½ Groat – Principality of Catalonia

In 1641, the Principality of Catalonia was in a state of open rebellion against the Spanish Crown, a conflict known as the Reapers' War (Guerra dels Segadors). This political and military crisis created severe monetary instability. The Catalan government, the Generalitat, was financing a costly war and had broken its primary fiscal relationship with the Kingdom of Spain. To meet urgent expenses, especially for paying troops, the authorities resorted to the emergency minting of large quantities of low-value billon currency—coins made of copper with a thin silver wash. This inflationary practice, common in early modern states under duress, rapidly flooded the market with debased coinage.

The situation was exacerbated by the need to align with a new sovereign. In January 1641, the Catalan Cortes declared King Louis XIII of France the Count of Barcelona, placing Catalonia under French protection. This political shift necessitated a complex monetary transition. While older Spanish silver reals and gold escudos remained in circulation due to their intrinsic value, the new French administration and the Generalitat struggled to establish a stable, unified currency system. The coexistence of Spanish, hastily minted local, and incoming French coins created a chaotic multi-currency environment where trust in the value of money was low.

Consequently, the economy suffered from sharp inflation and rampant speculation. Merchants and the public hoarded older, purer coins, following Gresham's Law where "bad money drives out good." The proliferation of debased billon coinage eroded purchasing power, crippling trade and imposing a heavy burden on the population already suffering from warfare and social upheaval. Thus, the currency situation of 1641 was not merely a financial issue but a direct reflection of Catalonia's profound political rupture and the severe economic strains of sustaining a rebellion and a contested statehood.