3 Kreuzer – Austrian Empire

In 1626, the Habsburg-ruled Austrian Empire was deeply embroiled in the Thirty Years' War (1618-1648), a conflict that placed immense fiscal strain on the imperial treasury. To finance massive military expenditures for armies and campaigns, the state, under Emperor Ferdinand II, increasingly resorted to currency debasement. The primary mechanism was the systematic reduction of the silver content in the small-denomination Kipper and Wipper coins (hellers, kreuzers) that circulated in daily life, while attempting to keep larger silver talers intact for international trade. This created a two-tiered monetary system that was inherently unstable.

The resulting period, known as the Kipper- und Wipperzeit (literally "Clipping and Swinging time"), peaked around 1621-1623 but its catastrophic consequences were fully felt by 1626. The empire was flooded with worthless small coins, leading to rampant inflation, a collapse of public trust in currency, and a severe economic crisis. Prices for basic necessities soared, causing widespread hardship among the common population and disrupting markets, as creditors were repaid in debased coinage and merchants hoarded good silver.

Although Ferdinand II attempted to stabilize the currency by issuing an imperial minting ordinance in 1623, which restored the Reichsthaler standard, the damage was profound and lingering. By 1626, the immediate hyperinflation had subsided, but the financial credibility of the Habsburg state was severely weakened. The crisis underscored the empire's fragmented financial structure, where control over mints was often leased to profit-seeking individuals, and highlighted the desperate fiscal measures necessitated by prolonged warfare, leaving a legacy of economic disruption that hampered recovery for years.