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45-465: In 1741, the first MTT was struck according to the Reichsthaler standard with 1 ⁄ 9 of a Cologne mark of fine silver, or 25.98 grams. In 1750 a new thaler was struck with a gross weight of 1 ⁄ 10 of 1 Vienna mark of silver, 5 ⁄ 6 fine (with a fine silver content of 23.39 grams, or 1 ⁄ 10 of a Cologne mark). In 1751 this new standard Conventionsthaler

90-548: A Cologne Mark or 25.984 g fine), and fixed at 68 kreuzer . The new coin was popularly accepted but at a higher value of 72 kreuzer or 1.2 Gulden. It consequently doomed the (now-overvalued) gulden coin. Reichsthalers prevailed as circulating coin, and the gulden again became an uncoined currency unit equivalent to 25.984/1.2 = 21.653 g fine silver. This Reichsthaler specie or coin would continue to be divided into 24 groschen but would rise in value vs currency at 1.5 Gulden or 90 kreuzer by 1615. The Dutch adopted it as

135-587: A spelling reform dated 1901 that took effect two years later, Thaler is written Taler (the spelling of given names like Theresa was not affected). Hence 20th-century references to this coin in German and Austrian sources are found under Maria-Theresien-Taler . The spelling in English-speaking countries was not affected. The MTT continues to be produced by the Austrian Mint and

180-645: A Cologne Mark. The Zinnaische currency standard of 1667 was the first to define the North German thaler , de jure , as a currency unit worth less than the Reichsthaler specie . The succeeding Leipzig standard of 1690 then became the prevailing thaler and gulden currencies throughout the Holy Roman Empire . A summary of the thaler standards, in brief: All North German thalers and Vereinsthalers were retired after 1873 in favor of

225-540: A collection of currency systems loosely related to the Frankish Carolingian monetary system with one pound (later Gulden) equal to 20 shillings (later Groschen ), and a shilling equal to 12 pennies ( Pfennig ). Many feudal rulers claimed the right to issue their own currency in their own domains, and often debased them in moments of stringency. Developments in the French livre currency system influenced

270-423: A monumental Baroque plague column . The Gothic Church of St. Catherine hosts the popular European Organ Festival. A 20-km long aqueduct , built in the 15th century, is still working, supplying three hydroelectric power plants (one of them located 245 m below the ground). Forested mountains around the town offer plenty of opportunities for hiking and cross-country skiing . The geographical centre of Europe

315-713: A silver coin with a portrait of the ruler on the front and the Habsburg Double Eagle on the back. In the United Kingdom , the Maria Theresa thaler bearing the date of 1780 is a "protected coin" for of Part II of the Forgery and Counterfeiting Act 1981 . The MTT is first recorded as circulating in Ethiopia from Emperor Iyasu II of Ethiopia (1730–1755). According to traveller James Bruce ,

360-573: A uniform currency standard for the states of the Holy Roman Empire . Below is a history (in terms of grams of silver) of the Reichsthaler specie and its predecessor, the Guldengroschen ; as well as the Gulden currency unit used before 1618. The history of the lower-valued thaler currency unit is continued under North German thaler . Since the Holy Roman Empire was a loose federation of hundreds of feudal and princely rulers, Germany had

405-808: A year later, on 31 October 1858, it lost its status as a currency in Austria. The MTT could also be found throughout the Arab world, especially in Saudi Arabia , Yemen , and Muscat and Oman , in Africa, especially in Ethiopia , and India . Being of similar size to the Spanish eight-real coin , and initially thought to be of French origin, the MTT acquired the Arab name al-riyal al-fransi ( الريال الفرنسى , literally

450-462: Is a saltire or Burgundian cross , and was added in 1750 indicating the new debased standard of the thaler. Around the rim of the coin is the motto of her reign: Justitia et Clementia , meaning 'Justice and Clemency'. The MTT quickly became a standard trade coin and several nations began striking Maria Theresa thalers. The following mints have struck MTTs: Birmingham , Bombay , Brussels , London , Paris , Rome , and Utrecht , in addition to

495-480: Is a town in central Slovakia . It has around 5,300 inhabitants. The well-preserved medieval town built above important gold mines is the site of the oldest still-working mint in the world. The name is derived from Slovak kremeň , kremenina ( quartz ) with a feminine suffix -ica , functioning to create local names. Kremnica was among the major mining towns of the world during the Middle Ages and in

