1 Kreuzer – Austrian Empire

In 1755, the currency system of the Habsburg Monarchy (often called the Austrian Empire) was a complex and fragile patchwork, still grappling with the severe financial and monetary consequences of earlier wars, particularly the War of the Austrian Succession (1740-1748). The state treasury was deeply indebted, and the primary response had been the debasement of the coinage. The standard silver coin, the Konventionstaler, introduced in 1753, was part of the Convention Monetary System agreed with Bavaria, which set a specific silver standard. However, in practice, the government frequently issued lower-quality subsidiary coins and overstruck existing coins to generate seigniorage revenue, leading to a chronic disparity between the official and intrinsic value of money.

This environment created a dual circulation of money: "bank money" and "current money." The Wiener Stadtbanco (Vienna City Bank), established in 1706, issued stable bank notes (Bancozettel) that were theoretically backed by silver and traded at a premium. Meanwhile, the physical coins in everyday use ("current money") were often debased and subject to depreciation. This split caused significant confusion in trade and public finance, as prices and contracts had to specify which type of currency was being used. The system was inherently unstable, as public confidence in both the paper notes and the coinage was tenuous, influenced by the state's fiscal pressures.

The year 1755 falls in a brief period of peace before the outbreak of the Seven Years' War in 1756, which would soon exacerbate all existing monetary weaknesses. While Empress Maria Theresa and her advisors, like Count Friedrich Wilhelm von Haugwitz, were implementing crucial administrative and tax reforms to strengthen the state, the fundamental structural issues of the currency remained unresolved. The monetary landscape was thus characterized by an uneasy and temporary equilibrium, poised for further disruption under the impending costs of renewed large-scale conflict, which would soon force further coinage debasement and increased issuance of paper money.