1 Thaler – Monaco

In 1649, the Principality of Monaco, under the rule of Honoré II, the first to officially bear the title of Prince, faced a complex currency situation shaped by its geopolitical dependence. Though a sovereign state, Monaco's small size and its position as a protectorate of Spain (since 1524) meant it lacked its own independent mint and monetary policy. Consequently, the currency circulating within its borders was predominantly Spanish, including gold escudos and, most notably, the ubiquitous silver piece of eight (real de a ocho), alongside various other European coins from trade.

This reliance on foreign coinage, however, created inherent economic vulnerabilities. The value and supply of money in Monaco were subject to the monetary decisions and economic health of Spain, which was itself grappling with the immense costs of the Thirty Years' War and inflationary pressures from New World silver. Honoré II, a prince who had actively fostered closer ties with France, would have been acutely aware of this dependency, especially as Spanish power began to wane. The local economy, reliant on port duties, small-scale agriculture, and the spending of the princely court, was at the mercy of these external monetary flows.

Therefore, the currency situation in 1649 was one of passive reception rather than active control. It reflected Monaco's precarious position between two great powers, with Spanish coin serving as the tangible symbol of its political protectorate. This monetary reality would soon change, however, as Honoré II successfully navigated a shift in allegiance, signing the Treaty of Péronne with France in 1641. By 1649, the process of transitioning from Spanish to French monetary influence was underway, setting the stage for the later adoption of the French franc and a more stable, if still externally dictated, currency regime.