1 Patagon – Prince-bishopric of Liege

In 1689, the Prince-Bishopric of Liège found itself in a complex and challenging monetary situation, typical of the fragmented Holy Roman Empire. The principality did not possess a unified, sovereign currency system. Instead, its economy operated on a mixture of coins: those officially minted by the Prince-Bishop's own mints (like the patard or liard), a flood of foreign currencies from neighboring states such as the Spanish Netherlands and the Dutch Republic, and older, often debased coins still in circulation. This created a chaotic environment where the value and silver content of coins in daily use varied widely, leading to frequent disputes and confusion in trade.

The core of the problem was chronic debasement. Facing persistent fiscal pressures, including the costs of maintaining neutrality and fortifications during periods of European conflict, the prince-bishops often resorted to reducing the precious metal content in their coinage. This practice, while providing short-term revenue, eroded public trust and sparked inflation. The situation was exacerbated by "bad money driving out good" (Gresham's Law), as holders would hoard or export full-weight coins, leaving only the debased currency in common circulation, further degrading the local economy.

Furthermore, the year 1689 fell within a period of regional instability due to the Nine Years' War (1688-1697). While Liège officially maintained a fragile neutrality under Prince-Bishop Jean-Louis d'Elderen, its lands were traversed by armies, and it faced immense political pressure from both France and the Grand Alliance. This wartime context strained public finances to the limit, making the temptation to debase the currency for seigniorage profit even greater. Consequently, the monetary landscape of Liège in 1689 was one of weakness, confusion, and inflationary pressure, undermining both commerce and the authority of the episcopal mint.