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540-507: Is available in both proof and uncirculated conditions. The thaler is 39.5–41 mm (1.56–1.61 in) in diameter and 2.5 mm (0.098 in) thick, weighs 28.0668 grams (0.99003 oz) and contains 23.386 grams (0.752 troy ounces ) of fine silver. It has a silver content of .833 and a copper content of .166 of its total millesimal fineness . Note: Rome mint struck MTTs are marginally lighter being produced in finer 835-standard instead of 833-standard silver. The inscription on

585-473: Is claimed to be in the nearby village of Krahule . Kremnica has a population of 5,528 (as of December 31, 2013). According to the 2001 census , 95.8% of inhabitants were Slovaks and 1.2% Germans . However, even among those identifying themselves as Slovaks many are descendants of the Carpathian Germans , who played a very important role in the medieval history of the town. The religious makeup

630-536: The rijksdaalder with 25.40 g fine silver and valued at 2.5 Dutch guilders as of 1618. The Thirty Years' War 1618-48 and the Kipper und Wipper financial crisis of 1618-23 led to widespread currency debasements of up to 10 gulden to a Reichsthaler specie. It destroyed the financial system created during the Reichsmünzordnung era as well as Empire's centralized authority over the states. After 1630

675-589: The German gold mark , with each mark containing 100 ⁄ 279 gram of fine gold, at the rate of 1 thaler = 3 marks, or a gold ratio of 15.5. The Reichsthaler specie was widely issued in Germany for 200 years but was discontinued in many states after 1754 in favor of the lighter Conventionsthaler of 1 ⁄ 10 th a Cologne Mark or 23.3856 g fine silver. However it survived both as coin and bank money in several Northern European states until they adopted

720-602: The Habsburg mints in Günzburg , Hall in Tyrol , Karlsburg , Kremnica , Milan , Prague , and Vienna . Between 1751 and 2000, some 389 million were minted. These various mints distinguished their issues by slight differences in the design, with some of these evolving over time. In 1935 Mussolini gained a 25-year concession over the production of the MTT. The Italians blocked non-Italian banks and bullion traders from obtaining

765-688: The gold standard in 1875. In 1583 the Dutch rijksdaalder coin of 25.40 g fine silver was the counterpart of the reichsthaler in the Dutch Republic . From 1608 to 1659 it then functioned as bank money of the Bank of Amsterdam ( Amsterdam Wisselbank ), worth 2.5 gulden banco and representing 25.40 g fine silver actually received. From 1659 to 1800 the bank money was redefined as the Silver Dukat of 24.36 g fine silver worth 2.4 gulden banco, which

810-565: The modern era due to the abundant gold ore deposits in the Kremnica Mountains . However, the first evidence of sub-surface mining activities comes from the 9th century. In the 13th century the inhabitants of this area were affected by the invasion of the Mongols . Following that difficult period, Hungarian kings invited new colonists from present-day Germany (more specifically Carpathian Germans / Zipser Germans ) to settle in

855-772: The 'French riyal'). This coin was therefore the predecessor to, among others, the Saudi riyal and the Ethiopian birr . During the Japanese occupation of the Dutch East Indies in World War II, enough people preferred it to the money issued by the occupying forces that the American Office of Strategic Services created counterfeit MTTs for use by resistance forces. In German-speaking countries, following

900-557: The 13th through 15th centuries towers over the town. In the first half of the 14th century, it became the residence of the Chamber Count. The town was immediately fortified with a double wall containing several bastions and towers. The castle represents a unique example of a very well preserved fortification system in Central Europe. In the 14th century, it developed into a multifunctional complex of buildings and thus became

945-643: The 15th century Kreminca was the second most important city in the Kingdom of Hungary . The town was continuously being granted new privileges and the deputies of the town occupied the second place in the Hungarian Diet (the first place was reserved for the representatives of Buda , the capital of the Kingdom). Gold mining and coin production in Kremnica culminated in the 14th and 15th centuries. As one of

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990-479: The 16th century, and was a natural choice of unit for a unified German currency. The Reichsmünzordnung were a series of minting ordinances of the Holy Roman Empire defining the monetary system that would unify the numerous disparate currencies of its member states. The ordinance of 1524 defined two coins of equal value to the Reichsgulden currency. This remained an ideal or unimplemented system until

1035-603: The Italians introduced the Tallero Eritreo , styled after the MTT, in their new colony Eritrea , also hoping to impose it on the commerce with Ethiopia. They remained, however, largely unsuccessful. In the early 1900s, Menelik II unsuccessfully attempted to mint Menelik thalers locally, with his effigy, but styled following the model of the MTT, and force their use. The newly established Bank of Abyssinia also issued banknotes denominated in thalers. Starting in 1935

