1 Couronne – Spanish Netherlands

In 1627, the Spanish Netherlands found itself in the midst of a severe and protracted monetary crisis, a direct consequence of the ongoing Eighty Years' War. The region's economy was strained by the immense costs of maintaining the Army of Flanders, leading the Spanish Crown to repeatedly debase the coinage. By lowering the silver content in coins like the patagon and real, authorities aimed to create more money from the same amount of bullion, effectively financing the war through inflation. This practice, however, shattered public confidence in the currency and disrupted all commercial activity, as the value of money became unstable and unpredictable.

The situation was exacerbated by the circulation of a chaotic mix of coins. Alongside the debased official currency, older full-weight coins were hoarded, and a flood of inferior foreign and counterfeit coins entered the market. This led to the economic principle of "bad money driving out good" (Gresham's Law), where sound money was saved or melted down, leaving only the poorest coins in daily use. Merchants and cities began to set their own exchange rates for different coin types, creating a bewildering patchwork of valuations that further hampered trade and sowed confusion and distrust in the marketplace.

Attempts to resolve the crisis proved difficult. The central authorities in Brussels issued ordinances to fix official values, but these were often ignored by local provinces and cities acting in their own interest. A significant monetary ordinance was indeed promulgated in 1627, aiming to standardize and stabilize the coinage by setting official values and prohibiting certain debased pieces. However, its effectiveness was limited without a fundamental restoration of fiscal discipline and a reduction in wartime expenditures. Thus, the currency situation remained a critical weakness, reflecting the broader political and military struggles of the Spanish Habsburgs in the Low Countries.