2 Ducats – Prince-bishopric of Liege

In 1694, the Prince-Bishopric of Liège, a semi-independent ecclesiastical state within the Holy Roman Empire, faced a severe monetary crisis typical of the "Kipper- und Wipperzeit" (the clipping and culling period) that plagued Central Europe in the late 17th century. The core problem was the widespread debasement of coinage. Facing immense financial pressure from the Nine Years' War (1688-1697), neighboring states like France and the Spanish Netherlands heavily debased their own currencies to fund military expenditures. This flood of poor-quality, low-intrinsic-value coinage spilled into Liège, driving out its better, full-weight coins (Gresham's Law) and causing rampant inflation, commercial disruption, and public distrust.

The situation was exacerbated by the actions of Prince-Bishop Jean-Louis d’Elderen (r. 1688-1694) himself. In a desperate attempt to raise revenue for the bishopric's defenses and obligations, his government engaged in official debasement. The mint in Liège began striking coins, particularly double patards and liards, with reduced silver or copper content while maintaining their face value. This short-term fiscal measure further eroded confidence, as merchants and the populace struggled with the instability of not knowing the true worth of the money in their hands, leading to price surges and economic hardship.

The death of Bishop d’Elderen in February 1694 did not immediately resolve the crisis, leaving a fraught monetary environment for his successor, Joseph Clemens of Bavaria. The year 1694 thus represents a peak of instability, characterized by a vicious cycle of competitive debasement, currency confusion, and inflation. The crisis underscored the vulnerability of small states like Liège to the monetary policies of powerful neighbors during wartime and the damaging consequences of resorting to currency manipulation as a quick fiscal fix.