1080-569: The Italians minted the MTT at the mint in Rome for use in their conquest of Ethiopia. Then during World War II, the British minted some 18 million MTTs in Bombay to use in their East African Campaign to drive the Italians out of Ethiopia. Reichsthaler The Reichsthaler ( German: [ˈʁaɪçsˌtaːlɐ] ; modern spelling Reichstaler ), or more specifically the Reichsthaler specie ,

1125-716: The Maria Theresa thaler, but it never gained acceptance. The Maria Theresa thaler was also formerly the currency of the Hejaz, Yemen, and the Aden Protectorate, as well as Muscat and Oman on the Arabia peninsula. There it was widely used for traditional jewellery, both as a source of silver, and as a decoration itself. The coin remains popular in North Africa and the Middle East to this day in its original form:

1170-582: The Middle East until after World War II . It was common from North Africa to Somalia , Ethiopia , Kenya , down the coast of Tanzania to Mozambique , and also in the Arabian Peninsula ( Oman , Yemen ). Its popularity in the Red Sea region was such that merchants would not accept any other type of currency. The Italian government produced a similarly designed coin in the hope of replacing

1215-553: The centre of local administration, religious life, and defense. At the end of the 15th century, the Chamber Count moved to a newly built house with a unique diamond vault . Thereafter the residence of the Count in the castle was converted into the St. Catherine 's Church. Other sites of interest also include the Museum of Coins and Medals, the Museum of Skiing and a historical main square with

1260-620: The coin and so France, Belgium, and the UK started producing the coin to support their economic interests in the Red Sea, Persian Gulf, and East Coast of Africa. In 1961 the 25-year concession ended and Austria made diplomatic approaches to the relevant governments requesting they cease production of the coin. The UK was the last government to agree formally to the request in February 1962. The MTT came to be used as currency in large parts of Africa and

1305-533: The coin, not debased as other currencies, dominated the areas he visited in 1768. Joseph Kalmer and Ludwig Hyun in the book Abessinien estimate that over 20% of 245 million coins minted until 1931 ended up in Ethiopia. In 1868, the British military expedition to Magdala , the capital of Emperor Tewodros II of Ethiopia , under Field Marshal Robert Napier , took MTTs with them to pay local expenses. In 1890

1350-619: The currency in Denmark and Norway until 1875, with the higher-valued Rigsdaler Specie (25.28 g fine silver) also coexisting with lower-valued Rigsdaler currency or courant ; see Danish rigsdaler & Norwegian rigsdaler . In Sweden, the Riksdaler Specie of 25.50 g fine silver also coexisted with other riksdaler in copper or lower-valued currency; see Swedish riksdaler . Kremnica Kremnica ( pronunciation ; German : Kremnitz , Hungarian : Körmöcbánya )

1395-484: The different North German states reconstructed their currency systems with a Thaler worth 24 gutegroschen or 1 1 ⁄ 2 gulden , but little is on record with regard to the mint systems until after 1667. They were thus on a de facto thaler currency unit with some uncertainty in its value versus the Reichsthaler specie . A currency trial done in 1665 indicated a lower prevailing (and unofficial) rate of 14 1 ⁄ 4 gulden or 9 1 ⁄ 2 thaler to

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1440-428: The evolution of the German currencies. The French denier led to the pfennig in the 9th century. France's 1-shilling gros tournois then became the groschen in the 13th century. Finally, the ounce-sized French livre & Dutch guilder of the 15th century helped define Germany's ounce-sized Guldengroschen and its subdivisions. The Guldengroschen was a large silver coin of approximately 30 grams minted from

1485-566: The famous "Kremnica ducats ", which were used as an international means of payment as a result of their consistently high purity of gold. It was the most important mint, and later the only one, in the Kingdom of Hungary , in Czechoslovakia and nowadays in Slovakia; the prosperity brought to the town led to it being given the nickname "Golden Kremnica". In 1331, Kremnica became the seat of the Chamber Count ( German : Kammergraf ) who

1530-442: The following changes were made in 1555: The Reichsthaler turned out to be the most successful coin resulting from the 16th century Reichsmünzordnungs . It was borne out of an ordinance in 1559 discontinuing the 72-kreuzer guldengroschen and proposing in its place a smaller 60-kreuzer gulden coin. Popular demand for a replacement to the ounce-sized coin resulted in the Reichsthaler , 1 ounce silver of 8/9 fineness (hence, 9 to

