including the Fürstbistümern Münster and Minden, and the Grafschaften Mark, Ravensberg, and Steinfurt.

The coins were also used as payment for various services and goods, as evidenced by their frequent appearance in quittances, court records, and account books.

The Münzstätte Kleve's coins were marked with the letter "C", indicating that they were produced in Kleve, and were highly valued for their reliability and authenticity.

The Zinnaische Standard of 1667 was agreed upon by Saxony and Brandenburg at Zinna, defining a North German thaler currency.

This standard was issued at 10+1/2 to a Cologne Mark of silver, which was lower than the standard for the Reichsthaler specie at 9 to a Mark.

The Zinnaische Standard was implemented by more financially able North German states, such as Hamburg, Lubeck, and Denmark.

This system, however, would not be widely adopted until the introduction of the Leipzig standard of 1690.

The Reichsthaler specie was introduced in 1566 as a standard silver coin of all German states, minted 9 to a Cologne Mark of fine silver, or 25.984 g. It was divided into 24 gutegroschen, with each gutegroschen divided into 12 pfennig.

The value of the Reichsthaler specie rose from 1.2 gulden after 1566 to 1.5 gulden in 1618, just before the Thirty Years' War and Kipper und Wipper financial crisis destroyed the value of the gulden.

The currency system in North Germany was reconstructed after 1630 with a Thaler worth 24 gutegroschen or 1+1⁄2 gulden. However, the mint systems were not well-documented until after 1667, leading to uncertainty in the thaler's value versus the Reichsthaler specie.

Here is a summary of the evolution of standards of the North German thaler from 1667 to 1873 in grams of silver, compared to the Reichsthaler specie and other currencies:

The Austrian Convention Standard of 1753 was a significant currency reform that restored the Reichsthaler's silver footing at a rate 10% lower than the Leipzig standard. This reform introduced the Conventionsthaler specie coin, issued 10 to a Cologne Mark of fine silver, weighing 23.3856 grams.

The Conventionsthaler was divided into smaller coins, including the North German thaler, worth 24 gutegroschen, and the Austro-Hungarian florin, worth 60 kreuzer. The North German thaler was further divided into 12 pfennig, with each pfennig worth a fraction of a thaler.

Several states did not comply with the Austrian Convention Standard, instead adopting their own currency standards. The Southern German states, for example, settled on a lower-valued South German gulden, worth 24 to a Cologne Mark fine silver, or 9.744 grams.

The Prussian Thaler was also set lower, at 14 to a Cologne Mark, or 16.704 grams. This led to a complex system of currency exchange rates, with the pistole of 6 grams fine gold trading at five thalers plus a variable agio (premium).

Here's a summary of the Conventionsthaler and its subdivisions:

The Austrian Convention Standard of 1753 had a lasting impact on the currency systems of Germany and beyond, paving the way for future currency reforms and conventions.

The Prussian Thaler and Vereinsthaler post-1840 were significant developments in Germany's currency unification.

Between 1837 and 1873, Prussia completed the final task of currency unification in Germany after the Napoleonic Wars.

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The Zollverein customs union of 1834 led to a more vigorous adoption of the Prussian thaler, which was equivalent to 14 to a Cologne Mark.

In 1837, the Southern German states fixed the South German Gulden at 1+3⁄4 gulden to the Prussian thaler, or 24+1⁄2 gulden to a Mark.

The Prussian thaler was now divided into 30 silbergroschen, with new silver coins issued for 10 silbergroschen worth 1⁄3 thaler.

Smaller coins were also issued for 5, 2+1⁄2 and 1 silbergroschen.

All German states and Austria agreed to mint the Vereinsthaler of 16+2⁄3 grams fine silver in 1857.

The Vereinsthaler was marginally smaller than the Prussian thaler's 16.704 g, but was still accepted at par with the Northern German thaler.

Austria lowered its gulden to 2⁄3 of the Vereinsthaler or 11+1⁄9 g in 1857.

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The Reichsthaler specie was first introduced in 1566 by the Holy Roman Empire as a standard silver coin of all German states, minted 9 to a Cologne Mark of fine silver, or 25.984 g. This new specie was divided into 24 gutegroschen, with each gutegroschen further divided into 12 pfennig.

Its value versus the currency unit, the guilder, rose from 1.2 gulden after 1566 to 1.5 gulden in 1618. This significant increase in value was short-lived, however, as the Thirty Years' War and Kipper und Wipper financial crisis destroyed the value of the gulden and Germany's financial system.

The Reichsthaler specie was later replaced by the Conventionsthaler specie in 1753, which was minted 10 to a Cologne Mark of fine silver, or 23.3856 g. This new specie was divided into 24 gutegroschen, with each gutegroschen equal to 12 pfennig.

Here is a summary of the evolution of the Reichsthaler specie and its replacement, the Conventionsthaler specie, in grams of silver:

Note that the Reichsthaler specie was still used in some form in 1667, with a value of 25.984 g, while the Conventionsthaler specie was introduced in 1753.

The gold standard and unofficial currencies played a significant role in the history of the Reichsthaler. In the 1730s, an unofficial gold standard emerged in Northern Germany and Austria, where stronger states reissued their thaler and gulden currencies from silver to gold.

This move made the thaler even cheaper, with each one worth 1.2518 g fine gold or 18.15 g fine silver. Frederick the Great of Prussia issued the 6-gram gold Friedrich d'orpistole in 1741, making the thaler even cheaper at 1.2 g gold or 17.4 g silver.

The gold-silver ratio went down from 15 to 14.5 in France in 1726, which allowed the stronger states to take advantage of the situation. By 1730s, the gold florin of 2.5036 g was valued at 3 Austrian florins or 2 North German thaler.

The South German states neighboring France had to lower their currencies even more, resulting in a South German gulden of lower value than the Austro-Hungarian florin. After 1753, the Austro-Hungarian florin became the official currency.

In 1873, the German gold mark was introduced, with each mark containing 100⁄279 gram of fine gold. The Vereinsthaler retained full, unlimited legal tender status until it was demonetized in 1908.

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The Leipzig standard was first introduced in 1690 by Saxony, Brandenburg, Brunswick, and Lüneburg. This standard would go on to prevail across the Holy Roman Empire in the form of the North German thaler and the South German gulden.

The Leipzig standard defined the thaler and gulden currency units in relation to the Reichsthaler specie coin. The Reichsthaler Specie is issued 9 to a Cologne Mark of fine silver, or 25.984 g.

The North German Thaler currency of 24 gutegroschen is 3⁄4 of specie, or 12 to a Mark, or 19.488 g silver. This is a key point to remember when working with the Leipzig standard.

The South German & Austrian Gulden of 60 kreuzer is 1⁄2 of specie, or 18 to a Mark, or 12.992 g silver. This highlights the differences between the North German thaler and the South German gulden.

At the same time this standard was introduced, the gold florin or Rhenish gulden of 2.5036 g was advanced to a value of 2+56⁄60 gulden or 1+23⁄24 thaler. This would have a significant impact on the gold-silver ratio, which was set at 15.2.

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