Obverse
Description:
Ferdinand stands robed, holding scepter and orb, with mint mark KB. Legend surrounds.
Inscription:
FERDINAN : III · D · G · R · I · S · A · G · H · B · REX ·
Script: Latin
Reverse
Description:
Madonna and Child with encircling legend.
Inscription:
ARC · AV · DV · BV · MA · MO · CO · TYR · 1644 ·
Script: Latin
Edge
Plain
Mints
| Name | Mark |
|---|---|
| Kremnica | KB |
Mintings
Historical background
In 1638, Hungary existed as a fractured kingdom divided into three parts: Royal Hungary under Habsburg rule, Ottoman-occupied central Hungary, and the semi-independent Principality of Transylvania. This political fragmentation directly dictated a chaotic and multi-layered currency situation. The Habsburgs, ruling from Pressburg (Bratislava), introduced their own silver thaler (or forint) and copper krajcár from mints in Körmöcbánya (Kremnica), aiming to standardize the economy of their territory. However, these coins competed not only with older, worn Hungarian denars but also with a flood of foreign coins, particularly lightweight Polish and Dutch groszy and stuivers, which circulated widely due to intense trade and military activity.
Simultaneously, the Ottoman-occupied regions saw the heavy circulation of Turkish silver akçe and gold sultani, though their value was often degraded due to the Porte's own fiscal strains. Most disruptive, however, was the massive influx of cheap, small-denomination copper coinage from Transylvania. Under Prince György Rákóczi I, the Transylvanian mints at Nagybánya (Baia Mare) and Szeben (Sibiu) engaged in deliberate currency debasement, producing vast quantities of low-value copper coins to finance the principality's military and administrative costs. These coins, known as poltura, flooded all Hungarian territories, driving better-quality silver coins out of circulation (Gresham's Law).
Consequently, the year 1638 fell within a period of severe monetary instability and price inflation, often called the "age of copper currency." The coexistence of Habsburg, Ottoman, Transylvanian, and various European coins, all with fluctuating intrinsic values, created a bewildering and inefficient monetary environment. This chaos hampered commerce, eroded trust, and placed a heavy burden on the peasantry and soldiers who were often paid in the most debased coinage, reflecting the broader economic distress of a country serving as a perpetual battlefield and contested zone between empires.
Simultaneously, the Ottoman-occupied regions saw the heavy circulation of Turkish silver akçe and gold sultani, though their value was often degraded due to the Porte's own fiscal strains. Most disruptive, however, was the massive influx of cheap, small-denomination copper coinage from Transylvania. Under Prince György Rákóczi I, the Transylvanian mints at Nagybánya (Baia Mare) and Szeben (Sibiu) engaged in deliberate currency debasement, producing vast quantities of low-value copper coins to finance the principality's military and administrative costs. These coins, known as poltura, flooded all Hungarian territories, driving better-quality silver coins out of circulation (Gresham's Law).
Consequently, the year 1638 fell within a period of severe monetary instability and price inflation, often called the "age of copper currency." The coexistence of Habsburg, Ottoman, Transylvanian, and various European coins, all with fluctuating intrinsic values, created a bewildering and inefficient monetary environment. This chaos hampered commerce, eroded trust, and placed a heavy burden on the peasantry and soldiers who were often paid in the most debased coinage, reflecting the broader economic distress of a country serving as a perpetual battlefield and contested zone between empires.
✨ Legendary