1575-594: The former Czechoslovak government after World War II . Kremnica lies at an altitude of 564 metres (1,850 ft) above sea level and covers an area of 43.136 square kilometres (16.7 sq mi). It is located in the Kremnica Mountains on the brook Kremnický potok , which is a tributary of the Hron River. It is located around 20 kilometres (12 mi) west of Banská Bystrica (by line), 45 kilometres (28 mi) south of Martin and around 175 kilometres (109 mi) from Bratislava . The castle built in

1620-525: The mine output of nations located southeast of modern-day Germany . The coin's name denotes its approximate equivalence to the Dutch guilder and French livre parisis of the 15th century, then worth around 1 ounce of silver or 2.6 grams gold. Though initially of varying weights and even facing competition from the Joachimsthaler , it was a coin that succeeded in the era of abundant precious metals in

1665-419: The miners had to dig deeper and deeper to reach new deposits and the mining conditions deteriorated because of underground water in the shafts. The cost of mining increased and the mining was becoming less profitable. The last gold was extracted in Kremnica in 1970, at which time all the mines were closed. The German population of the town and its surroundings was expelled in 1945 as the consequential punishment by

1710-458: The most important centers of Protestant Reformation in the country, the town belonged to the Protestant "League of Seven Mining Towns" together with Banská Belá , Banská Bystrica , Banská Štiavnica , Ľubietová , Nová Baňa , and Pukanec . In the 16th century, the town was a major centre of production of (mostly religious) medals, especially by Joachim Deschler . At the same time however,

1755-595: The obverse of this coin is in Latin: "M. THERESIA D. G. R. IMP. HU. BO. REG." The Reverse reads "ARCHID. AVST. DUX BURG. CO. TYR. 1780 X". It is an abbreviation of Maria Theresia, Dei Gratia Romanorum Imperatrix, Hungariae Bohemiaeque Regina, Archidux Austriae, Dux Burgundiae, Comes Tyrolis. 1780 ☓ , which means, 'Maria Theresa, by the grace of God, Empress of the Romans , Queen of Hungary and Bohemia, Archduchess of Austria, Duchess of Burgundy, Countess of Tyrol. 1780'. The "☓"

1800-430: The region to help replenish the decimated population. Their innovative technology and knowledge restored the mining activities in the town. The first written reference to the town dates back to 1328, when it was granted royal town privileges by King Charles I of Hungary . The town's mint was already in existence at the time of the granting of royal privileges. Starting in 1335 the mint produced golden florins and later

1845-464: The same term Reichsthaler for the specie silver coin as well as the currency unit. This is disambiguated by referring to the full-valued coin as the Reichsthaler specie and the lower-valued currency unit as the Reichsthaler currency (courant, kurant) . The Reichsthaler – literally, the dollar of the realm – was the most successful standard silver coin resulting from the 1524–1559 Reichsmünzordnungen or 'imperial minting ordinances' defining

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1890-456: Was a standard thaler silver coin introduced by the Holy Roman Empire in 1566 for use in all German states, minted in various versions for the next 300 years, and containing 25–26 grams fine silver. Reichsthaler was also the name of a currency unit worth less than the Reichsthaler specie introduced by several North German states from the 17th century; discussed separately under North German thaler . Several old books confusingly use

1935-475: Was also subsequently named (confusingly) as the rijksdaalder . In 1618 the full-weight Reichsthaler Specie coin of 25.984 g fine silver was the bank money of the Hamburger Bank worth 3 Hamburg mark banco. Its weight was redefined after 1770 at 9 1 ⁄ 4 to a Cologne Mark of fine silver, or 25.28 g, and it was continued to be used until German reunification in 1871. The Rigsdaler served as

1980-533: Was effectively adopted across the German-speaking world when it was accepted formally in the Bavarian monetary convention. This new, post-1751 thaler has continued as a trade coin ever since. Since the death of Maria Theresa in 1780, the coin has always been dated 1780. On 19 September 1857, Emperor Francis Joseph of Austria declared the Maria Theresa thaler to be an official trade coinage. A little over

2025-518: Was the head of the most important mining and minting chamber of the Kingdom of Hungary. The Count administered all the mines and mints in twelve counties of the kingdom in the Middle Ages. At the end of the 14th century, Kremnica became the capital of the mining towns in central Upper Hungary . The steady annual production of gold and silver guaranteed the prosperous development of the town. In

#1998